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Become A Finance Vice President

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Working As A Finance Vice President

  • 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

  • $150,000

    Average Salary

What Does A Finance 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 Finance 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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Finance Vice President jobs

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Average Length of Employment
Plant Controller 4.6 years
Finance Director 3.9 years
Finance Controller 3.8 years
Finance Manager 3.7 years
Group Controller 3.7 years
Finance Supervisor 3.5 years
Finance Leader 3.1 years
Reporting Manager 3.1 years
Finance Executive 3.1 years
Interim Controller 1.3 years
Top Employers Before
Controller 11.7%
Internship 3.0%
Top Employers After
President 5.7%
Controller 5.4%
Consultant 5.1%
Internship 2.6%
Owner 1.7%
Director 1.7%

Finance Vice President Demographics

Gender

Male

64.3%

Female

33.0%

Unknown

2.7%
Ethnicity

White

78.1%

Hispanic or Latino

10.0%

Asian

9.5%

Unknown

1.6%

Black or African American

0.9%
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Languages Spoken

Spanish

40.7%

French

16.9%

Portuguese

8.5%

Chinese

5.1%

German

5.1%

Hindi

5.1%

Japanese

3.4%

Mandarin

3.4%

Korean

3.4%

Russian

1.7%

Turkish

1.7%

Greek

1.7%

Tamil

1.7%

Italian

1.7%
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Finance Vice President Education

Schools

University of Chicago

7.1%

Michigan State University

6.3%

University of Southern California

6.3%

University of Florida

6.3%

Miami University

5.5%

Western Michigan University

5.5%

Wayne State University

4.7%

Pace University - New York

4.7%

Arizona State University

4.7%

University of Northern Iowa

4.7%

Pennsylvania State University

4.7%

University of Phoenix

4.7%

University of Iowa

4.7%

Loyola Marymount University

4.7%

Northeastern University

4.7%

Ball State University

4.7%

University of Alabama

3.9%

New York University

3.9%

Temple University

3.9%

Georgia State University

3.9%
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Majors

Business

28.7%

Accounting

25.7%

Finance

22.5%

Economics

3.8%

Marketing

3.0%

Management

2.6%

Political Science

1.6%

Psychology

1.5%

Liberal Arts

1.1%

Computer Information Systems

1.1%

Law

1.1%

International Business

1.0%

Communication

1.0%

Public Relations

1.0%

Mathematics

1.0%

Biology

0.8%

Criminal Justice

0.7%

Supply Chain Management

0.7%

Information Systems

0.7%

Computer Science

0.5%
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Degrees

Bachelors

50.5%

Masters

35.9%

Other

8.5%

Certificate

1.9%

Doctorate

1.3%

Associate

1.2%

Diploma

0.5%

License

0.3%
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Job type you want
Full Time
Part Time
Internship
Temporary

Real Finance Vice President Salaries

Job Title Company Location Start Date Salary
Vice President, Finance Director-Improve & Major Projects Worleyparsons Group, Inc. Houston, TX Jun 30, 2016 $287,497
Vice President-Finance Vt Leeboy, Inc. Lincolnton, NC Aug 31, 2015 $268,873
Vice President, Financial Institutions BMO Capital Markets Corp. New York, NY Nov 05, 2016 $250,000
Vice President, Financial Institutions Group Deutsche Bank Securities, Inc. New York, NY Dec 09, 2016 $250,000
Associate-Intermediate-Finance/Vp Goldman Sachs & Co. New York, NY Dec 10, 2016 $250,000 -
$400,000
VP, Financial Institutions Group-Investment Banking Deutsche Bank Securities, Inc. New York, NY Apr 04, 2016 $250,000
Associate-Intermediate-Finance/Vp Goldman Sachs & Co. San Francisco, CA Nov 17, 2016 $240,000 -
$250,000
Vice President of Finance Ikbal Inc. Closter, NJ Aug 31, 2016 $235,000
Vice President, Financial and Strategic Planning Associated Estates Realty Corp. Richmond Heights, OH Feb 12, 2015 $235,000
Vice President, Global Financial Planning & Analysis Beam Suntory Inc. Deerfield, IL Sep 01, 2015 $232,398 -
$300,000
Associate-Intermediate-Finance/Vp Goldman Sachs & Co. Houston, TX May 10, 2016 $230,000 -
$250,000
Vice President Finance HCN NAM Nestle Healthcare Nutrition, Inc. Florham Park, NJ Jul 01, 2015 $230,000 -
$280,000
Vice President of Finance, Treasurer Penntex Midstream Management Company, LLC Houston, TX Jan 27, 2016 $230,000
Vice President Finance Clearone, Inc. Salt Lake City, UT Dec 15, 2016 $184,000
Vice President of Acquisitions and Finance Foundations Group I, Inc. New York, NY Jan 04, 2016 $180,000
Vice President of Finance, Renewables Contour Global Management, Inc. New York, NY Jan 12, 2016 $180,000
Vice President, Structured Financial Transactions Barclays Bank PLC New York, NY May 01, 2015 $180,000
Vice President of Finance Navdy, Inc. San Francisco, CA Sep 09, 2015 $180,000
Vice President of Acquisitions and Finance Foundations Group, Inc. New York, NY Jan 04, 2016 $180,000
VP Corporate Finance Fidelity National Management Services LLC Las Vegas, NV Apr 01, 2016 $180,000
Senior Financial Engineer/Vice President Numerix LLC New York, NY Oct 06, 2016 $180,000
Vice President, Project and Export Finance HSBC Securities (USA) Inc. New York, NY Sep 15, 2015 $145,000
Vice President, Financial Planning and Analysis MSCI Inc. New York, NY Sep 05, 2016 $144,300
VP, Quantitative Financial Analyst Barclays Capital Inc. New York, NY Sep 29, 2015 $144,000 -
$206,000
VP of Finance Araxid Prime, Inc. McLean, VA Mar 23, 2015 $143,832 -
$150,000
VP of Finance Araxid, Inc. McLean, VA Mar 23, 2015 $143,832 -
$150,000
Vice President-Finance RYCO Hydraulics, Inc. Houston, TX Oct 15, 2016 $143,727
Vice President-Finance RYCO Hydraulics, Inc. Houston, TX Jul 08, 2016 $143,727
Vice President of Finance-Integrated Delivery System Mary Hitchcock Memorial Hospital Lebanon, NH Sep 18, 2015 $143,416 -
$250,000

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Top Skills for A Finance Vice President

FinancialStatementPreparationComplianceHumanResourcesAnnualAuditAssetsDueDiligenceProcessPayrollBasisPointsA/PFinancialAnalysisRiskManagementFinancialPerformanceAnnualRevenuesAnnualBudgetFinancialReportsRealEstateGaapInternalControlsPrivateEquityGeneralLedger

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Top Finance Vice President Skills

  1. Financial Statement Preparation
  2. Compliance
  3. Human Resources
You can check out examples of real life uses of top skills on resumes here:
  • Analyzed Finance and Reporting Department processes that resulted in improved timeliness of financial statement preparation by 50%.
  • Changed out 401(k) plan increasing employee returns; managed compliance.
  • Managed transition to outsourced services for several service departments, including circulation, human resources, web development.
  • Reduced annual audit completion by three (3) months
  • Created the internal financial budget and process used to govern the assets after acquisition.

Top Finance Vice President Employers

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A Day in the Life at GMIT

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