A financial manager is responsible for the financial well being of an organization and can work in virtually any industry and sector. If you have been studying to pursue a career in finance and you are reviewing all of your options, it is best to learn more about what various finance professionals do and what their primary purpose is. By taking the time to learn more about the roles of financial managers and other finance professionals, you can decide which careers will allow you to use the skills you have attained in school while still catering to your individual personality. Read this finance manager career profile and then you can decide if this is the financial occupation for you.

What is the Purpose of a Finance Manager?

The overall purpose of financial managers in all settings is to direct the investing activities, construct financial reports and develop long-term finance goals and strategies to achieve those goals. They must know the cost of producing a product and how much that product will earn in the end. They also need to determine the cost of financing or the cost of accumulating capital to determine if there will be a return on investment. While it might sound simple, the role of the finance manager can be complex, according to Boundless. Because of this, managers must have a specialized knowledge so that they can manage budgets and allocate money while keeping the organization’s future in mind.

What Are the Duties and Responsibilities of the Finance Manager?

A day in the life of a financial manager can be a busy one. While some of the tasks performed by the manager might sound tedious, most of the duties are not. Whether or not you have to do the tedious tasks depends on the structure of the company, how large the organization is, and how many people work in your finance department under your supervision. Some of the common duties performed by a finance manager include:

• Manage and maintain accounting policies and procedures
• Manage all finance functions that are outsourced
• Oversee the treasury department to ensure it is meeting goals and objectives
• Preparing company budget and reporting variances in the budget
• Assisting management teams in strategic planning
• Forecasting of cash flows
• Mitigating financial risks with hedging and investments
• Arranging debt financing
• Analyzing strategies for cost reduction
• Interpretation of company financials
• Determining product pricing to meet price goals
• Research competitor pricing and other features offered

How Do you Become a Finance Manager?

Financial management is a field that requires candidates to be managers and also financial analysts. If you want to hold this title, you will need a minimum of a bachelor’s degree in finance or accounting. Preference is typically given to candidates who have their Certified Public Accountant credential and can demonstrate experience with financial strategy and analysis. Having a graduate degree can help give you leverage so that you need less professional experience.

Related Resource: Personal Finance Advisor

Finance managers are needed across all industries in the public and private sectors. If you want to make important operational decisions where you are minimizing risk while maximizing the company’s return, this could be the occupation for you. You hold a lot of responsibility, but also can enjoy using your expertise and judgement to be a talented financial manager of a large corporation or independent consultant.