What does a finance executive do?
Finance executives oversee an organization's money and profit. They are responsible for overseeing the income and expenses of the business' money transactions. These executives evaluate financial reports such as cash-flow statements, tax planning, and budgeting. Sometimes, finance executives manage a staff of finance clerks, hire new staff, and develop schedules. They work full-time in an office, but they also often work beyond regular business hours. As for qualifications, finance executives must have at least a bachelor's degree and a considerable length of work experience in the business field.
Finance executive responsibilities
Here are examples of responsibilities from real finance executive resumes:
- Manage financial statements and work independently to produce accurate records for petty cash, bank reconciliations, and data inventory.
- Experience in ERP implementation when A/R module are migrated from old system to new PS system.
- Improve financial results $50 million (GAAP) in 2000 over 1999 and generate the first profit in four years.
- Assist with compliance with SOX requirements by improving internal protocols and documentation procedures.
- Reorganize accounting department according to SOX guidelines along with recommendations for improving processes.
- Develop decision matrix and flowcharts for a revise financial and manufacturing system within current ERP software.
- Compile capital vendor lists, analyze bank reconciliations, process goods receipt/invoice reports, and generate company codes while extensively learning excel
- Follow up on payment issues (NSF checks and ACH payments) and communicate with credit analysts.
- Process accounts payable credit memos, refund checks, prepare and initiate wire transfers /international and domestic/ and ACH payments.
- Participate in PeopleSoft software implementation and work with consultants to customize various modules within program to meet unique business needs.
- Involve with policy-setting and control documentation and review for the financial accounting processes for Sarbanes-Oxley compliance.
- Analyze potential investments, including securities, real estate, options strategies and structure derivatives and make recommendations to senior management.
Finance executive skills and personality traits
We calculated that 18% of Finance Executives are proficient in Financial Statements, Financial Services, and Portfolio. They’re also known for soft skills such as Organizational skills, Communication skills, and Detail oriented.
We break down the percentage of Finance Executives that have these skills listed on their resume here:
- Financial Statements, 18%
Assisted external auditors, providing financial statements and schedules, managing internal dissemination and follow-up of audit results.
- Financial Services, 12%
Provided project-based senior-level financial services in financial analysis, forecasting, budgeting, internal controls testing and capital planning.
- Portfolio, 12%
Maintained Correspondent Banking relationships in a moderate to large size portfolio and developed new business relationships.
- Financial Products, 3%
Delivered financial seminars to educate staff and cross-sell financial products and services.
- Real Estate, 3%
Maintained relationships with real estate client base, liaised with approved developers.
- Insurance Products, 3%
Developed, maintained and support the sale of Banking, Investment and Insurance products and services.
Most finance executives use their skills in "financial statements," "financial services," and "portfolio" to do their jobs. You can find more detail on essential finance executive responsibilities here:
Organizational skills. To carry out their duties, the most important skill for a finance executive to have is organizational skills. Their role and responsibilities require that "because financial managers deal with a range of information and documents, they must have structures in place to be effective in their work." Finance executives often use organizational skills in their day-to-day job, as shown by this real resume: "conduct thorough financial, management, and organizational due diligence on prospective grantees. "
Communication skills. Another essential skill to perform finance executive duties is communication skills. Finance executives responsibilities require that "financial managers must be able to explain and justify complex financial transactions." Finance executives also use communication skills in their role according to a real resume snippet: "managed the communication and scheduling of the year-end audit with the external auditors. "
Detail oriented. This is an important skill for finance executives to perform their duties. For an example of how finance executive responsibilities depend on this skill, consider that "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." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of a finance executive: "develop detailed financial reports to identify trends and develop forecasts for multiple internal/external clients. ".
Analytical skills. finance executive responsibilities often require "analytical skills." The duties that rely on this skill are shown by the fact that "to assist executives in making decisions, financial managers need to evaluate data and information that affects their organization." This resume example shows what finance executives do with analytical skills on a typical day: "worked as an erp user (oracle database) on inventory management, mis, budget and expenditure analysis. "
Math skills. Another crucial skill for a finance executive to carry out their responsibilities is "math skills." A big part of what finance executives relies on this skill, since "financial managers need strong skills in certain branches of mathematics, including algebra." How this skill relates to finance executive duties can be seen in an example from a finance executive resume snippet: "study the market trends, compile financial data and draw statistics on dynamic market behavior. "
The three companies that hire the most finance executives are:
- Zurich68 finance executives jobs
- Accenture15 finance executives jobs
- Amazon7 finance executives jobs
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Compare different finance executives
Finance executive vs. Controller
Controllers are employees in the accounting department who manage the finances of the organization. They are involved in the budget setting activity at the start of the company's fiscal year. Controllers are responsible for ensuring that all departments work within their respective budgets. They have the power to recommend budget cuts due to any unforeseen circumstances that may happen. They also have the ability to veto or forego budget items. Controllers should have accounting skills and auditing skills. They must also be trustworthy and should work with integrity.
While similarities exist, there are also some differences between finance executives and controller. For instance, finance executive responsibilities require skills such as "financial services," "portfolio," "financial products," and "insurance products." Whereas a controller is skilled in "payroll processing," "reconciliations," "cash management," and "external auditors." This is part of what separates the two careers.
Controllers really shine in the technology industry with an average salary of $105,981. Comparatively, finance executives tend to make the most money in the government industry with an average salary of $79,723.The education levels that controllers earn slightly differ from finance executives. In particular, controllers are 7.6% less likely to graduate with a Master's Degree than a finance executive. Additionally, they're 1.1% less likely to earn a Doctoral Degree.Finance executive vs. Business & finance analyst
A financial business analyst is also referred to as a business analyst who recommends and enforces corporate efficiency and profitability methods. Financial business analysts analyze the business model and finances of an organization. Their findings serve as the source of their suggestions to improve businesses' budgeting, management, and overall operations. They have the ability to predict the outcome of the decisions made by enterprises. The skills necessary for this job include interpersonal skills, management experience, financial reporting, and strong communication skills.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that finance executive responsibilities requires skills like "financial services," "portfolio," "financial products," and "real estate." But a business & finance analyst might use other skills in their typical duties, such as, "business analysis," "shared services," "strong analytical," and "process improvement."
Business & finance analysts earn a lower average salary than finance executives. But business & finance analysts earn the highest pay in the finance industry, with an average salary of $82,379. Additionally, finance executives earn the highest salaries in the government with average pay of $79,723 annually.Average education levels between the two professions vary. Business & finance analysts tend to reach similar levels of education than finance executives. In fact, they're 0.1% less likely to graduate with a Master's Degree and 1.1% less likely to earn a Doctoral Degree.What technology do you think will become more important and prevalent for finance executives in the next 3-5 years?
Nate Peach Ph.D.
Associate Professor of Economics, George Fox University
Finance executive vs. Corporate finance analyst
Corporate finance analysts make significant business decisions based on the data they gather. Typically, corporate finance analysts work within an organization and support management decisions through actionable financial information. They monitor the taxes, expenses, financial statements, and other financial details of where the company sources its income. This position requires a formal qualification in accounting. It also necessitates the analyst to develop interpersonal skills, knowledge in information technology software, financial reporting skills, and experience in management.
The required skills of the two careers differ considerably. For example, finance executives are more likely to have skills like "financial statements," "financial services," "portfolio," and "financial products." But a corporate finance analyst is more likely to have skills like "strong analytical," "financial models," "hyperion," and "data analysis."
Corporate finance analysts earn the highest salary when working in the finance industry, where they receive an average salary of $96,991. Comparatively, finance executives have the highest earning potential in the government industry, with an average salary of $79,723.Most corporate finance analysts achieve a similar degree level compared to finance executives. For example, they're 4.6% less likely to graduate with a Master's Degree, and 0.7% less likely to earn a Doctoral Degree.Finance executive vs. Senior finance analyst
A Senior Financial Analyst's role is to oversee the financial aspects and manage fellow analysts in a company. Among the tasks of a Senior Financial Analyst include conducting research and analysis, providing forecast in revenue and expenditures, creating financial models that would suit the company and project more sales, and take part in the planning of finances. Moreover, being a Senior Financial Analyst means leading a team of skilled professionals in the same field of expertise.
Types of finance executive
Updated January 8, 2025
