A finance manager is a professional who oversees the preparation of financial reports for an organization that are required by law and approved by the board of directors. In addition, the finance manager develops financial strategies to meet the organization’s short- and long-term objectives. Other responsibilities include analyzing data to assess the organization’s current and future financial condition, as well as overseeing investment activities.
Banks, finance companies, automobile dealerships, brokerage firms, insurance departments, and credit departments are all possible places for this type of financial expert to work. For most jobs as a finance manager, a master’s degree in finance, economics, or business administration is required. If the manager works in the field of accounting, he will almost certainly need to be a CPA.
The responsibilities of a finance manager may differ depending on the organization for which he works. The majority of managers will examine data to classify risks and investments in order to determine their potential impact on agencies. A finance manager will also look over collection reports to see how far accounts are in collections and how much money is owed. The finance manager is frequently in charge of communicating with shareholders and other stakeholders, as well as providing financial data.
A finance manager typically works more than 40 hours per week and spends the majority of his time in an office. Travel may be required as part of the job in some cases, as the manager may be required to visit other agencies or attend professional development meetings. The financial professional, also known as a controller or cash manager, may perform a variety of duties and tasks depending on the nature of his company. He must be knowledgeable about the tax laws and regulations that apply to his industry. Financial managers are occasionally outsourced or hired on a temporary basis to provide financial expertise for smaller businesses.
Finance executives must have a thorough understanding of economics, accounting principles and techniques, financial markets, and banking. They must be able to use financial analysis systems and related technology, as well as have a thorough understanding of how to detail financial data. Because the financial industry is constantly changing, the professional must stay up to date on new regulations and financial tools.
Finance managers can advance their careers by obtaining certifications from professional organizations. A professional who passes three tests, has a bachelor’s degree, and meets certain work criteria is awarded the Chartered Financial Analyst certificate. The Association for Financial Professionals and the Institute of Management Accountants, among other organizations, award certificates.