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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.
Average Length of Employment
Top Careers Before Risk Manager
Top Careers After Risk Manager
Hispanic or Latino9.3%
Black or African American0.8%
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University of Phoenix16.9%
New York University7.7%
George Washington University7.3%
University of Florida5.4%
Florida State University5.4%
Pennsylvania State University4.9%
University of Chicago4.1%
University of South Florida3.6%
University of Maryland - University College3.6%
Nova Southeastern University3.6%
University of Texas at Austin3.6%
University of Central Florida3.6%
Columbia Southern University3.6%
Texas A&M University3.4%
Carnegie Mellon University3.4%
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|Job Title||Company||Location||Start Date||Salary|
|Risk Manager||Adi Capital Management LLC||New York, NY||Feb 25, 2016||$250,000|
|Director; Counterparty Credit Risk Manager||Bank of America||New York, NY||May 23, 2016||$250,000|
|Managing Director, Counterparty Credit Risk Manager||Bank of America N.A.||New York, NY||Sep 16, 2016||$240,000 -
|Counterparty Credit Risk Manager||Bank of America N.A.||New York, NY||Jun 29, 2015||$215,000 -
|Manager, Credit Risk Analytics||Wells Fargo Bank, N.A.||Charlotte, NC||May 28, 2015||$190,000|
|Liquidity Risk Manager||The Bank of New York Mellon||New York, NY||Mar 14, 2016||$190,000|
|Operational Risk Manager||Australia and New Zealand Banking Group Limited||New York, NY||Jul 01, 2015||$188,000|
|Director, Trader, Risk Manager/Funding & Cross-Currency||UBS Securities LLC||New York, NY||Mar 02, 2015||$185,000|
|Model Risk Manager||JP Morgan Chase & Co||New York, NY||Jul 28, 2016||$185,000|
|Model Risk Manager||Jpmorgan Chase & Co.||New York, NY||Oct 15, 2015||$185,000|
|Manager, Governance, Risk and Compliance||J. H. Cohn, LLP||Roseland, NJ||Feb 23, 2015||$180,000|
|Model Risk Manager||MUFG Union Bank, N.A.||San Francisco, CA||Nov 08, 2016||$180,000|
|Manager, Governance, Risk and Compliance||J. H. Cohn, LLP||Roseland, NJ||Feb 19, 2015||$180,000|
|Advisory Financial Services Risk & Regulatory Manager FSR||Pricewaterhousecoopers Advisory Services LLC||New York, NY||May 18, 2016||$180,000|
|Financial Risk Modeling Manager||Federal Home Loan Bank of Atlanta||Atlanta, GA||Nov 19, 2015||$128,731 -
|Capital Markets Market Risk Manager||Bank of America N.A.||Boston, MA||Jan 04, 2016||$128,700 -
|Risk Manager, Enterprise Risk Management||Exelon Business Services Company||Chicago, IL||Oct 27, 2015||$127,754 -
|Quality and Risk Manager||Yakima Valley Farm Workers Clinic||Toppenish, WA||Oct 28, 2016||$126,526|
|Itrt Manager-SAP Application Risk, Controls and Security||Ernst & Young U.S. LLP||Boston, MA||Feb 26, 2016||$126,500 -
|Itrt Manager-SAP Application Risk, Controls and Security||Ernst & Young U.S. LLP||Boston, MA||Feb 25, 2016||$126,500 -
|Risk Management Manager 2||Suntrust Banks, Inc.||Atlanta, GA||Mar 20, 2015||$126,300|
|Securities Finance Market Risk Manager||State Street Bank and Trust Company||Boston, MA||Oct 03, 2016||$125,000 -
|Manager, Risk Management||American Express Company||Phoenix, AZ||Sep 07, 2015||$108,900|
|Risk Policy Manager||Citibank, N.A.||Islandia, NY||Feb 10, 2015||$108,900|
|Risk Manager||American Express Company||New York, NY||Jan 18, 2015||$108,575|
|Financial Risk Manager||Ran-H Corporation||Carlstadt, NJ||Dec 09, 2016||$108,482|
|Manager, Risk Management||American Express Company||New York, NY||Sep 09, 2016||$108,120|
|Manager, Risk Management||American Express Company||New York, NY||Sep 21, 2016||$108,120|
|Credit & Portfolio Risk Manager||Citicorp Credit Services, Inc. (USA)||Wilmington, DE||Feb 16, 2016||$108,000|
|Manager, Risk Management||American Express Company||New York, NY||Nov 16, 2015||$108,000|
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Career Advice on becoming a Risk Manager by Martyn R (Highlights)
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Career Advice on becoming a Risk Manager by Martyn R (Full Version)