Financial ManagersFinancial Managers

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Job DescriptionJob Description

The duties of financial managers vary with The duties of financial managers vary with their specific titles, which include their specific titles, which include

controller controller treasurer or finance officer treasurer or finance officer credit manager credit manager cash managercash manager risk and insurance manager risk and insurance manager manager of international bankingmanager of international banking

Controllers direct the preparation of financial reports and are direct the preparation of financial reports and are also in charge of preparing special reports required by regulatory also in charge of preparing special reports required by regulatory authorities. Often, controllers oversee the accounting, audit, and authorities. Often, controllers oversee the accounting, audit, and

budget departments. budget departments. Treasurers and and finance officers direct their organization's direct their organization's

budgets to meet its financial goals. They oversee the investment budgets to meet its financial goals. They oversee the investment of funds, manage associated risks, supervise cash management of funds, manage associated risks, supervise cash management activities, execute capital-raising strategies to support the firm's activities, execute capital-raising strategies to support the firm's

expansion, and deal with mergers and acquisitions. expansion, and deal with mergers and acquisitions. Credit managers oversee the firm's issuance of credit, oversee the firm's issuance of credit, establishing credit-rating criteria, determining credit ceilings, and establishing credit-rating criteria, determining credit ceilings, and

monitoring the collections of past-due accounts. monitoring the collections of past-due accounts. Cash managers monitor and control the flow of cash receipts monitor and control the flow of cash receipts

and disbursements to meet the business and investment needs of and disbursements to meet the business and investment needs of their firm. their firm.

Risk and and insurance managers oversee programs to oversee programs to minimize risks and losses that might arise from financial minimize risks and losses that might arise from financial

transactions and business operations. Insurance managers decide transactions and business operations. Insurance managers decide how best to limit a company’s losses by obtaining insurance how best to limit a company’s losses by obtaining insurance

against risks such as the need to make disability payments for an against risks such as the need to make disability payments for an employee who gets hurt on the job or costs imposed by a lawsuit employee who gets hurt on the job or costs imposed by a lawsuit

against the company. against the company.

Job OutlookJob Outlook

Employment growth for financial Employment growth for financial managers is expected is to be as fast managers is expected is to be as fast as the average for all occupations. as the average for all occupations. However, applicants will likely face However, applicants will likely face keen competition for jobs. Those with keen competition for jobs. Those with a master's degree and certification a master's degree and certification will have the best opportunities. will have the best opportunities.

Work environment.Work environment.

Working in comfortable offices, often close Working in comfortable offices, often close to top managers and with departments to top managers and with departments that develop the financial data those that develop the financial data those managers need, financial managers managers need, financial managers

typically have direct access to state-of-typically have direct access to state-of-the-art computer systems and information the-art computer systems and information services. They commonly work long hours, services. They commonly work long hours,

often up to 50 or 60 per week. Financial often up to 50 or 60 per week. Financial managers generally are required to attend managers generally are required to attend

meetings of financial and economic meetings of financial and economic associations and may travel to visit associations and may travel to visit

subsidiary firms or to meet customers.subsidiary firms or to meet customers.

All About the MONEYAll About the MONEY

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Median annual wages, excluding annual bonuses and stock options, Median annual wages, excluding annual bonuses and stock options, of wage and salary financial managers were $99,330 in May 2008. of wage and salary financial managers were $99,330 in May 2008.

The middle 50 percent earned between $72,030 and $135,070. The middle 50 percent earned between $72,030 and $135,070. Median annual wages in the industries employing the largest Median annual wages in the industries employing the largest

numbers of financial managers were:numbers of financial managers were:

*Large organizations often pay more than small ones, and salary levels also can depend on the type of industry and location. Many financial managers in both public and private industry receive additional compensation in the form of bonuses which, like salaries, vary substantially by size of firm. Deferred compensation in the form of stock options is common, especially for senior-level executives.

Securities and commodity contracts Securities and commodity contracts intermediation and brokerageintermediation and brokerage

$134,940$134,940

Management of companies and enterprisesManagement of companies and enterprises $115,520$115,520

Insurance carriersInsurance carriers $110,750$110,750

Local governmentLocal government $78,650$78,650

Depository credit intermediationDepository credit intermediation $77,280$77,280

But “the top 10% is But “the top 10% is making up to making up to $80.00$80.00 per hour or per hour or $166,400$166,400 per year.” per year.”

Making it in CollegeMaking it in College

A bachelor's degree in finance, accounting, A bachelor's degree in finance, accounting, economics, or business administration is economics, or business administration is the the minimumminimum academic preparation for academic preparation for financial managers. financial managers.

Many financial managers work in accounting Many financial managers work in accounting departments. Accounting positions departments. Accounting positions normally require workers to be certified normally require workers to be certified public accountants (CPAs). public accountants (CPAs).

Financial managers shouldFinancial managers should

Be creative thinkers and problem-Be creative thinkers and problem-solvers applying their analytical skills solvers applying their analytical skills to business.to business.

Have Interpersonal skills to work in Have Interpersonal skills to work in jobs that involve managing people jobs that involve managing people and working as part of a team to and working as part of a team to solve problems. solve problems.

Have Excellent communication skills Have Excellent communication skills to explain complex financial data.to explain complex financial data.

Similar CareersSimilar Careers Accountants and auditorsAccountants and auditors Budget analystsBudget analysts Financial analystsFinancial analysts Insurance sales agentsInsurance sales agents Insurance underwritersInsurance underwriters Loan officersLoan officers Personal financial advisorsPersonal financial advisors Real estate brokers and sales agentsReal estate brokers and sales agents Securities, commodities, and financial Securities, commodities, and financial

services sales agentsservices sales agents

RememberRemember

Continuing education is vital to Continuing education is vital to financial managers, who must cope financial managers, who must cope with the growing complexity of global with the growing complexity of global trade, changes in Federal and State trade, changes in Federal and State laws and regulations, and the laws and regulations, and the proliferation of new and complex proliferation of new and complex financial instruments. financial instruments.