Finance Manager Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a finance manager. Feel free to use our finance manager job description template to produce your own. We also provide you with information about the salary you can earn as a finance manager.
Who is a Finance Manager?
Accounting experts who are in charge of a company’s or organization’s financial health are known as finance managers. Upper management or corporate officers may seek advice from finance managers on how and where the company’s assets are bought and distributed. Finance managers employ a diverse set of talents to provide detailed financial reports and statements.
Financial managers keep track of a company’s finances, analyze data, and offer advice to top management on how to increase earnings. They frequently operate as part of a team, contributing to the making of important organizational choices, a task that necessitates analytical ability and great communication skills. Technological advancements have considerably reduced the time it takes to prepare financial reports, this is making the function of the financial manager continually evolve, particularly in business.
Finance managers examine daily financial activity and advise and guide top management on future financial strategies. They are at the heart of all significant corporate choices, and their success is dependent on them. Finance managers can work in both the public and private sectors. They also work in fields like banking, finance, healthcare, and insurance.
Financial reports are often reviewed, accounts are monitored, and financial predictions are prepared. Finance managers also look for ways to increase profits and assess markets for business prospects including expansion, mergers, and acquisitions. A master’s degree in accounting, business, economics, or finance, as well as several years of experience, are often required for the post of finance manager.
Financial managers collaborate closely with senior executives and the departments within the organization that produce the data that financial managers require.
Finance Manager Job Description
Below are the finance manager job description examples you can use to develop your resume or write a finance manager job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
- Plan, manage and carry out the organization’s financial responsibilities and projects.
- Estimate the amount of money needed to meet the organization’s short- and long-term financial goals.
- Complete monthly financial forecasts, lead the month-end closing process, and complete financial reports.
- Create and implement budgeting, forecasting, and reporting strategies.
- Reduce costs and increase operational profit, and find the right balance of stock and debt.
- Design a strategic plan for obtaining funds from banks and other financial institutions.
- Make prudent investments in assets that will provide you with the best possible returns.
- Help the organization’s financial performance, and provide financial information and analysis.
- Manage and monitor Metrics, KPI tracking, and reports.
- Assess the organization’s financial performance and calculate investment returns.
- Recognize and quantify the risks associated with the company’s financial activities.
Qualifications
- A bachelor’s degree in finance, accounting, or a closely related field is preferred (essential).
- The International Accounting Standards Board (IASB) is a non-profit organization dedicated to improving accounting standards around the world (essential).
- The certification of a Certified Public Accountant (CPA) (essential)
- Worked as a Finance Manager for 5 years (essential).
- Generally Accepted Accounting Principles knowledge is essential (GAAP).
- Strong conceptual and problem-solving skills. Analytical thinker.
- Exceptional organizing skills and meticulous attention to detail.
- The ability to effectively work under duress and meet tight deadlines is a must.
- Capacity to work efficiently both independently and in a group.
- Profound communication and report-writing abilities.
- Grounded in the knowledge of Microsoft Office, SAP, and other financial planning software is required.
Essential Skills
- Proficiency in mathematics
Finance managers deal with huge sums of money and must compile and analyze data using high mathematical skills. Finance managers that are capable of understanding and creating formulas are well-versed in algebraic mathematics. Finance managers who are effective are well-versed in international finance and can understand a wide range of financial paperwork.
- Problem-solving
Finance managers are good at taking action and finding answers, whether it’s assessing a budget or calculating the risks of an investment. Managers have a thorough awareness of the company’s financial objectives and can devise effective strategies for achieving those objectives without risking the company’s success.
- Analysis
Finance managers display logical reasoning as part of the decision-making process. Effective managers can consider all possibilities in order to give a full, intelligible analysis. When establishing contracts, budgeting, and estimating profit and loss, finance managers employ analytical skills.
- Leadership
Finance managers work with individuals or as part of a team, and they typically have a strong background in managing finance departments. Managers understand how to increase efficiency and production while keeping faith in their abilities to lead the firm ahead. Leaders who are effective are able to guide and delegate tasks to others. To build trust in their leadership qualities, good financial managers take command of issues and devise effective solutions.
- Communication
Effective finance managers must have great written and verbal communication skills because complex financial data and paperwork are rarely comprehended by everyone in an organization. Finance managers should be able to convey difficult calculations or analyses in a clear, precise, and understandable manner. Finance managers may interact with a range of departments, therefore the ability to modify their communication style in order to successfully present information is a valuable skill.
- Interpersonal skills
To tackle financial difficulties, finance managers collaborate with a variety of other people or teams. They may be in charge of overseeing activities or tasks, as well as their capacity to collaborate with other departments and people. Successful finance managers are able to connect with people on a personal level and motivate their staff to accomplish calculations and analyses with speed and accuracy.
- Attention to the details.
When dealing with numbers, finance managers must ensure accuracy. Finance managers must divide their attention to several financial activities of a corporation because they control how and where a company spends its money as well as how and where it earns a profit. Finance managers must be familiar with both domestic and foreign laws and regulations when developing or assessing contracts.
- Technological skills
Finance managers may find themselves working with more than spreadsheets and ledgers as technology and automation continue to grow in the workplace. Effective financial managers are tech-savvy and know how to use a variety of programs and applications to their benefit.
- Ability to work independently
Finance managers that are successful don’t require a lot of monitoring since they know what needs to be done and how to achieve the company’s objectives. Finance managers who excel are not only self-starters who can prioritize duties, but they also have the ability to motivate people to work independently.
- Organization
Spreadsheets, contracts, calculations, and predictions are among the financial papers that finance managers work with. As a finance manager, you’ll need to be able to arrange your data because you’ll need to discover and retrieve information on a regular basis.
How to Become a Finance Manager
- A bachelor’s degree is required.
Financial managers must have a bachelor’s degree in finance, business administration, or accounting as a minimum educational requirement. Other financial, business or management-related educational disciplines may be permitted. Undergraduate finance students can expect to learn about financial planning, securities, and portfolio evaluation. Accounting and business administration programs usually incorporate finance principles and microeconomics.
- Get your master’s degree
Earning a graduate degree can increase work prospects and lead to professional promotion because employers prefer people with additional education. Economics, business administration, or finance master’s degree is ideal. Global financial markets, financial modeling, corporate financial management, financial theory, and finance research are some of the most common courses offered in these programs.
- Gain work experience
Work experience and references are extremely important for prospective financial managers. These professionals most of the time, usually start their careers in closely related fields like accounting or financial analysis. In most companies, financial managers are seen and placed as high-level employees who can be promoted from within. Companies that recruit outside finance managers typically look for candidates who have relevant expertise in a similar role. Any professional experience in finance or business management is advantageous.
- Get a professional certification
To obtain a professional certification, you must first obtain a bachelor’s degree. Voluntary certification can reflect a high degree of expertise and proficiency. The CFA Institute’s Chartered Financial Analyst (CFA) designation is one of many professional finance qualifications available. The three exams that lead to the CFA designation are open to anybody with a bachelor’s degree and relevant job experience. Certification could open up new job opportunities and help you advance in your career.
Where to Work
- Healthcare institutions
A financial healthcare manager’s job is to help healthcare organizations’ overall financial well-being, which benefits the patients they serve. Financial managers must have a strong corporate strategy and analytical skills, as well as decision-making, healthcare accounting, and core financial capabilities. They must also stay current on financial compliance regulations, payment structures, revenue cycle best practices, and risk assessment procedures.
Financial managers are familiar with both broad trends and the specifics of specific healthcare companies. Financial managers in health care, for example, are in charge of patient-centered revenue cycles throughout the fiscal year. Financial managers may be in charge of improving financial performance (in the big picture) while also tracking financial data and educating office employees to reach targets more quickly (detail-oriented work).
Financial managers in the healthcare industry analyze business performance on a regular basis. They assist healthcare institutions in remaining compliant with new rules and, where necessary, make recommendations.
Because of these responsibilities, finance managers are essential members of strategic planning teams. A financial manager makes judgments regarding where financial resources should be allocated, deployed, and invested. Data analysis is conducted, the financial manager is frequently required to share their findings with business teams and make some tough decisions when necessary.
- Banks
Finance managers in the banking industry assess daily financial activity and advise and guide senior management on future financial strategies. They are at the heart of all significant banking decisions, and their function is critical to any bank’s success.
A Finance Manager’s responsibilities in the banking sector include reviewing financial reports, managing accounts, and generating financial predictions
- Companies
Finance managers can work in a variety of settings, including both public and private sector companies. They are at the heart of all significant corporate choices, and their success is dependent on them. Finance managers also look for ways to increase profits and assess markets for business prospects including expansion, mergers, and acquisitions. A master’s degree in accounting, business, economics, or finance, as well as several years of experience in finance, are often required for the post of finance manager.
- Military
During peacetime, exercise, contingency, and wartime operations, financial management apply to all military expenses. Financial managers are in charge of all financial management responsibilities in order to successfully complete military operations.
Financial managers are in charge of directing and coordinating financial management functions, as well as serving as consultants to senior management on all issues relating to programming/budgeting, finance and accounting, and cost analysis. They carry out managerial tasks such as setting performance criteria and priorities for employees, as well as ensuring that assets are protected. They’re in charge of overseeing financial operations and giving advice on how to make the most use of and redistribute resources while staying within budgetary constraints.
- Non-governmental organizations
In an NGO, the finance manager is in charge of the finance committee. Aside from managerial and monitoring obligations, the finance manager is responsible for the following:
Assuring that all transactions are properly accounted for and that the financial systems are kept in good working order, according to all processes and controls.
Managing bank accounts and coordinating money transfers between corporate headquarters, country offices, and field offices.
Signing checks, authorizing payrolls, and other financial transactions.
Providing essential financial information during budgeting, donor accounts, and other decision-making tasks to assist and guide the board. When the manager is asked to do so, he or she does so.
Finance Manager Salary Scale
In Nigeria, a Finance Manager earns roughly 631,000 NGN per month on average. Salaries range from 322,000 NGN to 972,000 NGN (lowest to highest) (highest).
This is the monthly average paid, which covers housing, transportation, and other benefits. Salary for Financial Managers varies greatly depending on some factors which include experience, abilities, gender, and region.
As of January 27, 2022, the average Finance Manager’s pay in the United States was $122,056, with a salary range of $109,537 to $138,278. Salary scaled are influenced by a lot of things, which includes schooling, certifications, supplementary talents, and the number of years you’ve worked in your field.
