Career profile for Financial Manager

What does a Financial Manager do?

Financial Managers plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment.

What kind of tasks does a Financial Manager perform regularly?

Financial Managers are often responsible for overseeing or executing some or all of the following tasks:

Plan, direct, or coordinate the activities of workers in branches, offices, or departments of establishments, such as branch banks, brokerage firms, risk and insurance departments, or credit departments.
Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter.
Recruit staff members.
Prepare operational or risk reports for management analysis.
Oversee training programs.
Evaluate data pertaining to costs to plan budgets.

The above responsibilities are specific to Financial Managers. More generally, Financial Managers are involved in several broader types of activities:

Activities	Importance	Details
Working with Computers		Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Communicating with Supervisors, Peers, or Subordinates		Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Guiding, Directing, and Motivating Subordinates		Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.
Coaching and Developing Others		Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.
Monitoring Processes, Materials, or Surroundings		Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.

Working with Computers

Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.

Communicating with Supervisors, Peers, or Subordinates

Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.

Guiding, Directing, and Motivating Subordinates

Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.

Coaching and Developing Others

Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.

Monitoring Processes, Materials, or Surroundings

Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.

What is a Financial Manager salary?

The median salary for a Financial Manager is $134,180, and the average salary is $151,510. Both the median and average roughly describe the middle of the Financial Manager salary range, but the average is more easily affected by extremely high or low salaries.

Many Financial Managers earn significantly more or less than the average, due to several factors. About 10% of Financial Managers earn less than $70,830 per year, 25% earn less than $95,770, 75% earn less than $186,030, and 90% earn more than $208,000.

Between the years of 2020 and 2030, the number of Financial Managers is expected to change by 17.3%, and there should be roughly 64,200 open positions for Financial Managers every year.

Median annual salary: $134,180
Typical salary range: $70,830 - Over $208,000
Projected growth (2020 - 2030): 17.3%

What personality traits are common among Financial Managers?

Interests

Career interests describe a person's preferences for different types of working environments and activities. When a person's interest match the demands of an occupation, people are usually more engaged and satisfied in that role.

Compared to most occupations, those who work as a Financial Manager are usually higher in their Enterprising and Conventional interests.

Financial Managers typically have very strong Enterprising interests. Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.

Also, Financial Managers typically have strong Conventional interests. Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

Values

People differ in their values, or what is most important to them for building job satisfaction and fulfillment.

Compared to most people, those working as a Financial Manager tend to value Working Conditions, Independence, and Recognition.

Most importantly, Financial Managers very strongly value Working Conditions. Occupations that satisfy this work value offer job security and good working conditions.

Second, Financial Managers very strongly value Independence. Occupations that satisfy this work value allow employees to work on their own and make decisions.

Lastly, Financial Managers strongly value Recognition. Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious.

Psychological Demands

Each occupation brings its own set of psychological demands, which describe the characteristics necessary to perform the job well.

In order to perform their job successfully, people who work as Financial Managers must consistently demonstrate qualities such as dependability, integrity, and attention to detail.

Below, you'll find a list of qualities typically required of Financial Managers, ranked by importance:

Demands	Importance	Details
Dependability		Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Integrity		Job requires being honest and ethical.
Attention to Detail		Job requires being careful about detail and thorough in completing work tasks.
Achievement/Effort		Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Persistence		Job requires persistence in the face of obstacles.

Dependability

Job requires being reliable, responsible, and dependable, and fulfilling obligations.

Integrity

Job requires being honest and ethical.

Attention to Detail

Job requires being careful about detail and thorough in completing work tasks.

Achievement/Effort

Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.

Persistence

Job requires persistence in the face of obstacles.

What education and training do Financial Managers need?

Many Financial Managers will have a four-year bachelor's degree, but some do not.

Financial Managers usually need several years of work-related experience, on-the-job training, and/or vocational training.

Educational degrees among Financial Managers

1.0% did not complete high school or secondary school
10.1% completed high school or secondary school
17.5% completed some college coursework
7.3% earned a Associate's degree
42.1% earned a Bachelor's degree
19.6% earned a Master's degree
2.3% earned a doctorate or professional degree

Knowledge and expertise required by Financial Managers

Financial Managers may benefit from understanding of specialized subject areas, such as economics and accounting, administration and management, or mathematics knowledge.

The list below shows several areas in which most Financial Managers might want to build proficiency, ranked by importance.

Knowledge areas	Importance	Details
Economics and Accounting		Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
Administration and Management		Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Mathematics		Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Customer and Personal Service		Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Sales and Marketing		Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.

Economics and Accounting

Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.

Administration and Management

Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.

Mathematics

Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.

Customer and Personal Service

Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.

Sales and Marketing

Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.

Important Abilities needed by Financial Managers

Financial Managers must develop a particular set of abilities to perform their job well. Abilities are individual capacities that influence a person's information processing, sensory perception, motor coordination, and physical strength or endurance. Individuals may naturally have certain abilities without explicit training, but most abilities can be sharpened somewhat through practice.

For example, Financial Managers need abilities such as oral expression, oral comprehension, and written comprehension in order to perform their job at a high level. The list below shows several important abilities for Financial Managers, ranked by their relative importance.

Abilities	Importance	Details
Oral Expression		The ability to communicate information and ideas in speaking so others will understand.
Oral Comprehension		The ability to listen to and understand information and ideas presented through spoken words and sentences.
Written Comprehension		The ability to read and understand information and ideas presented in writing.
Problem Sensitivity		The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing that there is a problem.
Deductive Reasoning		The ability to apply general rules to specific problems to produce answers that make sense.

Oral Expression

The ability to communicate information and ideas in speaking so others will understand.

Oral Comprehension

The ability to listen to and understand information and ideas presented through spoken words and sentences.

Written Comprehension

The ability to read and understand information and ideas presented in writing.

Problem Sensitivity

The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing that there is a problem.

Deductive Reasoning

The ability to apply general rules to specific problems to produce answers that make sense.

Critical Skills needed by Financial Managers

Skills are developed capacities that enable people to function effectively in real-world settings. Unlike abilities, skills are typically easier to build through practice and experience. Skills influence effectiveness in areas such as learning, working with others, design, troubleshooting, and more.

Financial Managers frequently use skills like reading comprehension, active listening, and speaking to perform their job effectively. The list below shows several critical skills for Financial Managers, ranked by their relative importance.

Skills	Importance	Details
Reading Comprehension		Understanding written sentences and paragraphs in work-related documents.
Active Listening		Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Speaking		Talking to others to convey information effectively.
Critical Thinking		Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Monitoring		Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.

Reading Comprehension

Understanding written sentences and paragraphs in work-related documents.

Active Listening

Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

Speaking

Talking to others to convey information effectively.

Critical Thinking

Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.

Monitoring

Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.

What is the source of this information?

The information provided on this page is adapted from data and descriptions published by the U.S. Department of Labor, Employment and Training Administration under the CC BY 4.0 license. TraitLab has modified some information for ease of use and reading, and the U.S. Department of Labor, Employment, and Training Administration has not approved, endorsed, or tested these modifications.

If you have any questions or suggestions about this information, please send a message.

Career profile Financial Manager

Financial Manager

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