Financial Managers

At a Glance

Includes controllers, chief financial officers, and treasurers
Duties vary by title and by size of company
Have good research and analytical skills
Deal directly with staff and coworkers
May work long hours
Have at least a bachelor's degree, plus work experience

Career summary

Financial managers manage budgets and investments for companies.

Job titles found under financial managers include chief financial officers, controllers, treasury and finance officers, cash managers, risk and insurance managers, bank branch managers, and credit managers.

Financial managers handle and track money for organizations. They track and analyze financial information, write reports, and communicate with coworkers.

Financial managers often direct other workers. In small companies, they supervise accountants and bookkeepers. In large companies, they may oversee the supervisors of the other financial workers. Some financial managers recruit and hire new staff. They may train new workers.

Duties of financial managers vary with their specific titles.

Chief financial officers

Chief financial officers (CFOs) are the top financial executives. They oversee all financial functions. They also prepare and implement the organization's financial plans and policies. In small firms, chief financial officers may handle all financial matters. In large firms, they may direct one financial department.

Controllers

Controllers are financial managers who prepare financial reports, such as balance sheets. They also prepare reports required by the government. In addition, controllers often supervise the accounting, audit, and budget departments.

Treasurers and finance officers

Treasurers and finance officers oversee budgets and move organizations toward their financial goals. They develop strategies for how their companies should invest their money.

Cash managers

Cash managers monitor and control the cash flow of a firm.

Risk and insurance managers

Risk and insurance managers try to reduce financial risk and loss.

Credit managers

Credit managers decide to whom the firm will loan money. They set credit-rating criteria and oversee the collections of past-due accounts.

Bank branch managers

Bank branch managers set collection policies and supervise workers who collect on unpaid loans and credit card bills. They review reports about the status of collection procedures. When their workers are unable to collect, bank managers submit these accounts to lawyers for further action. In addition, bank managers may evaluate loan applications and decide how much money customers can borrow.

Related careers

This career is part of the Finance cluster of careers.

Related careers include:

Military careers

Finance and Accounting Managers

Job duties

Task list

The following list of tasks is specific to financial managers.

Set up financial plans and policies for organizations.
Prepare financial reports, summaries, and balance sheets.
Supervise one or more departments. May supervise all financial matters.
Decide where money should be invested.
Manage financial operations and monitor cash flow.
May supervise the collection of unpaid loans.
Interpret policies and implement new procedures.
Hire and manage staff.
Use computers to record and organize data.
Analyze financial impact of local and national legislation.
Advise management on short-term and long-term financial goals.
Prepare financial information for tax purposes.

Common work activities

Financial managers perform the following tasks. These tasks are common to many careers.

Use computers
Communicate with supervisors, peers, or subordinates
Make decisions and solve problems
Get information needed to do the job
Analyze data or information
Organize, plan, and prioritize work
Establish and maintain relationships
Evaluate information against standards
Develop and build teams
Guide, direct, and motivate others
Update and use job-related knowledge
Communicate with people outside the organization
Coach others
Process information
Develop goals and strategies
Coordinate the work and activities of others
Monitor events, materials, and surroundings
Provide advice and consultation to others
Resolve conflicts and negotiate with others
Think creatively
Judge the value of objects, services, or people
Identify objects, actions, and events
Explain the meaning of information to others
Teach others
Monitor and control resources
Convince others to buy goods or change their minds or actions
Schedule work and activities
Document and record information
Recruit, interview, or hire others

Work requirements

Working conditions

In a typical work setting, financial managers:

Interpersonal relationships

Have a high level of contact with staff or customers.
Communicate by telephone, e-mail, letters, memos, and in person on a daily basis.
Often work as part of a team.
Are responsible for the work of others, especially branch managers who supervise the entire bank.
Are often placed in conflict situations with customers or staff members. People may be angry or rude during these times.

Physical work conditions

Always work indoors.
May work in noisy environments.

Work performance

Must be very exact in recording financial information. Errors could cost the company money.
Repeat the same physical and mental activities.
Make decisions on a daily basis that greatly impact clients, their coworkers, and employer's reputation.
May seek advice from others before acting, but usually act independently.
Set most of their daily tasks and goals without consulting another first.
Work in a very competitive atmosphere where daily and weekly deadlines must be met.

Hours/travel

May work long hours, often up to 50 to 60 hours per week.
May travel to attend conferences or meet customers. They may also visit other branches of their company.

Physical demands

Financial managers frequently:

Sit for long periods of time.

It is important for financial managers to be able to:

See details of objects that are less than a few feet away.
Understand the speech of another person.
Speak clearly so listeners can understand.

It is not as important, but still necessary, for financial managers to be able to:

See details of objects that are more than a few feet away.
Use fingers to grasp, move, or assemble very small objects.

Skills and abilities

Financial managers need to:

Communicate

Speak clearly so listeners can understand.
Understand written information.
Read and understand work-related materials.
Understand spoken information.
Listen to others and ask questions.
Write clearly so other people can understand.

Reason and problem solve

Analyze ideas and use logic to determine their strengths and weaknesses.
Use reasoning to discover answers to problems.
Judge the costs and benefits of a possible action.
Notice when something is wrong or is likely to go wrong.
Combine several pieces of information and draw conclusions.
Recognize the nature of a problem.
Understand new information or materials by studying and working with them.
Follow guidelines to arrange objects or actions in a certain order.
Develop rules that group items in various ways.
Recognize when important changes happen or are likely to happen in a system.
Think of new ideas about a topic.
Identify what must be changed to reach goals.
Think of original, unusual, or creative ways to solve problems.

Use math and science

Choose a mathematical method or formula to solve problems.
Use math skills to solve problems.
Add, subtract, multiply, and divide quickly and correctly.

Manage oneself, people, time, and things

Check how well one is learning or doing something.
Manage the time of self and others.
Decide how to spend money to get the work done and keep track of how the money was used.
Motivate, develop, and direct people as they work.

Work with people

Change behavior in relation to others' actions.
Be aware of others' reactions and understand the possible causes.
Persuade others to approach things differently.
Look for ways to help people.
Use several methods to learn or teach new things.
Solve problems by bringing others together to discuss differences.
Teach others how to do something.

Education and training

Educational programs

The programs of study listed below will help you prepare for the occupation or career cluster you are exploring.

Programs of study directly related to this occupation

Other programs of study to consider

Training

To work as a financial manager, you typically need to:

have a high school diploma or equivalent;
have a bachelor's degree; and
have more than five years of related work experience.

Education after high school

Financial managers must have at least a bachelor's degree. Some have a graduate degree in finance or accounting. Other common areas of study are economics, risk management, and business administration.

Work experience

Financial work experience is as important as education. You must prove yourself in a related occupation before you can become a financial manager. In the banking industry employers prefer to hire people who have bank experience. Working as a loan officer is valuable experience.

On-the-job training

Financial managers frequently update their knowledge and skills. Economic markets, laws, administrative rules, and computer technology change quickly. To keep up, managers attend seminars and graduate classes in their specialties. Many employers pay for these courses.

Military training

Some branches of the military train people to be finance and accounting managers. Training lasts two to 16 weeks. Further training occurs on the job and through advanced courses. You must have a degree in accounting, finance, or a related field to enter this military occupation.

Helpful high school courses

In high school, take classes that prepare you for college. A college preparatory curriculum may be different from your state's graduation requirements.

You should also consider taking some advanced courses in high school. This includes Advanced Placement (AP) and International Baccalaureate (IB) courses if they are available in your school. If you do well in these courses, you may receive college credit for them. Advanced courses can also strengthen your college application.

Helpful electives to take in high school that prepare you for this career include:

Accounting
Banking and Finance
Computer Applications
Economics
Introduction to Business
Probability and Statistics

The courses listed above are meant to help you create your high school plan. If you have not already done so, talk to a school counselor or parent about the courses you are considering taking.

You should also check with a teacher or counselor to see if work-based learning opportunities are available in your school and community. These might include field trips, job shadowing, internships, and actual work experience. The goal of these activities is to help you connect your school experiences with real-life work.

Join some groups, try some hobbies, or volunteer with an organization that interests you. By participating in activities you can have fun, make new friends, and learn about yourself. Maybe one of them will help direct you to a future career. Here are examples of activities and groups that may be available in your high school or community.

Things to know

Most employers require financial managers to have at least a bachelor's degree. Some employers prefer applicants who have a master's degree. Programs of study may include finance, accounting, economics, or business administration. Many employers also require work experience.

Employers prefer applicants who have a broad overview of business. Many financial managers work with several departments within a company. It is important for them to have an understanding of how the business works.

Employers look for financial managers who have good communication skills. This is because managers must explain complex financial data to people with little or no financial background. Employers also look for applicants who have good people skills. Managers must work with team members to solve problems. In addition, employers look for applicants who have good computer skills. They must also be able to think creatively and solve problems.

Costs to workers

Managers are usually expected to wear appropriate business clothing. They may join a professional association, which may have annual dues.

Job listings

Listed below are links to job categories from the National Labor Exchange that relate to this career. Once you get a list of jobs, you can view information about individual jobs and find out how to apply. If your job search finds too many openings, or if you wish to search for jobs outside of Washington, you will need to refine your search.

To get a listing of current jobs from the WorkSource system, go to the WorkSource website (external link) .

Wages

Financial managers (SOC 11-3031)

Location	Pay Period
Location	Pay Period	10%	25%	Median	75%	90%
Washington	Hourly	$34.56	$43.64	$59.34	$78.04	(1)
	Monthly	$5,989	$7,563	$10,284	$13,524	(1)
	Yearly	$71,880	$90,760	$123,430	$162,330	(1)
Bellingham	Hourly	$34.41	$41.21	$49.02	$60.96	$77.36
	Monthly	$5,963	$7,142	$8,495	$10,564	$13,406
	Yearly	$71,573	$85,715	$101,955	$126,795	$160,908
Bremerton-Silverdale	Hourly	$32.31	$40.86	$54.27	$68.35	(2)
	Monthly	$5,599	$7,081	$9,405	$11,845	(2)
	Yearly	$67,215	$84,973	$112,889	$142,162	(2)
Clarkston-Lewiston	Hourly	$20.70	$27.13	$37.01	$52.48	$69.67
	Monthly	$3,587	$4,702	$6,414	$9,095	$12,074
	Yearly	$43,056	$56,425	$76,993	$109,157	$144,915
Kennewick-Richland	Hourly	$32.84	$39.80	$55.60	$69.87	$81.28
	Monthly	$5,691	$6,897	$9,635	$12,108	$14,086
	Yearly	$68,309	$82,779	$115,637	$145,322	$169,069
Longview	Hourly	$33.42	$39.09	$55.79	$69.23	$77.52
	Monthly	$5,792	$6,774	$9,668	$11,998	$13,434
	Yearly	$69,510	$81,307	$116,036	$143,983	$161,241
Mount Vernon-Anacortes	Hourly	$33.45	$39.11	$48.11	$62.91	$80.78
	Monthly	$5,797	$6,778	$8,337	$10,902	$13,999
	Yearly	$69,567	$81,364	$100,085	$130,845	$168,010
Olympia-Tumwater	Hourly	$31.29	$34.58	$38.22	$47.19	$64.52
	Monthly	$5,423	$5,993	$6,624	$8,178	$11,181
	Yearly	$65,091	$71,914	$79,495	$98,139	$134,185
Seattle-Tacoma-Bellevue	Hourly	$40.44	$52.02	$66.72	$85.93	(2)
	Monthly	$7,008	$9,015	$11,563	$14,892	(2)
	Yearly	$84,117	$108,197	$138,778	$178,736	(2)
Spokane-Spokane Valley	Hourly	$32.59	$38.18	$49.56	$66.94	$93.82
	Monthly	$5,648	$6,617	$8,589	$11,601	$16,259
	Yearly	$67,784	$79,409	$103,080	$139,231	$195,146
Vancouver	Hourly	$32.71	$42.93	$56.88	$72.22	$97.14
	Monthly	$5,669	$7,440	$9,857	$12,516	$16,834
	Yearly	$68,040	$89,283	$118,306	$150,229	$202,039
Walla Walla	Hourly	$31.28	$32.63	$37.07	$51.86	$64.79
	Monthly	$5,421	$5,655	$6,424	$8,987	$11,228
	Yearly	$65,083	$67,878	$77,114	$107,856	$134,763
Wenatchee	Hourly	$26.53	$35.72	$46.03	$57.56	$68.17
	Monthly	$4,598	$6,190	$7,977	$9,975	$11,814
	Yearly	$55,200	$74,292	$95,746	$119,737	$141,776
Yakima	Hourly	$35.43	$41.79	$52.09	$69.42	$93.74
	Monthly	$6,140	$7,242	$9,027	$12,030	$16,245
	Yearly	$73,704	$86,935	$108,355	$144,392	$194,974
United States	Hourly	$32.51	$43.95	$61.53	$85.98	(1)
	Monthly	$5,634	$7,617	$10,663	$14,900	(1)
	Yearly	$67,620	$91,420	$127,990	$178,840	(1)

(1) Wages are greater than $90/hour or $187,200/year.
(2) Wage estimate is not available.

Pay varies by type of industry. Security brokers and dealers earn more than other financial managers. Pay may also vary by location of the company. Wages generally are higher in large cities than in small towns. In addition, financial managers who are certified or have additional formal training usually earn higher wages.

Most financial managers who work full time receive benefits. Typical benefits include health insurance, a retirement plan, paid vacation, and sick leave. Financial managers in private industry may also receive bonuses for year end profits. An increasing number of firms also give managers stock options.

Employment and outlook

Washington outlook

The table below provides information about the number of workers in this career in various regions. It also provides information about the expected growth rate and future job openings.

Financial Managers (SOC 11-3031)

		This occupation	All occupations
Location	Current employment	Growth over 10 years		Annual openings
Washington	14,427	23.3%	16.1%	1,841
Adams, Chelan, Douglas, Grant, and Okanogan Counties	281	14.2%	13.4%	29
Asotin, Columbia, Ferry, Garfield, Lincoln, Pend Oreille, Stevens, Walla Walla, and Whitman Counties	238	15.1%	8.6%	25
Benton and Franklin Counties	229	13.5%	15.0%	24
Clallam, Jefferson, and Kitsap Counties	256	11.7%	11.9%	26
Clark, Cowlitz, and Wahkiakum Counties	801	14.7%	15.2%	86
Grays Harbor, Lewis, Mason, Pacific, and Thurston Counties	1,249	17.6%	14.1%	142
Island, San Juan, Skagit, and Whatcom Counties	424	14.2%	14.6%	45
King County	7,949	31.2%	19.6%	1,164
Kittitas, Klickitat, Skamania, and Yakima Counties	322	11.8%	13.8%	32
Pierce County	876	16.3%	15.2%	97
Snohomish County	974	14.6%	12.4%	104
Spokane County	754	17.4%	13.9%	85
United States	653,600	16.0%	5.2%	64,900

National employment

Major employers:

Banks and credit unions
Insurance agencies
Business management companies
Professional, scientific, and technical service companies

National outlook

Growth in this occupation will be very strong. Since the US is a financial center, global financial growth will fuel more jobs in the US. Globalization will also increase the demand for financial managers as companies need cash management expertise.

The long-term prospects for financial managers in the securities industry are good. More people are expected to invest and more managers will be needed to oversee those transactions.

The best job prospects will be for financial managers with advanced degrees who understand accounting and finance.

Other resources

American Academy of Financial Management
1670 F East Cheyenne Mtn Blvd
Colorado Springs, CO 80906

American Bankers Association
1120 Connecticut Avenue NW
Washington, DC 20036
800.226.5377
202.663.5000

American Management Association

Consumer Bankers Association
1225 Eye Street NW, Suite 550
Washington, DC 20005
202.552.6373

Credit Union Executives Society
PO Box 14167
Madison, WI 53708-0167
800.252.2664 x340
608.271.2664

eFinancialCareers

Financial Managers Society
1 North LaSalle Street, Suite 3100
Chicago, IL 60602
800.275.4367
312.578.1300

Washington Bankers Association
1601 Fifth Avenue, Suite 2150
Seattle, WA 98101
206.447.1700

References

Career cluster

Finance

Career path

Enterprising (Business Communications)

O*Net occupations

O*Net job zones

Job Zone 4 - Considerable preparation needed. A minimum of two to four years of work-related skill, knowledge, or experience is needed for these occupations.
Job Zone 5 - Extensive preparation needed. Extensive skill, knowledge, and experience are needed for these occupations. Many require more than five years of experience.

DOT occupations

Strong Interest Inventory

Banker
Credit Manager
Financial Manager

Holland occupational clusters

Conventional/Enterprising/Investigative
Conventional/Enterprising/Social
Enterprising/Conventional/Social

COPSystem

Business Professional