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Become A Business Services Vice President

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Working As A Business Services Vice President

  • 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

  • $130,000

    Average Salary

What Does A Business Services Vice President 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 Services Vice President

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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Average Length of Employment
Vice President 4.2 years
Business Partner 3.6 years
Business Director 3.3 years
Top Careers Before Business Services Vice President
Director 7.5%
Manager 5.2%
President 4.2%
Top Careers After Business Services Vice President
President 5.6%
Principal 3.1%
Director 2.5%

Do you work as a Business Services Vice President?

Average Yearly Salary
$130,000
View Detailed Salary Report
$94,000
Min 10%
$130,000
Median 50%
$130,000
Median 50%
$130,000
Median 50%
$130,000
Median 50%
$130,000
Median 50%
$130,000
Median 50%
$130,000
Median 50%
$180,000
Max 90%
Best Paying Company
Comcast
Highest Paying City
Seattle, WA
Highest Paying State
Utah
Avg Experience Level
4.0 years
How much does a Business Services Vice President make at top companies?
The national average salary for a Business Services Vice President in the United States is $130,779 per year or $63 per hour. Those in the bottom 10 percent make under $94,000 a year, and the top 10 percent make over $181,000.

Real Business Services Vice President Salaries

Job Title Company Location Start Date Salary
Vice President Business Services Rignet, Inc. Houston, TX May 30, 2015 $230,000
Vice President Business Services Rignet, Inc. Houston, TX Jul 02, 2014 $230,000
Vice President Business Services Rignet, Inc. Houston, TX May 22, 2015 $195,000
Vice President, Business Services (Information & Technology) Secondmarket Holdings, Inc. New York, NY Oct 22, 2014 $165,000
Vice President, Business Continuity Services WTS, Inc. Seattle, WA May 11, 2011 $134,971 -
$175,000
Vice President, Business Continuity Services WTS, Inc. Seattle, WA Sep 26, 2011 $134,077 -
$175,000
VP, Worldwide Service Provider Business Vidyo Inc. Hackensack, NJ Oct 14, 2013 $130,000
VP, Worldwide Service Provider Business Vidyo Inc. Hackensack, NJ Sep 16, 2013 $130,000
VP, Worldwide Service Provider Business Vidyo Inc. Hackensack, NJ Aug 30, 2013 $130,000
Vice President, Business Services (Information & T Secondmarket Holdings, Inc. New York, NY Sep 23, 2012 $127,358 -
$165,000
Vice President, Digital Services and Solutions Business Innodata, Inc. Hackensack, NJ Feb 24, 2016 $120,224 -
$135,000

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Top Skills for A Business Services Vice President

  1. Financial Statements
  2. Revenue Growth
  3. Business Services
You can check out examples of real life uses of top skills on resumes here:
  • Revised confidential financial statements and reviewed for accuracy and trends.
  • Facilitate and coordinate multiple vendor conferences and training presentations of Business Services products and promotions.
  • Develop and grow portfolio by prospecting new clients, calling on existing clients via face-to-face, telephone, and letter campaign.
  • Developed IT strategies for Fortune 500 clients for technology solutions related to application portfolio, and operations improvement.
  • Develop comprehensive technology strategies to identify products/services that best address current and future customer needs in product and service delivery.

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Top 10 Best States for Business Services Vice Presidents

  1. New Jersey
  2. District of Columbia
  3. Rhode Island
  4. New York
  5. Delaware
  6. Connecticut
  7. South Dakota
  8. Virginia
  9. Pennsylvania
  10. California
  • (423 jobs)
  • (130 jobs)
  • (38 jobs)
  • (1,240 jobs)
  • (73 jobs)
  • (149 jobs)
  • (28 jobs)
  • (364 jobs)
  • (350 jobs)
  • (1,724 jobs)

Business Services Vice President Demographics

Gender

Male

60.9%

Female

31.5%

Unknown

7.6%
Ethnicity

White

62.2%

Hispanic or Latino

13.7%

Black or African American

13.3%

Asian

7.3%

Unknown

3.5%
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Foreign Languages Spoken

Spanish

60.0%

French

20.0%

Hebrew

20.0%

Business Services Vice President Education

Schools

New York University

11.1%

George Washington University

7.4%

Adelphi University

5.6%

Villanova University

5.6%

Troy University

5.6%

Kaplan University

5.6%

University of Phoenix

5.6%

Case Western Reserve University

5.6%

Auburn University

5.6%

Colorado State University

5.6%

Syracuse University

3.7%

Salem State University

3.7%

Nichols College

3.7%

Western Carolina University

3.7%

Florida International University

3.7%

University of Florida

3.7%

San Jose State University

3.7%

University of Central Florida

3.7%

Wilmington College

3.7%

Le Moyne College

3.7%
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Majors

Business

36.7%

Finance

15.1%

Accounting

8.0%

Management

7.5%

Political Science

3.5%

Marketing

3.0%

Law

3.0%

Economics

3.0%

Psychology

2.5%

Computer Information Systems

2.5%

Legal Research And Advanced Professional Studies

2.5%

Education

2.0%

English

1.5%

General Studies

1.5%

Project Management

1.5%

Criminal Justice

1.5%

Liberal Arts

1.5%

Biochemistry, Biophysics, Molecular Biology

1.0%

Mechanical Engineering

1.0%

Computer Science

1.0%
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Degrees

Bachelors

43.4%

Masters

33.6%

Other

11.3%

Doctorate

4.7%

Certificate

3.5%

Associate

1.6%

Diploma

1.6%

License

0.4%
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