Immediately you think about the job description of a financial manager, what comes to your mind? Money, right?
Well, if my guess was correct, you are not far from the truth.
As the name implies, most of the duties and responsibilities of a financial manager revolve around money.
You already know trust and carefulness are essential when money is involved.
Companies always want to employ a financial manager they can trust.
Financial managers need to give optimum attention to every detail to avoid mistakes.
Since you are reading this article on the job description of a financial manager, I guess you are either seeking a job or about to choose a career path.
This article will guide you on everything you need to know about taking up a financial management job, so read attentively.
What does a Financial Manager do?
Financial managers are professionals who evaluate daily financial activities in a firm and give professional advice to the organization’s management on present and also future financial plans.
They play a very integral part in making financial decisions and are vital to the growth and success of any firm.
What are the Duties and Responsibilities of a Financial Manager?
Your duties and responsibilities as a financial manager may vary depending on your employer and the firm’s size.
But, irrespective of these factors, the duties and responsibilities of a financial manager are, but are not limited to these:
1. Evaluate and Review the Financial Report
They evaluate and review the company’s financial report.
This is to ensure that our records and reports are accurate.
2. Prepare and Present a Company’s Financial Forecast
A financial manager is responsible for predicting a firm’s financial future.
As this information is essential for preparing and managing a budget.
3. Come up with Innovative ways to grow a Firm’s Finance
They also develop new and innovative methods to improve a company’s finance.
4. Keep Financial Records
Financial managers keep a company’s record for future reference.
They do this using finance software or manually using paper and pen.
5. Ensure that Budgets are Strictly Followed
After preparing and presenting an approved budget, the financial manager must ensure that it is followed strictly.
Sticking to the budget helps the company manage funds in the best way possible.
Some other duties and responsibilities of a financial manager are:
- Carry out market research and analysis
- Coordinate daily financial activities
- Prepare financial reports
- Provide financial advice
- Ensure that all account policies are observed
- Help the management understand financial information
- Work as a team with auditors to make sure all financial statements and records are accurate
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What Qualifications do I need to become a Financial Manager?
The minimum academic qualification you need to become a financial manager is a bachelor’s degree in accounting, economics, or finance.
Although not mandatory, a master’s degree in economics, finance, or accounting and being a chartered accountant is advantageous.
Aside from academic certification, a financial manager must also have excellent knowledge and understanding of the use of finance software.
You also have to be conversant with updated methods and software used in financial management.
In addition, a good understanding of accounting principles and financial statistics is a huge plus.
Just as in every other job where experience is required, experience in financial management is also not left out.
Employers prefer employing those with some years of working experience in accounting, financial analysis, or related fields than those without.
In most cases, a minimum of 5-8 years is preferred.
What Skills and Personality suit a Financial Manager?
Considering the job description of a financial manager, you have to possess certain skills and personalities to excel in this career path.
Here are some of the skills and attributes an excellent financial manager should possess:
A financial manager should be capable of making accurate financial forecasts and, with the knowledge of this forecast, working as a team with the management to draft a workable budget.
When this budget is approved, it is also necessary for the financial manager to follow financial activities to ensure that the budget is adhered to religiously.
2. Critical Thinking
A good financial manager must be able to think critically and analytically.
You should be able to make financial decisions that contribute to the growth as well as the success of the firm
3. Communication Skills
All good communicators are not financial managers, but all financial managers should be good communicators.
You should be able to communicate the technical and non-technical aspects of finance verbally and in writing.
4. Organizational Skills
The importance of being organized at all times in financial management cannot be over-emphasized.
You should also stay calm and organized when working.
And Instead of trying to do so many things at a time, learn to prioritize your tasks.
To become a good financial manager, you must also be a good leader.
You should be able to train and work with your team to manage project budgets and meet deadlines.
6. Honesty and Integrity
A good financial manager should be trustworthy.
Your employer should be able to believe and trust that you can manage the firm’s finance.
While creating financial reports, you should be honest enough not to change figures for your interest.
7. Interpersonal Skill
You should build and maintain good working relationships with your team and the management.
A good working relationship makes work smoother.
Where do Financial Managers Work?
So many business firms always require the services of a financial manager.
Some of the typical employers are:
- Non-profit organizations
- Insurance companies
- IT firms
- Media firms
- Manufacturing companies
A financial manager is required across various sectors, from government-owned businesses to private ones.
What are the Different Types of Financial Manager Jobs?
There are a variety of financial manager jobs, and the different job descriptions may differ slightly, some of which are
1. Commercial Financial Manager
The role of a commercial finance manager is innovative and strategic thinking. They analyze data and come up with productive ideas.
This strategic thinking aims to improve the overall profit of the firm.
The job description of a commercial financial manager requires that they carry out some of these duties and responsibilities:
- Evaluate progress and compare it with previous achievements.
- Analyze the resultant effect of business decisions.
- Evaluate and analyze the business process and progress.
The role of a financial manager is a leadership role.
2. Assistant Financial Manager
An assistant financial manager works as part of the team of the financial manager.
Some of their typical duties are:
- Assist with monthly account management.
- Preparation of balance sheets
- Support in the preparation of budget
- Reconcile balance sheet
- Carry out a cost analysis.
The assistant financial manager reports to the financial manager.
3. Finance Manager
The finance manager usually handles the administrative and clerical aspects of accounting.
Some of their typical duties and responsibilities are:
- Process invoices and expenses of staff
- Sort post
- Maintain petty cash records
- Reconcile accounts
The role of a finance manager is more of an entry-level finance role.
How much do Financial Managers make?
Your salary as a financial manager may depend on your geographical location and employer.
In the United States, the average salary of a financial manager is about $95,000 per year.
The lowest pay is about $65,000, while the highest pay is about #135,000, according to Glassdoor.
This figure is different in other locations. Aside from location and employer, it is evident that experience is also a determinant factor.
What role can I be Promoted to after becoming a Financial Manager?
Hardworking financial managers always excel in this career path.
The normal career structure is to go from a financial analyst or assistant finance manager to a finance manager.
After becoming a financial manager, you can be promoted to positions like head of finance, senior finance manager, financial controller, and finance director.
How do I get Experience in Financial Management?
Practically every job requires a level of experience before you qualify for getting the job.
When employing a financial manager, most employers seek a minimum of 5-8 years of experience in accounting or finance management.
Here are some common routes to obtaining experience in financial management:
- Internship: This is best for new graduates. You may be given a stipend or nothing during the internship. But in all, you still get the necessary experience for a higher position in your career.
- Placements: During breaks or holidays, students can obtain placements to assist in finance management
- In-house shadowing: This may last for some days or weeks. But, it is usually for a short period.
What do I include in my Financial Management Resume?
Your resume should be professional enough to support your goal.
When creating it, here are some things to include;
- Your skill
This guide on the job description of a financial manager is optimized to help you create a good resume.
Feel free to make optimum use of it, not just for creating a resume but for answering interview questions too.
Summary of Financial Manager Job Description Guide
Financial managers are essential to every organization.
Satisfaction in this career path comes with knowing you are integral to the organization’s success.
As a result, understanding your job description as a financial manager gives you an edge in this career.
In addition, it helps you to know the scope of your duties and responsibilities so that nothing is left out under your watch.
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