What does a Financial Manager do?
Financial Managers organize, plan, control, and evaluate the financial and accounting operations of an organization. They also create financial reports or summaries and advise an organization’s senior management on where to acquire or allocate assets.
A Financial Manager can work in government or organizations in the private sector. They typically work full-time in an office at a computer during standard nine-to-five working hours. However, they may sometimes work overtime or remotely. In large companies, Financial Managers supervise payroll and accounting professionals. They also collaborate with other staff members to achieve financial objectives.
Financial Manager skills and qualifications
Successful Financial Managers have a wide range of skills that allows them to perform their daily responsibilities effectively. Some essential skills and qualifications include:
- Leadership skills to implement financial solutions
- Analytical and problem-solving skills
- Keen attention to details
- Excellent interpersonal and communication skills to present financial reports
- Organization and time-management skills
- Ability to work independently
- Proficiency in Microsoft Excel, Microsoft PowerPoint, Microsoft Office and other financial management software
Financial Manager experience and requirements
Financial Managers must have experience working in the financial industry paired with managerial experience. Look for candidates with a background in auditing, financial planning, analysis, accounting, and related fields. They must have at least five years’ experience in a leadership role to coordinate an organization’s financial activities.
Previous knowledge of statistical and model software is key, and a Financial Manager must have experience in professional communication and networking with stakeholders. Other experience and requirements depend on the size of the hiring organization and its industry-specific needs.
Financial Manager education and training requirements
A Financial Manager must have a bachelor’s degree from a recognized college or university. Typically, this degree can be in finance, accounting, economics, commerce, business administration, or related fields. Candidates with a Master’s of Business Administration (MBA) or Ph.D. in a finance-related field are an asset.
Generally, Financial Managers complete undergraduate internships, and employers often provide on-the-job training for entry-level Financial Managers with a background in accounting. These training sessions could be about financial management systems or specific software and mentorship from a Financial Director or Chief Financial Officer.
Employers may also require that an applicant is a Certified Public Account (CPA) or a Chartered Financial Analyst (CFA).
Financial Manager salary expectations
According to Indeed Salaries, average pay for a Financial Manager in Canada is $24.05 per hour. Rates may vary based on the hiring organization, location, and experience.
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