Financial Manager

1 virtual internships

Description

Financial specialists or managers and controllers direct financial activities, such as planning, procurement, and investments for all or part of an organization. Job description generally includes monitoring all financial activities, conducting audits as needed, creating high level financial reports for board and stockholders, and implementing accounting methodologies to make an organization more efficient. In a bank or accounting firm one may find many controllers with very specialized functions or split among various departments. In a controller job description, education requirements might include an advanced degree in finance, accounting, or economics.

Tasks:

1. Supervise employees performing financial reporting, accounting, billing, collections, payroll, and budgeting duties
2. Coordinate and direct the financial planning, budgeting, procurement, or investment activities of all or part of an organization
3. Develop internal control policies, guidelines, and procedures for activities such as budget administration, cash and credit management, and accounting
4. Maintain current knowledge of organizational policies and procedures, federal and state policies and directives, and current accounting standards
5. Prepare or direct preparation of financial statements, business activity reports, financial position forecasts, annual budgets, or reports required by regulatory agencies
6. Provide direction and assistance to other organizational units regarding accounting and budgeting policies and procedures and efficient control and utilization of financial resources
7. Analyze the financial details of past, present, and expected operations to identify development opportunities and areas where improvement is needed
8. Advise management on short-term and long-term financial objectives, policies, and actions
9. Monitor financial activities and details, such as cash flow and reserve levels, to ensure that all legal and regulatory requirements are met
10. Evaluate needs for procurement of funds and investment of surpluses and make appropriate recommendations

Key skills for Financial manager:

Critical Thinking
Mathematical Reasoning
Complex Problem Solving
Judgment and Decision Making
Information Ordering
Problem Sensitivity

Average Salary (2013):

United Kingdom: £60,000 per year
United States of America: $ 112,700 per year
Australia: AU$102,720 per year

Qualifications and training required:

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master's degree, preferably in business administration, finance, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.

Employees may need some on-the-job training, but most of these occupations assume that the person will already have the required skills, knowledge, work-related experience, and/or training.