Budget & Finance Manager Job Description
A budget and finance manager oversees financial accounting and reporting procedures for a corporation. A manager also helps senior leadership engage in budgeting activities by evaluating current versus historical data and providing recommendations for improvements in nonperforming segments. A budget and finance head typically holds a bachelor's degree in a business field.
Other People Are Reading
-
Responsibilities
-
A manager helps a corporation's top leadership establish periodic budget revenues or expenses and engages in forecasting activities to detect future performance levels. For example, a budget manager at a pharmaceutical firm can compare operating data for the previous five years and recommend research and development (R&D) budget amounts to senior management. A finance manager records a firm's transactions and prepares periodic accounting reports that conform to generally accepted accounting principles (GAAP), industry practices and regulatory guidelines.
Education and Training
-
A budget and finance manager typically holds a four-year college degree in accounting, finance, taxation or auditing. A manager also may hold a bachelor's degree in budgeting or have a liberal arts background. A professional with an advanced degree, such as master's or doctorate, is not uncommon in the field. A senior finance head who has significant responsibilities may have a professional license that designates him as a certified public accountant (CPA) or certified financial manager (CFM).
-
Salary
-
Compensation levels for budget and finance managers depend on the industry, professional, or academic credentials and seniority. The U.S. Bureau of Labor Statistics reports that median wages of financial accountants and auditors were $59,430 in 2008, with the middle half earning from $45,900 to $78,210. The same government data indicates that median wages, excluding annual bonuses and stock options, of financial managers were $99,330 in 2008, with the middle 50 percent earning from $72,030 to $135,070.
Career Development
-
Career growth opportunities for a budget and finance manager depend on academic levels, seniority and length of service. The company size, professional credentials and staffing needs also may affect chances of promotion. A manager with an undergraduate degree may be promoted faster by seeking a master's degree in finance or by receiving a financial risk manager (FRM) designation. A competent budget and finance supervisor usually moves to a senior role after three to five years.
Working Conditions
-
A senior budget and finance employee usually works a typical 8 a.m. to 5 p.m. shift. However, there may be instances in which a finance head must stay late at the office or work early in the morning and on weekends. For example, a finance manager working for an investment bank may stay late at the end of the quarter to help the company file Securities and Exchange Commission (SEC) regulatory documents.
-
References
- Photo Credit manager image by Alexey Klementiev from Fotolia.com
