Financial managers essential career information:
- 2012 median pay: $109,740
- 2012, number of jobs: 484,910
- Employment growth forecast, 2010-2020: 9 percent
- Entry level education requirements: Bachelor’s degree
Financial managers; what they do:
If helping an organization achieve its financial goals and assisting them in building a business or institution that makes a difference, then a financial planning manager career may be in your future. Financial managers coordinate financial plans and strategies to help direct and maintain the overall health of a specific company or organization.
A typical day for a financial services manager consists of preparing financial reports and projections, overseeing any legal financial issues, devising ways to reduce expenses and maximize profits and analyzing financial reports and data.
A financial management career involves supervising employees and assisting management in decisions. A financial management career also involves reviewing any expansion or acquisition opportunities.
Financial management careers typically involve working in teams and performing duties specific to an industry. Financial managers working in the lending business learn lending processes and criteria as well as lending laws and regulations. Financial managers work in many different areas of management such as consumer loans, credit departments, insurance and risk analysis.
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Financial manager job titles:
- Consumer Loan Manager
- IT Financial Manager
- Healthcare Financial Manager
- Collections Vice-President
- Lending Manager
- Loan Systems Director
- Service Center Manager
- Financial Services Manager
Financial Managers Education, Certification and License Requirements
Typically people seeking a financial manager career need a bachelor’s degree in finance, economics, business administration or accounting and at least five years experience in financial areas such as accounting or financial analyst. However, employers increasingly seek candidates with a master’s degree in finance, business administration or economics, as well as a deeper knowledge in areas such as financial analysis.
Though not necessary, financial managers may attain a Chartered Financial Analyst certification (CFA) certification through the CFA Institute. In order to receive the CFA certification, financial managers must have a bachelor’s degree, four years of relevant employment experience, and pass three exams.
The Association for Financial Professionals provides investment professionals certification through the Association for Financial Professionals as long as they pass a computer-based exam and have two years of work experience.
Financial manager programs cover subjects such as:
- Financial statement analysis
- Corporate finance
- Organizational behavior
- Financial accounting
Career Advancement Opportunities
With hard work, dedication and extensive experience in day-to-day business operations within their respective departments, financial managers advance in their career to a higher management position or begin their own consulting firm.
Financial Managers Job Outlook
Forecast: 9 percent employment growth for financial managers between 2010 and 2020, slower than average. The demand for planning, coordinating and directing investment services increases the demand for financial managers. Since the U.S. is considered an international financial hub, any foreign economic growth likely leads to job increases in the United States financial industry.
Self-employed financial managers may see the most employment growth. Declines may occur in areas such as depository credit intermediations including commercial banking and savings institutions.
Financial Managers Salary
- 2012 median annual wage: $ 109,740
- 2012 workers at the 75th percentile annual wage: $149,410
- 2012, workers at the 25th percentile annual wage: $79,930
Financial Managers Major Employers
- Finance and insurance
- Management of companies and enterprises
- Professional, scientific and technical services