Financial managers direct the activities of workers in the financial and accounting department in a company. Workers prepare financial reports, use cash management strategies and make investments for the company. According to the Bureau of Labor Statistics, or BLS, a financial manager may use the title of controller, treasurer, finance officer or credit manager.
A financial manager oversees the finance or accounting department of an organization, which requires leadership skills and the ability to direct the activities of others. A leader must be able to supervise workers, as well as delegate duties to other skilled finance workers.
Communication and Business Skills
Financial managers work with other managers in the company and must have the ability to break down complex financial information into ordinary language. Written and verbal communication skills are essential in the position. Managers must have business knowledge and an understanding of various departments in the organization.
Financial managers must have analytical skills to investigate the root cause of a problem and work toward a solution in an organization. The manager in the financial department of a business is a problem-solver and must use creativity and financial knowledge to resolve problems for the company.
The manager of the financial department in a company interacts with workers and management in all aspects of the business, which requires interpersonal skills. Interpersonal skills are also an important quality when directing the activities of workers and when working on a team to resolve financial problems and issues in the organization. The financial manager must have the ability to relate to other workers, whether overseeing their activities or working side by side on a project.
A financial manager must have an education in finance, accounting or economics to work in the position. In companies with an international reach, the financial manager must have knowledge and expertise in international finance and global economics. International finance and global economics requires a strong knowledge of compliance laws and regulations.
A financial manager may continue to pursue job knowledge and education throughout his career to remain up to date. In addition, the manager may pursue specialized courses such as information technology to advance in a financial management career.
2016 Salary Information for Financial Managers
Financial managers earned a median annual salary of $121,750 in 2016, according to the U.S. Bureau of Labor Statistics. On the low end, financial managers earned a 25th percentile salary of $87,530, meaning 75 percent earned more than this amount. The 75th percentile salary is $168,790, meaning 25 percent earn more. In 2016, 580,400 people were employed in the U.S. as financial managers.
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