A financial manager usually works directly for a company or a consulting firm, although a financial manager can work in all sorts of fields. The financial manager helps the organization become aware of weaknesses and risks regarding its financial situation. The manager then offers suggestions as to how financial goals can be achieved.
The financial manager may also be in charge of coming up with realistic financial goals that the company or client should aim for. Even companies that are making large profits need financial managers, in order to make sure that future decisions are accurate and that costs can be lowered. A lot of the job requires carrying out research, in order to determine areas of weakness and/or trends in past activity. It may also be important to scope out the financial activity of competitors, in order to learn lessons where applicable. The financial manager may help to make critical financial decisions, so it is important that ideas are well-researched and thoroughly considered. Another thing that the financial manager may do is perform audits to make sure that company policies and local and federal laws and regulations are being adhered to.
It is important to have strong computer and research skills in order to create financial statements, business activity reports, and forecasts of the financial future. The financial manager may also aid in helping employees to be able to manage their own reporting and budgeting needs, so public speaking skills may come in handy. At least a bachelor’s degree in finance, business, or a related subject is usually required for this position. Since this a management position, years of relevant experience are also typically required.
Financial Manager Tasks
- Prepare and submit budget and resource reports and statements, with an eye towards compliance.
- Perform ad hoc, non-routine financial analysis as needed.
- Manage client accounts and act as the subject matter expert for budgetary decisions.
- Refine and implement monthly, quarterly, and annual reports for designated groups.