WHAT DO FINANCE MANAGERS DO?
Financial managers keep a sharp eye on the financial workings of the companies that employ them. Financial managers look at investment data, prepare financial documents and business reports, make sure all financial transactions are legal, look for investment opportunities and ways to maximize profits, and make financial recommendations to senior managers.
As office technology improves, the role of financial manager has changed. They spend less time creating financial reports, but now spend much more time analyzing data to find ways to reduce costs and increase profits.
HOW MUCH DO FINANCE MANAGERS MAKE?
According to the Bureau of Labor Statistics, the 2010 median income for finance managers in 2010 was $49.96 per hour, or $103,910 annually.
WHAT ARE THE EDUCATION REQUIREMENTS?
To get started, you'll need at least a bachelor's degree in finance, accounting, economics or similar. However, more and more employers are seeking out people with master's degrees. Financial managers need experience in another financial job before moving to management, such as loan officer, accountant, auditor, or similar.
Certification is available.
JOB SKILLS AND REQUIREMENTS
- Analytical Skills: Financial managers look at numbers and trends in the market, and make recommendations to management.
- Communication Skills: Financial managers often have to present their findings to management, and explain complex transactions to other team members.
- Attention to Detail: Creating reports, balance sheets and other financial documents need to be perfect and mistake free.
- Math Skills: Math skills are crucial to this job. Algebra, understanding of the financial markets, conversion rates and financial documents are all encountered routinely.
- Organizational Skills: Financial managers work with a number of data streams to produce many different documents and analysis. Staying organized will help.
THE FUTURE OF FINANCE MANAGERS
Jobs will grow slowly between 2010 and 2020, according to the BLS.