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What Does a Financial Manager Do?

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The Financial Manager’s job is to analyze financial data, direct investments, and create business plans to benefit an organization. This role is increasingly important in today’s business world as financial managers are often key members of executive leadership teams. Financial managers are required to analyze and interpret data to make business decisions that will maximize profits. They also develop and maintain a budget and are responsible for developing trends and financial analyses.

Financial managers possess advanced knowledge of financial statistics and have strong analytical skills. They also have a thorough understanding of financial reporting and have strong communication skills. Typically, the position requires a Bachelor’s degree. Some financial managers also specialize in taxation and compliance or other areas. In addition, financial managers need to possess strong leadership and communication skills.

A bachelor’s degree is sufficient for entry into this role, although some employers prefer to hire professionals with a master’s degree in the field. Moreover, taking courses in accounting, economics, or business can increase your chances of landing a position as a financial manager. If you’re not interested in completing a master’s degree, you can pursue a career as a financial manager after completing an analyst or planning role.

The highest pay for financial managers comes from New York and New Jersey, while California and Texas have higher employment rates. However, it’s important to remember that earning an advanced degree and certification does not guarantee a job; the applicant may need to spend several more years in mid-level positions to advance.

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