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Become A Finance Management Specialist

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Working As A Finance Management Specialist

  • 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

  • $67,711

    Average Salary

What Does A Finance Management Specialist 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 Management Specialist

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 Management Specialist Jobs

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Finance Management Specialist Demographics

Gender

Male

51.5%

Female

45.7%

Unknown

2.8%
Ethnicity

White

57.0%

Hispanic or Latino

14.9%

Black or African American

13.2%

Asian

10.9%

Unknown

4.1%
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Foreign Languages Spoken

Spanish

35.7%

Mandarin

16.1%

Cantonese

8.9%

Chinese

7.1%

French

5.4%

Dutch

3.6%

Russian

3.6%

Italian

3.6%

Portuguese

1.8%

Filipino

1.8%

Catalan

1.8%

German

1.8%

Dakota

1.8%

Japanese

1.8%

Hindi

1.8%

Urdu

1.8%

Arabic

1.8%
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Finance Management Specialist Education

Schools

Community College of the Air Force

11.2%

University of Phoenix

11.2%

Strayer University

10.4%

Webster University

8.0%

University of Maryland - University College

6.4%

American InterContinental University

4.8%

George Mason University

4.8%

DePaul University

4.8%

Michigan State University

4.0%

Howard University

4.0%

University of Virginia

4.0%

George Washington University

3.2%

Ashford University

3.2%

University of Maryland - College Park

3.2%

University of Georgia

3.2%

Towson University

3.2%

Capella University

3.2%

Christopher Newport University

2.4%

New York University

2.4%

National University

2.4%
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Majors

Business

33.5%

Finance

20.6%

Accounting

14.6%

Management

3.9%

Health Care Administration

2.5%

Public Administration

2.1%

Criminal Justice

2.1%

Computer Information Systems

2.1%

English

1.9%

Education

1.9%

Marketing

1.9%

Human Resources Management

1.8%

Communication

1.6%

Psychology

1.6%

Management Information Systems

1.4%

Economics

1.4%

Project Management

1.4%

Law

1.4%

Computer Science

1.2%

Nursing

1.2%
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Degrees

Bachelors

35.3%

Masters

31.3%

Other

19.4%

Associate

7.5%

Certificate

2.4%

Doctorate

2.4%

Diploma

1.1%

License

0.4%
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Real Finance Management Specialist Salaries

Job Title Company Location Start Date Salary
Finance Management 3 Ch2M Hill Engineers, Inc. New York, NY Jun 04, 2012 $138,000
Financial Management Specialist Callsource Westlake Village, CA Jan 27, 2012 $120,000
Finance Management Siemens Demag Delaval Turbomachinery, Inc. Trenton, NJ Aug 25, 2014 $96,014
Financial Oversight/Risk Management Advisor Beusa Energy, LLC The Woodlands, TX Oct 06, 2015 $82,867 -
$100,000
Financial Oversight/Risk Management Advisor Beusa Energy, LLC The Woodlands, TX Oct 06, 2012 $80,000 -
$100,000
Financial Management Specialist Callsource Westlake Village, CA Apr 23, 2010 $80,000
Finance Management Siemens Energy, Inc. Fort Payne, AL Oct 01, 2011 $71,926 -
$85,940
Risk/Financial Management Specialist Avalon Advisors, LLC Houston, TX Aug 17, 2011 $68,900 -
$70,000
Senior SAP Financial Management Specialist Mastech, Inc., A Mastech Holdings, Inc. Company Irving, TX Dec 27, 2012 $66,137
Cash Management Financial Specialist New York Community Bancorp, Inc. NY Nov 15, 2010 $65,050
Cash Management Financial Specialist New York Community Bancorp, Inc. NY Feb 05, 2011 $65,050
Cash Management Financial Specialist New York Community Bancorp, Inc. NY Dec 01, 2010 $65,050
Cash Management Financial Specialist New York Community Bancorp, Inc. Westbury, NY Feb 05, 2010 $65,050
Financial and Management Specialist Focus Design Fashion Inc. New York, NY Dec 01, 2011 $65,000
Management Financial Specialist Education Systems, Inc. San Diego, CA Mar 14, 2011 $62,500
Finance and Management Specialist Glennwood Farm Inc. Versailles, KY Dec 01, 2010 $60,000
Financial Management Specialist Hudson International, Inc. Farmingdale, NY Oct 01, 2010 $52,811 -
$75,000
Financial Management Specialist Intercargo Logistics Inc. NY Oct 01, 2014 $52,759
Financial Management Specialist Intercargo Logistics Inc. NY Oct 01, 2011 $45,684
Business Management & Financial Specialist Wei-Chuan U.S.A., Inc. Doraville, GA Aug 01, 2016 $42,900
Business Management and Financial Specialist Wei-Chuan U.S.A., Inc. Doraville, GA Aug 01, 2016 $42,900
Budgeting and Financial Management Specialist Auburn University at Montgomery Montgomery, AL Dec 01, 2010 $42,000
Budgeting and Financial Management Specialist Auburn University at Montgomery Montgomery, AL Dec 01, 2011 $42,000
Business Management & Financial Specialist Wei-Chuan U.S.A., Inc. Doraville, GA Oct 01, 2013 $42,000
Budgeting and Financial Management Specialist Auburn University at Montgomery Montgomery, AL Aug 15, 2009 $42,000

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Top Skills for A Finance Management Specialist

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  1. Financial Statements
  2. Procedures
  3. Audit
You can check out examples of real life uses of top skills on resumes here:
  • Develop and supply financial statements to facility and service line officials for informational and financial planning purposes.
  • Performed a variety of budgetary and financial analysis functions in implementing the installations financial programs, policies and procedures.
  • Audit purchasing/travel card transactions throughout each billing cycle to identify audit exceptions such as circumvention, inappropriate procurement activities, etc.
  • Evaluated job performances and conformance to regulations, and recommend appropriate personnel action.
  • Supervised and provided instructional support and professional development to Cash Reconciliation and Payroll Processing teams for contracted projects.

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Top 10 Best States for Finance Management Specialists

  1. New York
  2. Delaware
  3. Virginia
  4. New Jersey
  5. Connecticut
  6. District of Columbia
  7. Colorado
  8. Rhode Island
  9. North Carolina
  10. Pennsylvania
  • (706 jobs)
  • (59 jobs)
  • (519 jobs)
  • (319 jobs)
  • (169 jobs)
  • (191 jobs)
  • (248 jobs)
  • (62 jobs)
  • (347 jobs)
  • (384 jobs)

Top Finance Management Specialist Employers

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Jobs From Top Finance Management Specialist Employers

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