Within an organization, a financial executive holds a position of responsibility. Access to department budgets, expense approvals, and project budgets is usually granted to him. It’s important to understand that there are two types of financial executive positions: financial industry executive positions and financial management positions in other industries.
A financial executive can be in charge of a variety of departments in the financial industry, from marketing to sales. Post-secondary education and significant experience in management and the subject matter are both required for this type of position. A long and successful career often culminates in an executive position.
The management of a division of a department is the responsibility of a financial executive in another industry. He or she is in charge of budgetary approval, revenue control, and the department’s financial activities. Many people in this position have an accounting, finance, or commerce degree.
Senior managers are usually required to receive financial reports on a monthly, quarterly, and annual basis. The goal of this type of reporting is to manage the division’s performance, increase revenue, and reduce losses. The vast majority of companies with a financial executive position are large, multinational businesses with large revenue streams.
Within his or her division, the financial executive is the highest authority. He or she reports directly to a person at the managerial level, depending on the industry and the area of responsibility. The executive is responsible for managing the division’s financial position, supporting the overall corporate mission, and ensuring that all tools are used to ensure success.
Financial executives who succeed have excellent interpersonal skills, are skilled leaders, and can manage competing priorities. He or she must also be able to motivate others, solve problems, and communicate with people across the organization in addition to these abilities. This position is not suitable for people who do not work well under pressure or who do not enjoy dealing with multiple challenges.
Most financial executives are expected to have intermediate to expert-level computer skills in addition to their leadership and communication abilities. He or she may have a team of financial analysts and managers, but he or she must be able to create reports and investigate the potential outcomes of various financial decisions using various financial and planning systems.