Financial Manager Job Description: Top Duties and Requirements

A Financial Manager is responsible for an organization’s financial wellbeing. Their duties include managing budgets and finances, developing policies, and overseeing financial strategies or investment opportunities.

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Financial Manager duties and responsibilities

Successful Financial Managers have duties and responsibilities including:

  • Coordinate the creation and sharing of financial reports periodically
  • Develop and implement financial strategies, policies, models and systems
  • Make sure an organization complies with financial regulations and tax laws
  • Manage the budget and financial planning processes to maximize an organization’s revenue
  • Create profitability standards and handle mergers and acquisitions
  • Promote process improvements in several aspects of the budget
  • Attend training sessions to learn industry trends, discover investment opportunities, and understand how to use the latest financial software

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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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Financial Manager job description FAQs

What makes a great Financial Manager?

A successful Financial Manager must be an excellent leader and a good team player. They must know how to take charge of projects, implement financial solutions, and work independently. They must also have experience in financial management and be result-oriented. A good Financial Manager understands a company’s goals and finds various legal methods to achieve them.

What should you include in a Financial Manager job description?

Include the relevant training, certifications, and skills you’re looking for in a candidate. For example, you may prefer someone with a Chartered Professional Accountant (CPA) designation or a business administration degree. Highlight the specific duties and responsibilities for the position, such as reporting, compliance, and the size of the budgets and teams they’ll be managing.

Who reports to a Financial Manager?

Assistant Financial Managers and Finance interns report to the Financial Manager of a hiring organization. Financial Managers give tasks to both professionals to improve an organization’s financial health.

What is the difference between a Financial Director and a Financial Manager?

A Financial Manager and a Financial Director perform similar duties. However, their roles are different. A Financial Director manages all monetary functions to achieve an organization’s financial objectives and goals. In small organizations, they usually manage the Financial Department. Financial Directors are a higher authority to Financial Managers so, in large companies, they work together to improve the financial health of an organization.

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