To describe a Financial Manager in one sentence would be unfitting and probably unrealistic. Their broad title provides a variety of responsibilities that financially supports and advises clients and organisations, leading to better decision-making. The importance of money amongst businesses and clients, makes the Financial Manager a popular role across many public and private sector organisations.
Depending on the size of the organisation and the industry that a Financial Manager works in, their specific responsibilities can vary. In one hand you could be involved with financial strategizing or may be more hands on with the accounts. But to give you a general idea, a Financial Manager could be doing the following:
- Producing financial reports analysing performance and forecasting future trends
- Managing the preparation of budgets, monitoring income, cash flow and expenditure
- Formulating strategies to help a company achieve it’s financial short and long-term goals
- Liaising with auditors to ensure monitoring of company finances is maintained
- Working with other areas of the company to give financial advice and support
- Supervising and motivating staff in producing accurate work
Key Skills & Characteristics
A Financial Manager should:
- Have excellent numerical skills whilst having an analytical and logical approach
- Possess strong communication and interpersonal skills, being able to explain complex financial information clearly
- Be thorough and have an attention for detail
- Have strong organisational and planning skills
- Be able to lead and motivate staff, whilst not being afraid to make decisions
Having a degree is a great start to become a Financial Manager. Particularly if you complete a degree in relation to the role, such as Accountancy, Business, Economics or even Mathematics. However, some Employers require further qualifications such as completing a Masters degree or gaining qualification from a professional body such as Association of Chartered Certified Accountants (ACCA) or Chartered Institute of Management Accountants (CIMA).
Although we preach that the sky is the limit and it’s very much possible, don’t expect to walk into a Financial Manager position even after gaining these qualifications. There’s that thing called experience, that employers absolutely love. Experience in roles with an emphasis on financial analysis or accounting may be an eye opener.
Advice From Our Experts
- Broader Responsibility – Being a manager, you’re put in a position where you can bring a greater influence
- Strategizing – One of the few creative duties in a financial role, which makes a change
- Collaborating – Often other areas of the company require financial advice and support, which is interesting getting to work with them
- Lack of Creativity – At times, duties can be quite heavily involved with reporting and reconciliation, which can be mundane
- Blame – When things go wrong, you’re held responsible
- Unpopular Decision-making – You can’t please everyone I’m afraid, but some decisions are necessary