A finance manager oversees a company’s financial health. Some of the most common finance manager responsibilities include directing investment activities, developing strategies to reach long-term financial goals and producing financial reports. However, due to technological advances that shorten the time it takes to produce financial reports, finance managers do more data analysis and spend more time advising senior managers on how to maximize profits.
The organization or industry will impact a finance manager’s responsibilities. For instance, healthcare finance managers must be aware of topics in the industry to navigate challenges. Government finance managers need to be experts on government appropriations and budget processes. Overall, finance managers need to be aware of special tax laws and regulations that affect their industry.
The Bureau of Labor Statistics (BLS) lists several types of finance managers.
- Chief financial officers head a company’s entire financial department. They manage financial goals, objectives and budget, especially at publicly traded companies.
- Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position. They typically oversee the accounting, audit and budget departments.
- Treasurers and finance officers direct their organization’s budgets to meet its financial goals. They oversee investments and strategies for raising new capital, as well as developing plans for mergers and acquisitions.
- Credit managers manage a firm’s credit business by setting credit-rating criteria, determining credit ceilings and monitoring collections of past-due payments.
- Cash managers control cash flow to help a company meet its business and investment needs.
- Risk managers control financial risk by implementing strategies that mitigate the probability of a financial loss or uncertainty.
- Insurance managers help a company limit its losses by obtaining insurance against risks.
Employment of finance managers is projected to increase 7 percent by 2024, about as fast as the average for all occupations, according to the BLS. Growth for finance managers will vary by industry.
Finance managers typically have five years or more of experience in another business or financial occupation, such as accountant, security sales agent or financial analyst. They also typically have a bachelor’s degree, although “many employers now seek candidates with a master’s degree, preferably in business administration, finance, or economics,” the BLS says. Applicants may need a master’s degree to maximize their chances for employment.
Campbellsville University’s online Master of Business Administration prepares students for leadership roles in business. Graduates can pursue careers as finance manager, marketing manager and more. Seven specializations are available for students to tailor their degree to their goals. The program is offered fully online to accommodate students’ professional and personal schedules.