All financial activities for a corporation are managed by finance managers. They oversee the company’s financial operations, provide input on financial choices, look for ways to reduce costs or increase revenue, and supervise a group of staff members that work in the finance department. They also generate financial reports for the management of the organization.
This article will look at finance manager jobs, salaries, growth, and how to start a career in this profession.
Finance Manager: What is it?
A finance manager distributes a firm’s financial resources, plans the budget, and assists the executive management team by providing financial insights and guidance so they may make the best decisions for the organization.
What information ought to be in a job description for a Finance Manager?
A typical Finance Manager job description should contain, but not be limited to, the following as they are an essential part of the financial team:
- Gathering, analyzing, and assessing financial data
- Future financial trends forecasting
- Reporting to management and stakeholders, advising them on potential effects on the firm and upcoming business decisions
- Creating financial reports for budgets, spending, accounts payables, receivables, etc.
- Utilizing the data from these reports to create long-term business plans
- Reviewing, keeping an eye on, and handling finances
- Developing techniques that reduce financial risk
- Examining market trends and rivals
How the Job Goes
Senior-level employees that control all of an organization’s financial operations and decisions are known as finance managers. The duties of finance managers are varied and include everything from management to consultancy. The first is that finance managers frequently supervise a group of people who work in finance. They might supervise the work of controllers, economists, accountants, bookkeepers, and payroll clerks to make sure that all funds are managed properly and in compliance with the law.
Then, all finances and financial transactions must be reviewed by finance managers. These reviews are being done for a variety of reasons. The financial manager is in charge of the entire assessment to make sure the business remains in compliance because the majority of businesses have specific legal standards they must go by. In order to save operations and other costs, the finance manager also checks the books. Finally, the finance manager looks for ways to increase revenue and may examine market trends to find growth prospects.
The finance manager also creates financial statements, business activity reports, forecasts, and other reports for senior management, stakeholders, and shareholders. There are two uses for these reports. They first show the company’s present financial situation. Furthermore, these studies are used to inform upcoming business choices. The finance manager makes recommendations, influences financial decisions, and suggests growth prospects using data from his or her reports.
Regular Work Hours
The majority of finance managers have regular office hours and work full-time schedules. While some people work 40-hour work weeks, others frequently put in extra hours.
Future Job Growth
In the upcoming decade, demand for finance managers is anticipated to rise as a result of recent global economic expansion as businesses require more knowledge of and management of their finances.
Every industry has a need for somebody to handle their finances and financial decisions, thus businesses in every sector can hire finance managers. However, the financial, insurance, consulting, industrial, research, and government sectors employ the most finance managers.
Getting Started as a Finance Manager
Before you may apply for available financial manager positions, you must have completed several years of formal education and work experience. The first step for aspirants to become finance managers is to obtain a bachelor’s degree. Finance, economics, accounting, and business degrees are frequently obtained. The degree you choose as an undergraduate should take into account the position you wish to hold once you start gaining work experience in a field related to finance. Consider choosing an accounting major if you want to start out as one.
You have two options after receiving a bachelor’s degree in a relevant profession: either get employment in your field to start gaining experience, or enroll in a master’s program. Finding employment first has the benefit of allowing you to begin gaining experience more quickly. Additionally, many firms provide tuition reimbursement programs, allowing employees to pursue degrees that will eventually help them to advance in their positions. However, you could be better suited to obtain a master’s degree before looking for employment if you don’t believe you can balance full-time work and education.
For financial managers, a master’s degree isn’t necessarily necessary, although, in recent years, it has grown more typical. You can choose to major in business administration, finance, economics, or a related topic for your master’s degree. With a bachelor’s or master’s degree, obtaining professional experience in financial jobs and climbing the corporate ladder through promotions until you are eligible for available finance manager positions is all that is required to become a finance manager.
Pay information for Finance Managers
To help you learn more about this career, we’ve provided the information below. While the editorial content and advice are based on our research, the salary and growth information on this page is taken from recently released Bureau of Labor Statistics data. The average national annual salary is $118,050 and the average wage per hour is $57.
How much money does a Finance Manager make compared to other jobs?
According to the most recent data on employment across the country, finance managers can earn an average yearly salary of $118,050, or $57 per hour. They can start up making $57,190, or $27 per hour, depending on the state you live in or other factors.
How fast is the Job Growth for Finance Manager Jobs?
For a total of 323,200 persons working in the field countrywide by 2024, there will be a change of 73,800 positions. This represents a shift in the growth of 29.6% over the subsequent 10 years, giving the career an above-average growth rate nationally.