Assistant Finance Manager Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of an assistant finance manager. Feel free to use our assistant finance manager job description template to produce your own. We also provide you with information about the salary you can earn as an assistant finance manager.
Who is an Assistant Finance Manager?
Finance managers need assistant finance managers to help them with various financial and administrative tasks. These tasks include preparing budgets, billing invoices, and asking for information from colleagues about purchase orders. This is a permanent position. Assistant finance managers can work for a variety of organizations and companies. This job is a job for people who have a knack for math.
A business’s financial stability is dependent on the role of its assistant finance manager. These individuals are responsible for analyzing a company’s finances and devising improvement strategies. This job requires excellent communication skills and mathematical skills. A bachelor’s degree in finance, or another related field, is required to be eligible for employment. Assisting finance managers are responsible for reviewing financial reports, communicating findings with management, working closely with auditors, helping with price changes, and creating money-saving plans.
As an assistant finance manager, it is important to regularly review financial reports. He is responsible for ensuring that all transactions are recorded and reported accurately. If he works for a retailer, he may need to verify the monthly sales figures and store expenses. This is essential to avoid legal problems and prevent financial losses. As such, assistant finance managers should be detail-oriented and able to spot even the smallest errors.
The assistant finance manager shares the information he finds from financial reports with the upper management. This may involve meeting with the finance director or executive to discuss the company’s financial situation. For example, a retailer company’s financial director might discuss weekly and monthly revenues, financial discrepancies, and potential ways to maximize revenue. He should be able and willing to collaborate with others, clearly demonstrating his findings.
An assistant finance manager is required to work with auditors to ensure that the company pays the correct amount and that financial records are accurate. He may also work with accountants during tax season to ensure that the reports match up.
He will also assist with price changes. This is primarily done in retail stores where a company changes the price of certain products. A company might have a holiday sale that offers many products at a discount. This manager is expected to lead employees through the entire process and ensure that each product has a proper price tag.
An assistant finance manager may also be able to develop money-saving plans. He will often develop strategies to maximize revenue and reduce taxes as he analyses financial reports and company tax returns. This requires creativity and the ability to find tax credits.
Assistant Finance Manager Job Description
Below are the assistant finance manager job description examples you can use to develop your resume or write an assistant finance manager job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of an assistant finance manager include the following:
- Assuming responsibility for planning and executing financial projects and duties within a company.
- Drawing budgets, income statements, and balance sheets, as well as tax returns and other reports that regulatory authorities require.
- Managing financial risks.
- Setting performance targets and short-term financial goals will help you estimate your long-term and short-term objectives.
- Supervising the month-end process and compiling financial reports.
- Signing off on purchase orders and drafting procurement processes.
- Monitoring and managing metrics, KPI tracking, and reports for finance departments.
- Assessing the financial performance of your organization and determining the returns on investment.
- Training staff on financial processes.
- Assisting the Financial Manager with planning and performing financial operations.
- Analyzing root causes, investigating financial problems, and offering solutions.
- Making sure that your finance staff follows standard operating procedures.
- Recommending improvements to existing financial procedures.
- Assisting with budget preparation and expense management.
- Assisting with employee recruitment, training, and performance evaluation, as well as retention activities.
- Protecting and controlling the assets to the benefit of the company.
- Assisting the finance manager in attending to financial requests related to purchase orders.
- Paying attention to the cash flow as a result of financial transactions with clients and buyers of assets.
- Reporting the fiscal loss/profit on a weekly or yearly basis.
- Communicating with financial staff to ensure that the audit spreadsheets remain current every month/year.
- Assisting the manager in managing the payroll and ensuring that staff performs their jobs as expected.
- Offering solutions for risk management.
- Supporting the financial manager as well as the board of directors by planning a long-term and strategic business plan.
- Providing funds to cover rough costs for new products or services.
The following are other important tasks:
- Cash flow management
Assistant finance managers monitor cash flow and oversee financial transactions within the company to prevent discrepancies.
- Maintenance spreadsheets
As part of the role, assistant finance managers work with heads of departments and financial staff to keep their spreadsheets up-to-date each month. They also report on financial profit or loss on a weekly and yearly basis.
- Updating Finances on Purchase Requests
Assistant finance managers assist accountants and the manager in contacting people within the company to correct records regarding financial requests for purchase orders.
- Assisting with Strategic Plans
The board of managers meets regularly with assistant finance managers to discuss strategic plans and brainstorm ways to reduce spending and increase profits.
- Collecting Financial Data
Assistant finance managers work in collaboration with other departments to collect financial data. This includes expenses for the month. Records can then be updated for an accurate audit at the end.
Qualifications
For an individual to get the role of an assistant finance manager in an organization, certain requirements must be met. These are:
Education
A Bachelor’s degree in finance, business, accounting, or another related field is the minimum requirement for a job as an assistant financial manager. Courses needed are courses in micro and macroeconomics as well as project management, accounting, and marketing which take about four years to complete. Employers prefer applicants with a master’s degree. Two of the most popular options are a Master of Finance and a Master of Business Administration. Although a Ph.D. is an option, it’s not as common or required for managerial-level positions.
Training
An undergraduate internship is the most popular pre-certification option for assistant financial managers. It is very common for undergraduates to do summer internships in the professional financial industry after their sophomore and third years.
They will be supervised by a chief financial officer, accountant, or finance manager. This internship will give them exposure to the job environment, skills, and duties that are expected of them. Candidates may be offered a job as soon as their senior year is over if they are successful.
Professionals can also receive on-the-job training, particularly if they start in an accounting role and then move to an assistant finance manager position. This could include mentorship by senior financial professionals, training in particular software or account management systems, or content training for a client or project.
Certification
While not required by law, many assistant finance managers seek Chartered Financial Analyst certification (CFA). This certification helps them be more competitive in the job market. This certification requires a bachelor’s degree, four years of experience, and success in three different exams.
- Certified Professional Accountant (CPA)
This certificate is available for accountants who have worked in accounting before becoming an assistant finance manager. Although requirements can vary from one state to the next, a CPA certificate is required for 120-150 credit hours, passing an examination, and two years of CPA supervised experience.
Essential Skills
- Problem-solving skills
Assistant finance managers should be able to take action and find solutions, regardless of whether they are analyzing a budget or calculating investment risks. They should have the ability to understand the financial goals of the company and identify effective ways to achieve them without compromising the business.
- Communication Skills
Assistant finance managers need to be able to communicate clearly and effectively with both written and oral communication. Not everyone in a company can understand complex financial data. Assistant finance managers must be able to communicate complex formulas and analyses in a simple way that makes them easy to understand. They might work with multiple departments. This skill is vital for any successful manager.
- Analytical skills
Assistant finance managers must demonstrate logical thinking as part of their decision-making process. Assistant finance managers who are competent in analyzing all options and presenting a clear, understandable analysis will be successful. They need to be able to use their analytical skills when creating budgets, writing contracts, and forecasting profit or loss.
- Interpersonal skills
Assistant finance managers often work in collaboration with other people or teams to solve financial problems. They may be responsible for overseeing activities and tasks, and their ability to collaborate seamlessly with other departments or people. Assistant finance managers who are successful communicate well with people and inspire their teams to do calculations and analysis efficiently and accurately.
- Ability to work on your own
Because they know what the company needs and how to achieve them, assistant finance managers don’t require a lot of supervision. Assistant finance managers who are self-starters and can prioritize tasks, also have leadership skills that enable them to motivate others.
- Mathematical proficiency
Assistant finance managers deal with large amounts of money and depend on their advanced mathematical skills to analyze and compile data. Assistant finance managers who are proficient in algebraic mathematics can understand and create formulas. Those who are also competent in international finance can understand a variety of financial documents and can interpret them.
- Attention to detail
Assistant financial managers need to be accurate when handling numbers. They are responsible for ensuring accuracy in dealing with numbers. They also oversee the company’s spending and how it makes a profit. Assistant finance managers must be familiar with both domestic and international laws and regulations when writing and analyzing contracts.
- Organizational skills
Assistant finance managers deal with many financial documents, including spreadsheets, contracts, and calculations, as well as projections. They must be able to organize information to succeed. They may need to locate and retrieve the information they need.
- Technological skills
Assistant finance managers might find themselves using more than spreadsheets and ledgers as technology advances and automation becomes mainstream. Assistant finance managers who are successful use technology to their advantage and can use a variety of programs and applications.
How to Become an Assistant Finance Manager
A person who wants to be an assistant finance manager should typically have a high school diploma and a finance-related college degree. Many employers also require that applicants for these positions have completed some vocational training.
Many applicants see the job of an assistant finance manager as a step-stone to becoming a finance manager. Many people who plan to become assistant finance managers will need to complete an undergraduate degree in finance, economics, or accounting. Some accounting firms require that both assistants and managers have postgraduate degrees in accounting or finance.
Short-term training courses in accounting, bookkeeping, and administrative tasks are offered by some community colleges. Even if applicants do not have a college degree, many employers will accept applications for assistant financial manager jobs. These courses are paid for by some employers so that assistant managers can be hired within the company.
Exams for those working in finance are offered by many industry associations and government agencies. The examinations are designed to test students’ understanding of basic bookkeeping and tax rules, as well as their accounting skills. The certificate of completion or license is awarded to those who pass the exam. A license or certificate of completion may be required for someone who wants to become an assistant financial manager before they can apply for a job.
Many banks, accounting firms, and finance companies employ undergraduates as interns. They learn about accounting and financial management as well as the company’s operations. Interns are usually not paid but many companies offer internships to those who do well during these training periods.
Many large firms require assistant managers to hold college degrees or licenses. However, smaller companies may employ high school graduates in these positions. These firms typically employ high school graduates in entry-level financial jobs and offer training on the job. These workers can apply for higher-ranking roles, such as assistant managers, after a while. These workers generally earn less than those working in large companies with more demanding job requirements.
Where to Work
Assistant finance managers can work in large and small organizations, as well as across many industries. They work full-time, usually during weekdays. They also work overtime during busy seasons, or on specific projects when needed.
Assistant Finance Manager Salary Scale
The salary of an assistant finance manager varies depending on their company’s size, the company’s sector, and the company’s financial performance for the year. As an incentive to employees or companies that perform well, some organizations offer bonuses. This is more common in corporate and financial services, but less in government and non-profit industries. Non-corporate salaries have higher salaries and reflect greater industry trends.
The average salary that an assistant finance manager earns in the United States is $60,676 per annum