For example, government financial managers must be experts on appropriations and budgeting processes healthcare financial managers must understand billing, reimbursement, and other business matters related to healthcare. They often work on teams, acting as advisors to top executives.įinancial managers must have knowledge of the topics, tax laws, and regulations that are specific to their organization or industry. Help management make financial decisionsįinancial managers spend much of their time analyzing data and advising senior managers on ways to maximize profits.Analyze market trends to maximize profits and find expansion opportunities. Review financial reports and seek ways to reduce costs.Supervise employees who do financial reporting and budgeting.Monitor financial details to ensure that legal requirements are met.Prepare financial statements, business activity reports, and forecasts.Dutiesįinancial managers typically do the following: They create financial reports, direct investment activities, and develop plans for the long-term financial goals of their organization. Learn more about financial managers by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations.įinancial managers perform data analysis and advise senior managers on profit-maximizing ideas.įinancial managers are responsible for the financial health of an organization. More Information, Including Links to O*NET Similar OccupationsĬompare the job duties, education, job growth, and pay of financial managers with similar occupations. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.Įxplore resources for employment and wages by state and area for financial managers. Job OutlookĮmployment of financial managers is projected to grow 16 percent from 2022 to 2032, much faster than the average for all occupations.Ībout 69,600 openings for financial managers are projected each year, on average, over the decade. The median annual wage for financial managers was $139,790 in May 2022. How to Become a Financial Managerįinancial managers typically need a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as accountant, securities sales agent, or financial analyst. Most financial managers work full time, and some work more than 40 hours per week. Work Environmentįinancial managers work in many industries, including banks, investment firms, and insurance companies. Quick Facts: Financial Managersįinancial managers create financial reports, direct investment activities, and develop plans for the long-term financial goals of their organization. Please enable javascript to play this video.
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