Finance For Managers
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About 71,300 openings for financial managers are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
Financial managers are responsible for the financial health of an organization. They create financial reports, direct investment activities, and develop plans for the long-term financial goals of their organization.
Financial managers must have knowledge of the topics, tax laws, and regulations that are specific to their organization or industry. For example, government financial managers must be experts on appropriations and budgeting processes; healthcare financial managers must understand billing, reimbursement, and other business matters related to healthcare.
Cash managers monitor and control the flow of money into and out of an organization to meet business and investment needs. For example, they must project whether the organization will have a shortage or surplus of cash.
Detail oriented. In preparing and analyzing reports, such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.
Math skills. Financial managers need strong skills in certain branches of mathematics, including algebra. Ability to understand international finance and complex financial documents also is important.
The median annual wage for financial managers was $131,710 in May 2021. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $77,040, and the highest 10 percent earned more than $208,000.
Services provided by financial managers, such as planning, directing, and coordinating investments, are likely to stay in demand as the economy grows. In addition, several specialties within financial management, particularly cash management and risk management, are expected to be in high demand over the decade.
Companies, particularly those with operations in foreign countries, have accumulated more cash on their balance sheets in recent years. As globalization continues, this trend is likely to persist. This practice should lead to demand for financial managers, as companies will need expertise in managing cash.
There has been an increased emphasis on risk management within the financial industry, and this trend is expected to continue. Banking institutions are expected to emphasize stability and managing risk over profits. This emphasis is expected to lead to employment growth for risk managers.
A financial manager is a professional who is responsible for overseeing the financial health of an organization. They are responsible for creating financial reports, developing and implementing financial strategies, and managing investments. Financial managers work in a variety of settings, including corporations, non-profit organizations, and government agencies.
The primary goal of a financial manager is to maximize the value of an organization's investments and ensure that financial resources are used in the most effective way possible. This involves analyzing financial data and market trends, developing financial plans and budgets, and making strategic investment decisions. Financial managers also work closely with other members of an organization's leadership team to ensure that financial goals are aligned with overall organizational goals and objectives. Additionally, financial managers are responsible for managing risk, ensuring compliance with financial regulations and laws, and ensuring that financial statements are accurate and transparent.
Types of Financial ManagersFinancial management is a broad field, and there are several different types of financial managers. Some of the most common types of financial managers include:
The workplace of a financial manager can vary depending on the industry and organization they work for. Financial managers can work in a variety of settings, including corporations, banks, non-profit organizations, government agencies, and investment firms.
In a corporate setting, financial managers may work in an office environment, often located in the organization's headquarters. They may work closely with other members of the organization's leadership team and may travel to different locations for meetings and conferences.
In a bank or financial institution, financial managers may work in a branch office or in a corporate office. They may work with clients to manage their investments and financial portfolios, and may also work with other financial professionals to develop investment strategies.
In a non-profit organization, financial managers may work in an office environment or in the field, depending on the nature of the organization's work. They may work closely with program managers to develop budgets and financial plans, and may also work with donors and funders to secure funding for the organization.
At its core, financial management is the practice of making a business plan and then ensuring all departments stay on track. Solid financial management enables the CFO or VP of finance to provide data that supports creation of a long-range vision, informs decisions on where to invest, and yields insights on how to fund those investments, liquidity, profitability, cash runway and more.
ERP software can help finance teams achieve these goals: A financial management system combines several financial functions, such as accounting, fixed-asset management, revenue recognition and payment processing. By integrating these key components, a financial management system ensures real-time visibility into the financial state of a company while facilitating day-to-day operations, like period-end close processes.
This is a catch-all category, and one new to some finance teams. It may include, for example, the risk of a cyber-attack and whether to purchase cybersecurity insurance, what disaster recovery and business continuity plans are in place and what crisis management practices are triggered if a senior executive is accused of fraud or misconduct.
On a more strategic level, financial management feeds into vital FP&A (financial planning and analysis) and visioning activities, where finance leaders use data to help line-of-business colleagues plan future investments, spot opportunities and build resilient companies.
As the company grows and adds finance and accounting contractors or staffers, financial management gets more complicated. You need to make sure your employees get paid, with accurate deductions; properly file taxes and financial statements; and watch for errors and fraud.
BEA3008 introduces students to corporate finance theory and to the key financial decisions/problems faced by financial managers and corporate decision makers (mainly, investment, financing and dividend decisions, together with the management of risk). In addition, the module provides students with opportunities to apply the theory to these problems using the key tools and techniques of corporate finance.
Employability Students acquire knowledge in this module, including a solid understanding of basic financial theory, which is highly relevant to jobs related to finance and accountancy. This module also offers an opportunity to develop their numeracy and logical thinking skills.
BEA3008 aims to introduce students to the main concepts of corporate finance theory and their implication for corporate financial decision-making process. In particular, this module provides a thorough examination of the key aspects in the financial decision-making process in a corporation, including project appraisal, source of finance, cost of capital, capital structure, dividend policy, working capital and risk management.
A Financial Manager is a key decision-maker in an organization. They use data analysis and advise senior managers on profit-maximizing ideas, which can help optimize company profits over time by making intelligent decisions for investments or spending funds to have the greatest return on investment.
The duties and responsibilities of a Financial Manager vary based on the organization. Still, they typically oversee operations in the finance department to set goals and objectives throughout the year to ensure company goals are met.
A successful Financial Manager needs to have excellent communication skills since they work closely with managers and other decision-makers. They also need to be experienced with various financial software applications to process financial information and create models for other departments.
40.1% of finance managers are female in the United States. This is 1.5 percentage points higher than last year. Additionally, the percentage of female finance managers has increased by 2.5 percentage points since 2010. That means there are a total of 155,978 female finance managers in the U.S. and 232,996 male finance managers in the United States. Note that Zippia's estimate accounts only for the 388,974 people with the specific job title of finance manager and doesn't include grouping similar job titles, or people with potentially similar credentialing.
Research Summary. Using a database of 30 million profiles, Zippia estimates demographics and statistics for finance managers in the United States. Our estimates are verified against BLS, Census, and current job openings data for accuracy. After extensive research and analysis, Zippia's data science team found that: There are over 303,148 finance managers currently employed in the United States. 40.0% of all finance managers are women, while 60.0% are men. The average age of an employed finance manager is 45 years old. The most common ethnicity of finance managers is White (63.2%), followed by Hispanic or Latino (14.6%), Asian (10.2%) and Black or African American (7.6%). In 2021, women earned 92% of what men earned. 11% of all finance managers are LGBT. Finance managers are 56% more likely to work at public companies in comparison to private companies. 59ce067264