What Do Financial Managers Do?
The finances of any organization can be highly complex, requiring those in management positions to know how to effectively lead the business to profitability. As a financial manager, you will be responsible for coordinating banking, investing, accounting, and other financial activities within an organization. Additionally, you may run a single department or work within a larger section of an organization.
Financial Managers Skills and Abilities
Because you deal heavily with finances as a financial manager, you will need to have a thorough knowledge of various economic and accounting principles. You will also need to understand mathematics on a moderate level, have a firm grasp of the English language, and know how to work well with others within your organization. Some of the skills you should possess as a financial manager include active listening, critical thinking, and effective reading comprehension. You will also need to understand how to effectively monitor the success of your efforts and how to inform others of various financial activities in a clear and concise manner. Additionally, it is important that you know how to reason through problems that might develop and come up with an effective way to solve problems.
Financial Managers Duties
Throughout the duration of any given day, you may complete a variety of different tasks. These may include some of the following:
- Prepare various financial reports for meetings with financial executives and others in management roles within the organization
- Evaluate data you collect when you review budget plans or other financial records and documentation
- Develop information in a manner that helps others understand the current financial state of the organization
- Determine the potential success rate of an investment, and if it will be too risky to pursue
- Thoroughly review collection reports to figure out what liabilities are still owed to other organizations
- Network within the community you work in to find different opportunities for the organization you work forAs a financial examiner, you may also oversee financial training programs your organization implements, establish financial procedures for your organization, and analyze specific reports and apply your findings to the state of current financial markets.
Financial Managers Tools and Technology
As a financial manager, there are certain types of technology you will need to rely on daily in order to successfully complete your duties. For example, every day, it is highly likely that you will complete a large majority of your work on a computer with the assistance of a 10-key calculator.
In addition to these tools, you may also use many types of software to complete your daily tasks. For example, you might use standard accounting software, spreadsheet software, like Excel, electronic mail software, enterprise resource planning software, and more.
Education and Training for Financial Managers
To become a financial manager, you will need at least a Bachelor’s degree to work in an entry-level position. However, to obtain a position as a financial manager, it is likely that you will need at least five or more years of related experience. Once you are offered a position, you will not need additional on-the-job training to fulfill your responsibilities.
Financial Managers Salary
If you are in the bottom 10 percent of financial managers you can expect to earn approximately $62,000 a year. Comparatively, if you are in the top 90 percent of financial managers, your salary may exceed $185,000 on an annual basis.
Financial Managers Jobs by Geography
The states that have the highest employment rates for financial managers are Colorado, Arizona, and Utah. The states that have the fewest available positions for financial managers are Maine, Maryland, and Ohio. However, as a financial manager, you will likely find that there are available positions in any state in which you choose to live and work in.