Financial Managers: Plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment. Excludes “Financial Risk Specialists” (13-2054).
Financial Managers: Plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment. Excludes “Financial Risk Specialists” (13-2054).
Job Responsibilities
Financial Managers typically undertake the following duties:
Strategic Planning: Develop financial strategies and long-term financial goals to align with the company's objectives.
Financial Reporting: Oversee the preparation of financial reports such as balance sheets, income statements, and cash flow statements.
Investment Management: Determine the best strategies for investing funds, keeping in mind risk and liquidity.
Budgeting: Develop and manage budgets, ensuring departments don't exceed allocated resources.
Risk Management: Analyze and mitigate financial risks related to the company's operations, investments, and business strategies.
Supervision: Direct financial staff, including accountants, financial analysts, and other related roles, ensuring compliance with financial regulations and best practices.
Recommended Qualifications
Education:
A bachelor's degree in finance, accounting, economics, or business administration is typically required.
Many financial managers also possess a master’s degree, commonly in business administration, finance, or economics.
Experience:
At least five years of experience in finance, accounting, or another related field. This often includes roles like financial analyst, accountant, or auditor.
Certifications: Some widely recognized and valuable certifications include:
Chartered Financial Analyst (CFA)
Certified Treasury Professional (CTP)
Certified Public Accountant (CPA)
Soft Skills:
Analytical skills: Ability to analyze market trends and other data to make sound financial decisions.
Leadership: Must be able to guide a team of financial professionals effectively.
Communication: Should articulate financial strategies and insights to non-financial stakeholders clearly.
Job Search Tips
Networking: Join financial organizations and attend conferences to meet potential employers and colleagues. Platforms like LinkedIn can also be instrumental for finance professionals.
Stay Updated: The finance field is influenced by economic, political, and regulatory changes. Keeping up with industry news is crucial.
Diversify Skills: While specialization is essential, having a broad understanding of various financial areas can be a competitive advantage.
Tailor Your Resume: Highlight your achievements, financial strategies implemented, and positive impacts made in previous roles to make your resume stand out.
In 2022, the Financial Managers occupation accounted for over 741 thousand jobs in the United States, reflecting an increase of 8.8% from 2021. The annual mean wage in 2022 was $166,050, and the median wage was $139,790. Compared to the national average for all occupations, the wages for this occupation were higher by 168.3%.In an era of economic complexity and financial innovation, Financial Managers play a critical role in shaping business strategies, managing corporate finances, and ensuring economic stability. As a result, the demand for financial managers has been rising, offering high salaries and strong job security.
In 2023, the U.S. had over 787,340 financial manager jobs, reflecting a 6.3% increase from 2022 and a 15.6% increase from 2021. The median annual salary reached $156,100, marking an 11.7% wage increase from 2022 and an 18.5% increase from 2021.
The 2022 Annual Wages and Employment Report is a comprehensive analysis of national labor market trends within the Financial Managers occupation. This report presents wage and employment data across various industries, occupation groups, and geographic regions within the United States, providing valuable insights into the state of the US labor market. The report is designed to help businesses, policymakers, and individuals make informed decisions based on the latest wage and employment data. Included with the report is a comprehensive occupational dataset in Excel format.