Financial Manager

Career Overview

Every business has someone in the role of financial manager; various other titles for the position include controller and treasurer.  People who work in cash management roles or serve as risk managers are also considered financial managers.  Generally, the job involves oversight of the accounting, auditing and budget preparation functions.  Corporate treasurer and bank branch manager are both considered financial management jobs

Financial managers not only supervise the bookkeeping functions, they also prepare documents that contribute to business planning and strategy.  They prepare reports on cash flow activity, accounts receivable, and debt service.  If management is considering an acquisition or product introduction, the financial manager will be involved in advising on all the financial costs, risks and potential benefits. 

Education

A candidate for a financial manager position should have at minimum a bachelors degree in finance, business administration, economics or accounting.  In most instances, employers today are looking for candidates with a masters degree in business, finance or a related field.

Current Employment

The U.S. Department of Labor estimates that over a half million workers served as financial managers in 2006.  About thirty percent of them were employed by financial establishments such as banks, credit unions, savings & loan companies and insurance companies.  About eight percent were employed by the Federal Government.

Job Outlook

Job growth over the decade 2006 - 2016 was projected to be at 13%, slightly higher than the average overall growth rate projected for all job categories.  Increasing global trade will broaden one niche for financial managers, as will new regulation of the finance industry and the markets for securities and loans.

Salary Range

Lowest 10% $24.96 $51,910

Median Salary $45.82 $95,310

Highest 25% $62.92 $130,860