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Become A Finance Officer

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Working As A Finance Officer

  • 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

  • $47,569

    Average Salary

What Does A Finance Officer 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 Officer

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 Officer jobs

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Finance Officer Career Paths

Finance Officer
Senior Finance Analyst Accounting Manager
Accounting Director
11 Yearsyrs
Finance Manager Sales Manager Office Manager
Accounting Manager
7 Yearsyrs
Business Manager Senior Manager Controller
Accounting Officer
7 Yearsyrs
Administrative Officer Administrative Manager Controller
Controller, Vice President
9 Yearsyrs
Project Manager Senior Manager Controller
Controller/Director Of Finance
11 Yearsyrs
Finance Manager Controller
Corporate Controller
12 Yearsyrs
Operations Manager Business Manager Controller
Director Of Accounting & Finance
11 Yearsyrs
Operations Manager Human Resources Coordinator Controller
Director Of Operations And Finance
11 Yearsyrs
Business Manager Service Manager Finance Manager
Division Controller
9 Yearsyrs
Assistant Vice President Human Resources Coordinator Controller
Finance Controller
9 Yearsyrs
Program Manager Program Administrator Senior Finance Analyst
Finance Leader
8 Yearsyrs
Finance Analyst Senior Finance Analyst
Finance Manager
7 Yearsyrs
Administrative Officer Assistant Vice President Controller
Finance Vice President
9 Yearsyrs
Finance Analyst Finance Manager Sales Manager
General Manager
7 Yearsyrs
Accounting Manager Controller
Interim Controller
15 Yearsyrs
Accounting Manager Business Analyst Senior Finance Analyst
Plant Controller
10 Yearsyrs
Senior Finance Analyst Finance Manager Controller
Regional Controller
10 Yearsyrs
Finance Administrator Bookkeeper Accounting Manager
Senior Accounting Manager
10 Yearsyrs
Project Manager Business Manager Controller
Senior Director Of Finance
14 Yearsyrs
Assistant Vice President Office Manager Finance Manager
Senior Finance Manager
11 Yearsyrs
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Average Length of Employment
Finance Controller 3.8 years
Finance Manager 3.7 years
Finance Secretary 3.7 years
Finance Supervisor 3.5 years
Finance Executive 3.1 years
Finance Officer 3.0 years
Finance Specialist 2.9 years
Finance Analyst 2.8 years
Finance Clerk 2.6 years
Finance Associate 2.3 years
Finance Assistant 2.2 years
Finance Internship 0.5 years
Top Employers Before
Accountant 12.3%
Controller 6.5%
Internship 4.9%
Manager 4.1%
Bookkeeper 3.2%
Top Employers After
Accountant 7.9%
Consultant 5.4%
Controller 4.9%
Manager 4.1%
Director 4.0%
Internship 3.7%

Finance Officer Demographics

Gender

Male

49.1%

Female

47.4%

Unknown

3.5%
Ethnicity

White

70.8%

Asian

11.8%

Hispanic or Latino

11.0%

Unknown

5.2%

Black or African American

1.2%
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Languages Spoken

Spanish

38.0%

French

10.6%

Mandarin

6.9%

Arabic

6.9%

Chinese

6.0%

Portuguese

4.2%

Hindi

3.2%

Urdu

3.2%

German

2.8%

Japanese

2.8%

Amharic

2.8%

Russian

1.9%

Cantonese

1.9%

Korean

1.4%

Dari

1.4%

Bengali

1.4%

Thai

1.4%

Greek

1.4%

Vietnamese

0.9%

Ukrainian

0.9%
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Finance Officer Education

Schools

University of Phoenix

16.1%

Stanford University

8.7%

Strayer University

6.7%

University of Alabama

6.3%

Liberty University

5.1%

University of South Florida

4.7%

Southern New Hampshire University

4.3%

New York University

3.9%

George Washington University

3.9%

Webster University

3.9%

Capella University

3.9%

University of Houston

3.9%

Johns Hopkins University

3.9%

University of Maryland - University College

3.5%

Troy University

3.5%

University of Alabama at Birmingham

3.5%

Florida State University

3.5%

University of Washington

3.5%

Northern Virginia Community College

3.5%

National University

3.1%
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Majors

Business

31.1%

Accounting

27.0%

Finance

16.3%

Management

3.8%

Economics

2.8%

Marketing

2.0%

Law

1.9%

Public Administration

1.7%

Communication

1.5%

Political Science

1.5%

Criminal Justice

1.3%

Computer Science

1.2%

Human Resources Management

1.2%

Education

1.1%

Psychology

1.0%

Health Care Administration

1.0%

Project Management

1.0%

Business/Commerce

0.9%

Information Technology

0.9%

General Studies

0.8%
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Degrees

Bachelors

40.5%

Masters

33.3%

Other

13.8%

Associate

4.4%

Certificate

3.8%

Doctorate

2.5%

Diploma

1.6%

License

0.2%
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Job type you want
Full Time
Part Time
Internship
Temporary

Real Finance Officer Salaries

Job Title Company Location Start Date Salary
Cheif Financial Officer CTI Towers, Inc. Franklin Town, MA Jun 24, 2014 $205,000 -
$300,000
Senior Financial Officer TIG Holding Ny LLC New York, NY Nov 21, 2011 $162,000
Senior Financial Officer TIG Holding Ny LLC. New York, NY Nov 14, 2011 $162,000
Senior Financial Officer Tisa Ny, Inc. New York, NY Nov 12, 2012 $156,525
Financial Officer Shippa LLC Islandia, NY Jan 08, 2016 $150,000
Aircraft Finance Officer 1St. Source Bank South Bend, IN Jun 20, 2012 $145,250
Loan Syndication Financing Officer SG Americas Securities, LLC New York, NY Jul 30, 2012 $130,000
Financial Officer Surfacexchange LLC Greenwich, CT Jan 04, 2011 $130,000
Senior Finance Officer Fourwinds Capital Management (Us) Inc. Boston, MA Sep 21, 2011 $126,000
Treasurers, Controllers, and Financial Officers Van Eck Associates Corporation New York, NY Jun 15, 2011 $125,882
Global Program Finance Officer Novartis Pharmaceuticals Corporation East Hanover, NJ Sep 24, 2015 $123,000
Global Program Finance Officer, Oncology Business Unit Novartis Pharmaceuticals Corporation East Hanover, NJ Aug 03, 2016 $123,000
Financial Officer/Controller Premier Home Health Care, Inc. Chicago, IL Apr 01, 2011 $72,002
Financial Officer BARU Group LLC Miami, FL Apr 30, 2013 $72,000
Senior Finance Officer Counterpart International Arlington, VA Sep 05, 2016 $71,365
Cheif Financial Officer of Redevelopment Wallachia LLC Northborough, MA Jan 12, 2015 $70,500
Finance Officer, Haiti World Vision, Inc. Washington, DC Oct 01, 2012 $70,000 -
$80,000
Senior Finance Officer Counterpart International, Inc. Arlington, VA Sep 05, 2015 $69,680
Officer/Financial Analysis Bank of China New York Branch New York, NY Jan 01, 2015 $69,372
Financial Officer New Super China Buffet, Inc. Chippewa Falls, WI Oct 01, 2011 $67,744
Budget/Finance Officer Bari Studio, Inc. New York, NY Feb 01, 2012 $58,436
Junior Trade Finance Officer Brickell Bank Miami, FL Dec 09, 2016 $56,500
Field Finance Officer International Research and Exchanges Board Washington, DC Feb 05, 2016 $55,474
Accounts and Finance Officer Lexicon Hospitality LLC New York, NY Sep 23, 2016 $55,370
Finance Officer Counterpart International, Inc. Arlington, VA Sep 10, 2014 $55,000

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Top Skills for A Finance Officer

PayrollAnnualAuditFinancialProceduresMonthlyFinancialStatementsEnsureComplianceAssetsGeneralLedgerAccountsPersonnelIncomeStatementsFinancialManagementFinancialOfficerBankReconciliationFinancialPoliciesAnnualBudgetInternalControlsBalanceSheetCustomerServiceSuperviseQuickbooksAccountsPayables

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Top Finance Officer Skills

  1. Payroll
  2. Annual Audit
  3. Financial Procedures
You can check out examples of real life uses of top skills on resumes here:
  • Serve in a lead capacity, assisting Payroll Supervisor in determining workloads and priorities and daily payroll activities.
  • Assisted with regulatory exams, quarterly reviews, and annual audit of the financial statements by the Bank's independent auditors.
  • Established & maintained Financial Procedures Manual.
  • Prepared monthly financial statements, board packages, regulatory and SEC reporting, federal and state income tax returns preparation.
  • Performed financial statement analysis of existing clients to ensure compliance to loan agreements.

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