Financial managers oversee their employer's finances, and help keep them in the black. Financial managers produce financial reports to chart their employer's financial health, direct investment activities, and develop strategies for increasing revenue in the short and long term. They also supervise a team of finance professionals, including financial analysts and accountants.
As all businesses are concerned about their financial performance, financial managers find employment in a number of industries, including the banking, insurance, and retail sectors.
Financial managers rely on their strong analytical skills to assess their employer's financial situation and their problem solving skills to improve areas of weakness. A financial manager's attention to detail and strong mathematical skills help them create accurate financial reports. Their strong communication skills help them share the results of these reports with company executives and members of their team.
Financial Manager Job Education Requirements
Financial managers must hold at least a bachelor's degree in a relevant field, such as finance, accounting, or business administration. In addition, they require five or more years of experience in a related occupation, like working as a loan officer, financial analyst, or accountant. Due to high competition for positions, many prospective financial managers are pursing master's degrees in economics, finance, and business administration. These courses give candidates a more in depth understanding of global financial markets, financial theory, research, and modeling, and corporate financial management.
Financial Manager Job Market
With 9 percent annual job growth predicted between 2012 and 2022, according to the U.S. Bureau of Labor Statistics, the job market for financial managers is in line with the national average. Competition for positions is typically fierce, however candidates can give themselves an edge through higher qualifications and job experience.
Financial Manager Job Salary Information
According to the U.S. Bureau of Labor Statistics, the median hourly salary for financial managers stands at approximately $52.70 an hour, for a median annual salary of $109,740.