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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:
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.
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.
|Job Title||Company||Location||Start Date||Salary|
|Manager, Financial Analysis (Revenue Stream)||Alcatel-Lucent USA Inc.||New York, NY||Oct 01, 2011||$160,000|
|Manager-Financial Analysis/It||AIG Employee Services, Inc.||New York, NY||Sep 26, 2016||$154,800|
|Manager Financial and Business Analysis||HSBC Bank USA, N.A.||New York, NY||Dec 08, 2014||$150,000|
|Senior Manager, Financial Analysis & Development||NRG Energy, Inc.||Houston, TX||Sep 04, 2014||$149,500|
|Senior Manager, Financial Analysis & Development||NRG Energy, Inc.||Houston, TX||May 10, 2015||$149,500|
|Manager Financial Analysis/Controlling||Globalfoundries U.S. Inc.||Santa Clara, CA||Oct 06, 2016||$148,201 -
|Manager-Financial Analysis and Compliance Team||American Capital, Ltd.||Bethesda, MD||Aug 06, 2012||$135,000|
|Senior Manager, Financial Operations Analysis||Equinox Fitness||New York, NY||May 23, 2016||$135,000|
|Senior Manager, Financial Operations Analysis||Equinox Holdings Inc.||New York, NY||Sep 01, 2015||$135,000|
|Manager, Financial Analysis||Federal Home Loan Bank of Chicago||Chicago, IL||Jul 15, 2016||$131,000 -
|Manager, Financial Analysis & Planning||Ooyala Inc.||Mountain View, CA||May 03, 2012||$130,000|
|Manager, Financial and Business Analysis||HSBC Bank USA, N.A.||New York, NY||Jun 11, 2015||$130,000|
|Manager, Financial and Business Analysis||HSBC Securities (USA) Inc.||New York, NY||Feb 03, 2015||$130,000|
|Manager Financial Analysis||Ecolab USA Inc.||Saint Paul, MN||May 05, 2016||$129,680|
|Manager Financial Analysis||Ecolab Inc.||Houston, TX||Jul 04, 2015||$113,173|
|Manager Financial Analysis||Ecolab USA||Houston, TX||Jul 04, 2015||$113,173|
|Manager, Financial Analysis Projects||Ecolab Inc.||Saint Paul, MN||Sep 01, 2014||$112,700|
|Manager Financial Analysis||Ecolab Inc.||Houston, TX||Sep 22, 2014||$111,170|
|Senior Manager-Technology Financial Analysis||United Airlines, Inc.||Chicago, IL||Oct 11, 2011||$110,028|
|Manager Global Financial Analysis||Mattel HQ Inc.||El Segundo, CA||May 26, 2016||$110,000|
|Finance Manager, Financial Planing & Analysis||Huge, LLC||New York, NY||Nov 07, 2014||$110,000|
|Manager, Financial Analysis, Technology Strategy A||Turner Broadcasting System, Inc.||Atlanta, GA||Sep 17, 2012||$95,368 -
|Manager, Financial Analysis||Capital One Services, LLC||Plano, TX||Nov 28, 2011||$95,300 -
|Manager, Financial Analysis and Projects||Ecolab Inc.||Saint Paul, MN||Sep 01, 2012||$95,000|
|Manager Financial Analysis||Ecolab Inc.||Saint Paul, MN||May 31, 2012||$95,000|
|Manager-Project Finance Analysis||Halliburton Energy Services, Inc.||Houston, TX||Feb 08, 2016||$94,806|
|Manager, Financial Analysis Project||Ecolab USA, Inc.||Saint Paul, MN||Sep 22, 2011||$93,982|
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