Occupation: Financial Managers
Financial managers are an essential part of any organization, responsible for overseeing the financial health and success of the company. They provide guidance and make strategic decisions regarding investments, financial planning, and risk management. This occupation requires a strong understanding of financial principles, excellent analytical skills, and the ability to interpret complex financial data.
Examples of Financial Manager Jobs
Financial managers have diverse roles and can be found in various settings, including corporations, banks, government agencies, and nonprofit organizations. Some common examples of financial manager jobs include:
- Treasurer: Treasurers are responsible for managing an organization’s treasury operations, including cash flow, investments, and liquidity. They develop financial policies, manage relationships with banks and financial institutions, and oversee financial risk management.
- Controller: Controllers are responsible for the accuracy and integrity of an organization’s financial records. They ensure compliance with accounting regulations, prepare financial statements, and supervise internal auditing processes. Controllers also provide financial analysis to support management decision-making.
- Financial Risk Manager: Financial risk managers specialize in identifying and managing financial risks, such as market risk, credit risk, and operational risk. They develop risk management strategies, implement controls, and monitor the effectiveness of risk mitigation efforts.
- Investment Manager: Investment managers manage clients’ investment portfolios to maximize returns while minimizing risk. They conduct extensive market research, develop investment strategies, and make decisions regarding asset allocation.
Education and Training
To become a financial manager, a solid educational foundation is crucial. Most financial managers possess at least a bachelor’s degree in finance, accounting, economics, or a related field. However, many employers prefer candidates with a master’s degree in finance, business administration, or a similar discipline.
Aspiring financial managers can gain a competitive edge by obtaining professional certifications, such as the Chartered Financial Analyst (CFA) or Certified Treasury Professional (CTP) designation. These certifications demonstrate expertise in specific areas of finance and can enhance job prospects and earning potential.
Progression and Entry into the Field
The career progression of a financial manager typically involves starting at an entry-level position with responsibilities such as financial analysis or budgeting. As individuals gain experience and demonstrate their abilities, they can advance to more senior roles with broader responsibilities, such as financial planning or treasury management.
To enter the field of financial management, there are a few key steps to consider. Firstly, acquiring a relevant degree or certification is essential. This education provides a solid foundation and increases the chance of securing an entry-level position. Additionally, gaining practical experience through internships or entry-level positions can be invaluable in building industry knowledge and networks.
Networking and professional development are also crucial for advancement in this field. Attending industry conferences, joining relevant professional organizations, and staying up to date with financial industry trends can foster connections and provide opportunities for career growth.
Salary Information
| Occupation | Job Level | Salary (Average) | Salary (Minimum) | Salary (Maximum) |
|---|---|---|---|---|
| Financial managers | Level 07 | $69,638.40 | – | – |
| Financial managers | Level 08 | $100,484.80 | – | – |
| Financial managers | Level 11 | $175,156.80 | $133,515.20 | – |
| Financial managers | Level 12 | $181,147.20 | $161,449.60 | – |
| Financial managers | Level 13 | $252,720.00 | $259,584.00 | – |
| Financial managers | Not able to be leveled | $179,587.20 | $171,267.20 | – |
| Financial managers | Nonunion | $166,400.00 | $151,985.60 | – |
| Financial managers | Full-time | $166,628.80 | $151,715.20 | – |
| Financial managers | Level 07 | $69,638.40 | – | – |
| Financial managers | Level 08 | $100,484.80 | – | – |
| Financial managers | Level 11 | $175,302.40 | $133,515.20 | – |
| Financial managers | Level 12 | $181,147.20 | $161,449.60 | – |
| Financial managers | Level 13 | $252,720.00 | $259,584.00 | – |
| Financial managers | Not able to be leveled | $179,649.60 | $171,412.80 | – |
| Financial managers | Time-based pay | $164,278.40 | $149,593.60 | – |
| Financial managers | Incentive-based pay | $200,366.40 | $175,656.00 | – |
| Financial managers | Incentive-based pay | $276,432.00 | $227,968.00 | – |
| Financial managers | Nonunion | $85,779.20 | $94,182.40 | – |
The occupation of Financial Managers involves overseeing financial activities, providing advice on financial matters, and helping organizations achieve their financial goals.
The job levels in this occupation range from Level 07 to Level 13, with Level 07 having an average salary of $69,638.40 and Level 13 having the highest average salary of $252,720.00.
Financial Managers who are nonunion and work full-time have an average salary of $166,400.00. Those who work on a time-based pay structure have an average salary of $164,278.40, while those on incentive-based pay have an average salary of $200,366.40.
It is interesting to note that Financial Managers in New York, working on an incentive-based pay structure, have the highest average salary of $276,432.00. On the other hand, Financial Managers in the East Arkansas nonmetropolitan area, who are nonunion, have the lowest average salary of $85,779.20.
Overall, the salary data indicates that as the job level increases and as financial managers adopt different pay structures, their salaries tend to increase. Additionally, the geographical location can also greatly impact the average salary for this occupation.
