Job Description for a Finance Manager
Those responsible for managing money often make some of the most money. The bottom line of almost all businesses is to make as much of a profit as possible, and the most profitable companies are able to make good financial decisions in response to company profits and changing markets. Managing the finances of companies is the job of finance managers.
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Identification
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Finance managers look for business expansion opportunities and analyze product lines. The finance managers are also responsible for annual budget processes. The finance manager evaluates whether or not there is a good return on investments for investors and companies. The finance manager determines the difference between the budget and the amount of product sold. The manager must make sure that different departments adhere to budget constraints and must manage capital budgets and forecasts. The finance manager is put in charge of employees and is responsible for hiring and training employees. Most importantly, the finance manager prepares a recommended budget for the company.
Education
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Finance managers usually need a bachelor's degree, preferably in fields such as finance, business administration and accounting. They usually need a couple of years of finance or accounting experience in addition to a few years of leadership experience, though some businesses have finance manager training programs. They are expected to have strong communication skills, computer skills, presentation skills, organization skills, time management skills, analytical skills and problem-solving skills.
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Conditions
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Financial managers usually work in clean and comfortable offices. Since the budget and financial planning of a company can mean the difference between success and bankruptcy, a great deal of stress is placed on financial managers. Financial managers also often work 50 to 60 hours a week. Financial managers are often required to travel a great deal in order to meet with customers, attend financial and economic association meetings and travel to subsidiary firms. Financial managers are expected to continually study the economy and markets in order to be able to assist their companies in adapting to global changes.
Outlook
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According to the Bureau of Labor Statistics, in 2008, 539,300 financial managers held jobs. Between 2008 and 2018, the need for financial managers is expected to grow by 8 percent. This growth is being driven by increasing government regulation, which puts pressure on businesses to keep track of their finances.
Earnings
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The Bureau of Labor Statistics reported that the average annual earnings for finance managers were $99,330 in 2008. However, finance managers might earn even more from stock options and bonuses. Those finance managers working in securities and commodity contracts earned the most, while depository credit intermediation managers earned the least.
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References
- Photo Credit Looking at finance. image by mark humphreys from Fotolia.com
