Job Specifications of a Finance Manager

Looking at numbers and charts is a typical activity for a finance manager.

A financial manager's general job duties consist of directing the monetary assets of a company. From overseeing investments to preparing financial reports, a finance manager will spend most of his day dealing with numbers. Though many finance managers work in the banking and insurance sectors, almost every large business will require a finance manager to oversee the company's financial operation.

Educational and Experience Requirements

Finance managers generally have a college degree.

According to the Bureau of Labor Statistics, most financial managers hold at least a bachelor's degree, with a master's degree or other advanced degree being quite common. Common majors for finance managers include finance, business administration, economics and accounting. Most finance managers will have some previous experience in the business where they are employed. Sales positions are a common route for advancement to finance manager.

Job Responsibilities

Finance managers work with financial reports and more.

A finance manager is responsible for executing a company's financial plans and reporting results, according to the Bureau of Labor Statistics. The financial manager is a senior level employee who must make important decisions regarding the direction of a company. Though specific duties will vary depending on the type of business, managing cash flow, investing, budgeting and approving financial expenditures are common duties.

Job Prospects

Expect competition for finance manager positions.

The Bureau of Labor Statistics expects job growth in the finance manager field to grow at an average pace through 2018. However, the bureau also expects a lot of competition for these positions. Acquiring a relevant master's degree, as well as gaining related experience, may help future applicants land the finance manager positions that come open in the future.

Employers

All levels of companies need finance managers.

Finance managers work not only at banks and insurance companies but in a wide variety of industries. From the local car dealership to hospitals, many large business will have a finance manager to help oversee their daily operations. Nonprofit corporations and government agencies also require finance managers.

Working Conditions

Finance managers will spend a lot of time behind a desk.

A finance manager generally works in an office environment. Finance managers will generally work alone for most of the day due to the complex and confidential nature of the work. However, a finance manager will require strong interpersonal communication skills to work effectively with company officers and subordinate staff.

Income

Dealing with large amounts of money pays well.

As finance managers are responsible for managing large amounts of money, businesses tend to reward finance managers well for their work. In May 2008, the Bureau of Labor Statistics states that the median income for finance managers was just over $99,000 per year. In addition to a sizable salary, finance managers are often given bonuses based on their performance.

References

• Bureau of Labor Statistics: Occupational Outlook Handbook, 2010-2011 Edition, Financial Managers