Accountants who manage the preparation of proxy statements, Securities and Exchange Commission (SEC) filings, and other filings as needed are known as financial reporting managers. As a result, the financial reporting manager must have knowledge and expertise in generally accepted accounting principles (GAAP), SEC rules, accounting research, and the ability to make tax strategy recommendations for the company. Preparing quarterly earnings releases, coordinating annual audit or quarterly review efforts undertaken by external auditors, month-end or year-end closings, or even assisting in the preparation of press releases pertaining to a company’s financial position are all examples of the specific type of work that a financial reporting manager does.
These accounting professionals are hired for positions that require them to be supervised at the start of their careers. If they perform well, they are usually given additional work assignments that are more complex and require more interaction with people from different departments within the company. This is an opportunity for the accountant to demonstrate knowledge of accounting’s complexities as well as the ability to work well with others. Promotion and pay increases are more likely to occur if they can handle increasing levels of responsibility. Eventually, this will lead to a person becoming a financial reporting manager.
These accounting professionals typically have four or more years of work experience in a well-known accounting firm when they start working as a financial reporting manager. As a result, they are frequently subjected to financial and SEC reporting. They are able to become experts as a result of their extensive exposure.
Individuals who want to work as a financial reporting manager in the future will usually major in accounting in college and earn a bachelor’s degree. Individuals must pass the Certified Public Accountant (CPA) exam after completing their college education. Individuals often work for a few years after earning their CPA designation before enrolling in graduate accounting programs, where they will typically earn a Master of Business Administration (MBA) degree in accounting. If they want to teach accounting classes at the college level someday, they may want to pursue a Doctor of Philosophy (PhD) in accounting.
Indeed, this job entails a wide range of responsibilities. In some ways, a financial reporting manager’s job is never done because tax deadlines are always approaching. As a result, people who work as financial reporting managers must stay up to date on the latest accounting laws, as well as be able to handle stress and keep up with the job’s demands.