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Become A Finance Executive

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Working As A Finance Executive

  • Making Decisions and Solving Problems
  • Getting Information
  • Analyzing Data or Information
  • Processing Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Deal with People

  • Mostly Sitting

  • Make Decisions

  • $139,520

    Average Salary

What Does A Finance Executive 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 Finance Executive

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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Finance Executive jobs

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Finance Executive Career Paths

Finance Executive
Team Leader Vice President Chief Finance Officer
Chief Finance And Operating Officer
14 Yearsyrs
Sales Manager Office Manager Controller
Corporate Controller
12 Yearsyrs
Team Leader Senior Manager Controller
Director Of Accounting & Finance
11 Yearsyrs
Consultant Senior Business Analyst Finance Manager
Director Of Operations And Finance
11 Yearsyrs
Chief Finance Officer Accounting Consultant Accounting Manager
Division Controller
9 Yearsyrs
Business Analyst Finance Manager Controller
Finance Controller
9 Yearsyrs
Senior Vice President Chief Operating Officer Finance Consultant
Finance Leader
8 Yearsyrs
Relationship Manager Assistant Vice President Office Manager
Finance Manager
7 Yearsyrs
Senior Executive Business Analyst Senior Finance Analyst
Finance Planning Manager
8 Yearsyrs
Chief Finance Officer President Finance Advisor
Finance Vice President
9 Yearsyrs
Sales Manager Operations Manager
General Manager
7 Yearsyrs
Assistant Manager Human Resources Coordinator Controller
Interim Controller
15 Yearsyrs
Relationship Manager Business Analyst Senior Finance Analyst
Manager Finance Planning And Analysis
8 Yearsyrs
Assistant Manager Office Manager Accounting Manager
Plant Controller
10 Yearsyrs
Senior Executive Human Resources Coordinator Controller
Regional Controller
10 Yearsyrs
Senior Vice President Chief Finance Officer Accounting Consultant
Senior Accounting Manager
10 Yearsyrs
Consultant Business Analyst-Consultant Senior Finance Analyst
Senior Director Of Finance
14 Yearsyrs
Business Analyst Senior Finance Analyst Finance Manager
Senior Finance Manager
11 Yearsyrs
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Average Length of Employment
Finance Director 3.9 years
Finance Controller 3.8 years
Finance Manager 3.7 years
Finance Supervisor 3.5 years
Finance Officer 3.5 years
Finance Leader 3.1 years
Finance Executive 3.0 years
Finance Specialist 2.9 years
Finance Auditor 2.8 years
Finance Advisor 2.7 years
Finance Consultant 2.7 years
Finance Associate 2.3 years
Finance Coach 2.1 years
Finance Internship 0.5 years
Top Employers Before
Controller 6.9%
Internship 5.6%
Accountant 4.9%
Manager 4.9%
Top Employers After
Consultant 7.4%
Internship 3.5%
Manager 3.5%

Finance Executive Demographics

Gender

Male

56.8%

Female

39.3%

Unknown

3.9%
Ethnicity

White

65.8%

Asian

19.0%

Hispanic or Latino

9.8%

Unknown

4.1%

Black or African American

1.3%
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Languages Spoken

Spanish

43.2%

French

9.1%

Chinese

4.5%

Ukrainian

4.5%

Mandarin

4.5%

Hindi

4.5%

Russian

4.5%

Turkish

2.3%

Czech

2.3%

Filipino

2.3%

German

2.3%

Romanian

2.3%

Vietnamese

2.3%

Japanese

2.3%

Persian

2.3%

Urdu

2.3%

Polish

2.3%

Italian

2.3%
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Finance Executive Education

Schools

University of Phoenix

11.8%

Pace University - New York

7.9%

Michigan State University

6.6%

Nova Southeastern University

6.6%

Syracuse University

5.3%

University of Rochester

5.3%

Cornell University

5.3%

University of Texas at Arlington

3.9%

Texas Tech University

3.9%

Temple University

3.9%

Wake Forest University

3.9%

New York University

3.9%

Villanova University

3.9%

Sonoma State University

3.9%

Georgia State University

3.9%

Saint Louis University-

3.9%

DePaul University

3.9%

University of Southern California

3.9%

University of Cincinnati

3.9%

University of Texas at Austin

3.9%
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Majors

Finance

28.1%

Business

22.7%

Accounting

18.6%

Management

4.5%

Business/Commerce

3.6%

Economics

3.2%

Political Science

2.3%

Law

2.0%

Computer Science

1.8%

Communication

1.6%

Criminal Justice

1.6%

Psychology

1.6%

Marketing

1.6%

Education

1.4%

International Business

0.9%

Kinesiology

0.9%

Management Information Systems

0.9%

English

0.9%

Project Management

0.9%

Human Resources Management

0.9%
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Degrees

Masters

39.3%

Bachelors

37.9%

Other

13.7%

Certificate

2.6%

Doctorate

2.4%

Diploma

2.2%

Associate

2.0%
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Real Finance Executive Salaries

Job Title Company Location Start Date Salary
Ifrs and Mergers & Acquisitions Financial Executiv Ranger Offshore, Inc. Houston, TX Jan 01, 2015 $391,313
Executive, Financial Development Benefuel Inc. Irving, TX Sep 20, 2013 $326,094
Executive, Financial Development Benefuel Inc. Irving, TX Sep 20, 2016 $321,064
Lead Financial Executive Cerberus Operations and Advisory Company LLC Chicago, IL Jan 01, 2014 $240,000
Lead Financial Executive Cerberus Operations and Advisory Company LLC New York, NY Jan 01, 2010 $240,000
Lead Financial Executive Cerberus Operations and Advisory Company LLC New York, NY Jan 12, 2016 $240,000
Lead Financial Executive Cerberus Operations and Advisory Company LLC Chicago, IL Dec 15, 2015 $240,000
Lead Financial Executive Cerberus Operations and Advisory Company LLC New York, NY Mar 21, 2016 $240,000
Lead Financial Executive Cerberus Operations and Advisory Company LLC New York, NY Jan 01, 2012 $240,000
Credit Executive, Financial Institutions Group, Americas Australia and New Zealand Banking Group Limited New York, NY Dec 17, 2016 $225,000
Lead Financial Executive Cerberus Operations and Advisory Company LLC New York, NY Jan 01, 2010 $225,000
Credit Executive, Financial Institutions Group, Americas Australia & New Zealand Banking Group Ltd New York, NY Jan 01, 2015 $205,000
Financial Executive Cerberus Operations and Advisory Company LLC New York, NY Oct 01, 2012 $160,000
Chief Financial Executive Seed Orchard, LLC Eatonton, GA Oct 01, 2014 $156,000
Director of Finance (Non-Executive) Repucom America, LLC Stamford, CT Dec 01, 2010 $150,000
Chief Financial Executive VSP, LLC Montgomery, AL Aug 21, 2015 $147,618
Finance Executive Automatic Data Processing, Inc. Parsippany-Troy Hills, NJ Aug 20, 2013 $129,000
Finance Executive ADP, Inc. Parsippany-Troy Hills, NJ Jul 22, 2013 $128,592
Chief Financial Executive Saehaesung Alabama, Inc. AL Sep 29, 2015 $125,861
Finance Executive Automatic Data Processing, Inc. Miami, FL Apr 30, 2013 $106,765
Director of Finance (Non-Executive) Repucom America, LLC. Stamford, CT Nov 02, 2012 $100,000
Finance Executive Automatic Data Processing, Inc. Aurora, CO Aug 21, 2010 $98,280
Senior Financial and Management Consulting Executive Celantra Systems San Francisco, CA Oct 09, 2008 $96,127
Executive, NY Trading Finance Product Control MacQuarie Holdings (USA) Inc. New York, NY Aug 25, 2014 $95,000
Commercial and Affluent Financial Executive CITI International Financial Services, LLC Guaynabo, PR Jan 01, 2012 $95,000
Executive Advisor, Finance Practice The Corporate Executive Board Company Arlington, VA Oct 24, 2012 $95,000
Executive Advisor, Finance Practice The Corporate Executive Board Company Arlington, VA Apr 18, 2011 $95,000
Commercial & Affluent Financial Executive CITI International Financial Services, LLC Guaynabo, PR Oct 27, 2009 $80,000

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Top Skills for A Finance Executive

FinancialStatementsFinancialProductsAssetsInternalAuditPayrollBalanceSheetClientRelationshipsPurchaseFinancialServicesFinancialExecutiveLossGeneralLedgerPolicyA/PJournalEntriesFinancialReportsCustomerServiceFinancialManagementFinancialAnalysisDueDiligence

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Top Finance Executive Skills

  1. Financial Statements
  2. Financial Products
  3. Assets
You can check out examples of real life uses of top skills on resumes here:
  • Assisted in the production of financial statements and applications, preparation of excel spreadsheets reports, and correspondence as required.
  • Provided data and application support for Reuters financial products.
  • Raised over $40 million in assets, with production of $341,000.
  • Assisted the Federal and Internal auditors for audit of all bank books and ensured all practices are adhered to.
  • Processed and managed all payroll related functions and tax schedules to ensure federal and state standards were met.

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