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Become A Business Manager-Finance Manager

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Working As A Business Manager-Finance Manager

  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Guiding, Directing, and Motivating Subordinates
  • Coaching and Developing Others
  • Establishing and Maintaining Interpersonal Relationships
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Make Decisions

  • $104,208

    Average Salary

What Does A Business Manager-Finance Manager Do

Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.

Duties

Financial managers typically do the following:

  • Prepare financial statements, business activity reports, and forecasts
  • Monitor financial details to ensure that legal requirements are met
  • Supervise employees who do financial reporting and budgeting
  • Review company financial reports and seek ways to reduce costs
  • Analyze market trends to maximize profits and find expansion opportunities
  • Help management make financial decisions

The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.

Financial managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about topics in healthcare finance. Moreover, financial managers must be knowledgeable about special tax laws and regulations that affect their industry.

The following are examples of types of financial managers:

Chief financial officers (CFOs) are accountable for the accuracy of a company’s or organization’s financial reporting, especially among publicly traded companies. As head of a company’s entire financial department, they manage the lower level financial managers. They oversee the company’s financial goals, objectives, and budgets.

Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by governmental agencies that regulate businesses. Often, controllers oversee the accounting, audit, and budget departments of their organization.

Treasurers and finance officers direct their organization’s budgets to meet its financial goals. They oversee the investment of funds and carry out strategies to raise capital (such as issuing stocks or bonds) to support the firm’s expansion. They also develop financial plans for mergers (two companies joining together) and acquisitions (one company buying another).

Credit managers oversee their firm’s credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.

Cash managers monitor and control the flow of cash that comes in and goes out of the company to meet the company’s business and investment needs. For example, they must project cash flow (amounts coming in and going out) to determine whether the company will have a shortage or surplus of cash. 

Risk managers control financial risk by using strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty. Among the risks they try to limit are those that stem from currency or commodity price changes.

Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks, such as the need to make disability payments for an employee who gets hurt on the job or the costs imposed by a lawsuit against the company.

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How To Become A Business Manager-Finance Manager

Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.

Education

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.

Licenses, Certifications, and Registrations

Professional certification is not required, but some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience.

Work Experience in a Related Occupation

Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst. 

In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.

Important Qualities

Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task which requires analytical ability.

Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.

Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.

Math skills. Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.

Organizational skills. Financial managers deal with a range of information and documents and so they must stay organized to do their jobs effectively.

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Do you work as a Business Manager-Finance Manager?

Business Manager-Finance Manager Jobs

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Average Length of Employment
Finance Director 3.9 years
Finance Controller 3.6 years
Finance Manager 3.6 years
Finance Leader 3.1 years
Top Employers Before
Controller 5.0%
Manager 4.4%
Accountant 4.1%
Consultant 2.7%
Analyst 2.6%
Top Employers After
Controller 6.8%
Consultant 5.3%
Manager 4.1%
Accountant 3.1%

Do you work as a Business Manager-Finance Manager?

Business Manager-Finance Manager Demographics

Gender

Male

56.0%

Female

41.2%

Unknown

2.8%
Ethnicity

White

60.4%

Hispanic or Latino

13.3%

Black or African American

12.3%

Asian

9.8%

Unknown

4.2%
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Foreign Languages Spoken

Spanish

25.4%

French

15.3%

Portuguese

6.8%

German

6.8%

Arabic

6.8%

Italian

6.8%

Chinese

5.1%

Mandarin

5.1%

Russian

3.4%

Carrier

3.4%

Hindi

3.4%

Indonesian

1.7%

Turkish

1.7%

Romanian

1.7%

Cantonese

1.7%

Gujarati

1.7%

Dakota

1.7%

Korean

1.7%
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Business Manager-Finance Manager Education

Schools

University of Phoenix

19.1%

New York University

5.7%

Southern New Hampshire University

5.0%

University of Texas at Austin

5.0%

DePaul University

5.0%

University of Chicago

5.0%

Franklin University

4.3%

Strayer University

4.3%

University of California - Berkeley

4.3%

Michigan State University

4.3%

Cornell University

4.3%

Defense Acquisition University

4.3%

Duke University

4.3%

Northern Illinois University

4.3%

Boston College

3.5%

University of North Florida

3.5%

George Washington University

3.5%

Boise State University

3.5%

Pennsylvania State University

3.5%

Georgia State University

3.5%
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Majors

Business

33.9%

Finance

22.3%

Accounting

20.2%

Management

4.8%

Marketing

2.5%

Economics

2.1%

Communication

1.5%

Project Management

1.4%

Psychology

1.4%

Management Information Systems

1.3%

Health Care Administration

1.3%

Education

1.1%

International Business

1.0%

Computer Science

0.9%

Criminal Justice

0.9%

Human Resources Management

0.9%

Computer Information Systems

0.8%

Law

0.8%

Nursing

0.6%

Liberal Arts

0.6%
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Degrees

Bachelors

37.3%

Masters

34.8%

Other

18.3%

Associate

4.8%

Certificate

3.0%

Doctorate

1.0%

Diploma

0.6%

License

0.2%
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Temporary

Real Business Manager-Finance Manager Salaries

Job Title Company Location Start Date Salary
Finance Business Manager Cisco Systems, Inc. San Jose, CA Jan 28, 2015 $207,709 -
$245,300
Manager, Finance Business Support, Capital Markets Merrill Lynch New York, NY Dec 02, 2011 $170,000 -
$180,000
Manager, Finance Business Support, Capital Markets Merrill Lynch & Co., Inc. New York, NY Jun 15, 2010 $165,000
Business Manager, Finance Cisco Systems, Inc. San Jose, CA Jan 27, 2016 $161,075 -
$185,000
Manager, Finance Business Support, Capital Markets Bank of America N.A. New York, NY Sep 15, 2010 $140,000 -
$160,000
Finance Business Manager Cisco Systems, Inc. San Jose, CA Dec 16, 2014 $131,040 -
$152,500
Manager, Retail Analytics & Business Finance Sears Holdings Management Corporation San Francisco, CA Nov 04, 2013 $130,000
Finance Manager, Global Business Planning and Anal Novartis Institutes for Biomedical Research, Inc. Cambridge, MA Feb 03, 2012 $129,463
Business Finance Manager, Kmart Apparel Sears Holdings Management Corporation San Francisco, CA Mar 06, 2012 $121,638 -
$125,000
Finance Business Manager Cisco Systems, Inc. San Jose, CA Dec 19, 2012 $120,224 -
$155,000
Manager, Business Finance Sears Holdings Management Corporation Hoffman Estates, IL Dec 29, 2014 $120,000
Finance Business Manager Cisco Systems, Inc. San Jose, CA Apr 01, 2011 $119,662 -
$155,000
Finance Business Manager Cisco Systems, Inc. San Jose, CA Dec 09, 2014 $118,100 -
$152,500
Manager, Business Finance Sears Holdings Management Corporation Hoffman Estates, IL Nov 29, 2015 $107,814
Business Finance Manager Sears Holdings Management Corporation Hoffman Estates, IL Aug 26, 2015 $107,814
WB Business Finance Americas Standard Chartered Bank New York, NY Nov 21, 2011 $105,000
WB Business Finance Americas Standard Chartered Bank New York, NY Aug 21, 2012 $105,000
Business Finance Manager Sears Holdings Management Corporation Hoffman Estates, IL Jul 11, 2011 $105,000
Finance Business Manager Cisco Systems, Inc. San Jose, CA Feb 01, 2014 $104,217 -
$167,500
Manager, Business Finance Sears Holdings Management Corporation Hoffman Estates, IL Dec 10, 2013 $103,678
Manager, Business Finance Sears Holdings Management Corporation Hoffman Estates, IL Dec 10, 2014 $103,565
Finance Business Manager Cisco Systems, Inc. San Jose, CA Sep 06, 2011 $98,613 -
$137,800
Manager Business Development-Cocoa/Milling/Finance Archer Daniels Midland Company Decatur, IL Dec 02, 2011 $97,524
Business Finance Manager The Dow Chemical Company Houston, TX Mar 01, 2014 $93,780 -
$140,664
Business and Financial Manager Miselu Inc. San Francisco, CA Sep 01, 2012 $93,000
Business Finance Manager Sears Holdings Management Corporation Hoffman Estates, IL Nov 16, 2009 $92,000
Business/Financial Manager Eras Software Solutions, LLC Davie, FL Oct 15, 2010 $91,932

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Top Skills for A Business Manager-Finance Manager

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  1. Financial Statements
  2. Payroll
  3. Compliance
You can check out examples of real life uses of top skills on resumes here:
  • Directed multiple phases of financial reporting, including preparation and presentation of internal senior management reports and external financial statements.
  • Prepared quarterly state reports for unemployment taxes, quarterly federal reports for balancing payroll taxes
  • Managed compliance and internal control analysis for financial arrangements between Regional Bell Operating Company (RBOC) and other telecommunications carriers.
  • Acted as finance liaison between Global Real Estate, the Business Units and Corporate for real estate growth and optimization projects.
  • Collaborate with human resources to manage open positions and quantify financial impact of workforce changes.-Expense management and cost analysis.

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Top 10 Best States for Business Manager-Finance Managers

  1. New York
  2. Delaware
  3. New Jersey
  4. Connecticut
  5. Virginia
  6. District of Columbia
  7. Colorado
  8. California
  9. North Carolina
  10. Illinois
  • (2,428 jobs)
  • (168 jobs)
  • (1,190 jobs)
  • (553 jobs)
  • (1,367 jobs)
  • (374 jobs)
  • (825 jobs)
  • (5,831 jobs)
  • (1,255 jobs)
  • (1,921 jobs)

Top Business Manager-Finance Manager Employers

Jobs From Top Business Manager-Finance Manager Employers

Business Manager-Finance Manager Videos

Financial Management - Lecture 01

Finance: What Managers Need to Know

Funny car commercial. Scary finance manager negotiating used car finance with bad credit people.

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