Working closely with chief executives and financial data departments, finance managers oversee the financial health of a company or organization. They strategize and plan for their company’s long-term financial targets. Additionally, finance managers generate financial reports and execute investment plans.
Finance managers prepare financial statements, forecasts and business activity reports, and they supervise employees who work on budgets and financial reports. In addition, finance managers make financial decisions and review financial reports to discover cost reduction methods. They also monitor financial details to ensure legal requirements are met.
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There are several types of finance managers. Among them are controllers, treasurers, finance officers, credit managers, cash managers, risk managers and insurance managers. Depending on the industry or organization, the responsibilities and necessary knowledge for a finance manager will vary. Most finance managers work full time, and in 2016, about one-third of those surveyed reported working more than 40 hours per week.
Finance Manager Salary
According to the Bureau of Labor Statistics (BLS), the median annual salary for finance managers was $121,750 as of 2016. However, that figure will vary depending on the industry. For example, the median salary for those in the professional, scientific and technical services industry was $142,300, while the median salary for those in government was $109,230. Employment for finance managers is expected to grow 19 percent by 2026, which is much faster than the national average, as stated by the BLS.
Typically, finance managers have a bachelor’s degree plus five or more years of business or financial experience, including work as a financial analyst, accountant or securities sales agent.
The minimum required education for finance managers is a bachelor’s degree in either finance, business administration, accounting or economics. Many employers instead prefer candidates with a master’s degree in one of those fields. Professional certifications are optional to display a level of expertise.
Students can develop the necessary skills for a career as a finance manager with Campbellsville University’s online accounting MBA. Students can also customize their online MBA degree to other possible careers with one of seven specializations. The program has the added convenience of being entirely online. Therefore, it works with the student’s personal and professional schedules.