The Ultimate Job Guide: The Finance Manager
Being a finance manager is more than just looking at numbers.
You must know what these numbers mean and what impact they may have on your company’s profitability.
You will need to understand the company’s product or service, the target audience, the business of running a business, and actual numbers.
It isn’t easy being a finance manager.
Further, these jobs are tough to get and keep.
Lots of corporate issues are beyond the control of your spreadsheets, but as a manager, you may be responsible for the outcome.
Finance Manager Information
| Office Job Title | Finance Manager |
| Average Salary | $126,823 |
| Stress Level | High |
| Work / Life | Low |
| Job Satisfaction | High |
| Career Advancement | High |
Job Description: Finance Manager
What Is A Finance Manager
If you have a bank account and regularly pay bills, buy things, or deposit money, most likely, you’ve experienced the life of a finance manager.
You will be overseeing all of the money accounts of a corporation.
These include: money coming in, bills going out, invoices, money borrowed, and IOUs printed. In the corporate world, it takes money to make money.
So, as the finance manager, you will hold the key to corporate growth.
What Does A Finance Manager Do On A Daily Basis?
Each finance manager position can wildly differ based on the region, status, and type of company.
For example, a job on Wall Street in New York City will vary significantly from a small family-run oil company in the middle of the panhandle of Texas.
At the heart of each job, though, you will be tracking the daily money operations of the company.
It may be related to past accountings, current accountings, or even future accountings. It all depends on the job.
Responsibilities, Duties & Roles Of A Finance Manager
A finance manager is a manager-level entity in the finance department.
This job could be a top individual that oversees a specific aspect of the financial books.
Typically, this would mean you have a group of number-crunching accountants below you.
You may not do much hard labor but have put in your hours already in past jobs.
Now you review reports, make recommendations, and oversee employees.
In addition, you will ensure that the company has the money it needs to keep running into the future.
If it doesn’t, hopefully, you are telling someone.
Salary of a Finance Manager
Average Salary
Because the type of position as a finance manager depends on the actual job, the average salary will also depend on the exact style.
Typically, the finance manager will see salaries of around $126,823.
However, in financial hubs like San Francisco (average $158,529) or New York City (average $149,018), the averages are higher.
Starting Salary
When you are just starting as a finance manager, don’t expect a six-figure salary just yet.
Instead, you will be offered something around $66,184 on average, depending on the region.
If you are successful and loyal, your boss will elevate you to higher positions with a salary to reflect the bump up.
Senior Salary
Senior salaries for finance managers reflect their role in the company and the company’s respect for them.
As a result, you will see finance managers making $200K and over in senior positions at different companies.
How To Become A Finance Manager
The Entry Level: Certification, Training & Degree
Going the finance route in a job usually requires a finance background.
You can focus on any finance that interests you while you are still in school.
Anything from accounting to business to mathematics is entirely acceptable as a solid finance manager background.
Other Skill Sets, Requirements & Qualifications
One essential skill you will need is communication.
It may seem odd to say that instead of accounting skills or attention to detail.
However, when money is involved, you will need to translate those numbers into words.
To get a top job, you need more than just a solid set of spreadsheet skills.
You need to be able to convey your message effectively and efficiently.
How Long Does It Take To Become A Finance Manager
You don’t become a finance manager straight out of college.
You will enter the job market as an accountant or something else of that finance type.
Then you will need to work your way up the ladder.
Moving up the corporate ladder could take anywhere between 5 and 10 years.
Is It Hard To Become A Finance Manager
Being a finance manager isn’t the hard part.
The hard part is not getting burnt out while fighting for those coveted senior positions.
Often entry-level financial analysts or otherwise are worked hard before being offered higher positions.
Finance Manager Career Paths
The Finance Manager Roadmap
The main objective of the finance manager roadmap is to stick to your career.
If you show determination and desire to stay in the company and grow, your boss will offer you higher opportunities.
If you don’t get them, you will need to move over to another position at another firm.
This switch is called a lateral move.
Most likely, in a later move, you will be able to get a higher-paying job.
Projections For Growth In Finance Manager Jobs
Industries are booming across the globe.
There are more and more companies opening, and the flow of dollars is stronger than ever.
Finance managers are the key to significant financial accounting and development.
Because of this, growth in this sector is strong and increasing.
Job growth is projected at 17% through 2031, which is well above the national average for all job types.
In Summary: Is Finance Manager A Good Career?
If you enjoy the act of accounting and tracking money, then a finance manager job is an excellent opportunity to take on tough challenges and rewarding tasks.
As a finance manager, you will get to see parts of the corporate books that few ever understand with a team beneath you.
Working Conditions
Can A Finance Manager Work Remotely From Home?
A finance manager can’t work remotely 100% of the time.
As a manager, you will have too many important meetings that require face-to-face attention.
Much of the time, you will be traveling to financial centers or meeting with banks.
How Many Hours Does A Finance Manager Work?
You will be working more than 40 hours a week as a finance manager.
These positions are labor-intensive jobs, and you will require your attention for much of the time.
You may need to work evenings or even weekends.
Here are some everyday actions: reviewing reports, writing memos, and creating slide presentations constantly.
Can A Finance Manager Work Part-Time
No, a finance manager cannot work part-time.
As a senior-level employee of a company, you will need to be available much of the time.
Therefore, you will not be able to work part-time.
Full-time is the only available option.
What Are The Average Vacation Days Of A Finance Manager?
Finance managers get compensated very well for their hard work at the company.
In addition, they will receive benefit packages that offer plenty of vacation time and lots of flexibility.
Alternative Careers & Similar Jobs to a Finance Manager
- Financial Analyst
- Market Research Analyst
- Business Development Manager
- Auditor
- Finance Director
- Branch Manager
- Business Development Manager
- Communications Director
- Budget Analyst
- Accounting Director
- Accounting Manager
- Financial Counselor
Finance Manager Resume Tips
- Always highlight your education first.
- Your education highlights should include only the essential parts
- Your job experience should come second
- Job descriptions need to show detail about all of the roles and responsibilities that you held.
- Don’t have a messy page; keep everything highly organized
- Always relate everything to accounting
- Don’t focus on your personal life
Finance Manager Interview Questions
Question 1: What do you think is the key to group communication?
Why This Works: You need to determine if this person can lead an effective team.
Question 2: Is creativity part of finance?
Why This Works: You need to know that your potential employee wants to think outside the box to solve complex financial problems.
Question 3: Are you interested in learning new skills?
Why This Works: You need to know that they will grow with technology or let the world pass them by without worry. You need to hire someone who will take advantage of new technologies.
Question 4: What happens when a group can’t decide?
Why This Works: You need to know that they can make executive decisions on essential matters.
Jobs Related To A Finance Manager
- Financial Manager
- Sales Manager
- Financial Advisor
- Management Analyst
- Financial Analyst
- Accountant
For HR Manager: Tips For Hiring A Finance Manager
Key Characteristics To Look For In A Finance Manager
If you need to fill the role of a finance manager, you need to find someone likable.
It would be best if you had someone that can communicate complex topics in simple ways.
The best candidate isn’t a smooth talker.
Your candidate is an individual that can break down complex issues into their core components and create ease in understanding the solutions presented.
Minimum Level Of Education & Experience
Education is only a basic necessity, but it isn’t the primary part of a qualified candidate.
As long as the candidate has a college degree, they probably have enough formal education to tackle the job.
For example, so much of a finance manager’s work is related to translating numbers into words.
Unfortunately, the proper translation from numbers to comments isn’t taught in schools and requires on-the-job training and years of experience to master.
Sources
- https://www.glassdoor.com/Salaries/finance-manager-salary-SRCH_KO0,15.htm
- https://www.salary.com/research/salary/benchmark/finanace-manager-salary
- https://www.payscale.com/research/US/Job=Finance_Manager/Salary
- https://money.usnews.com/careers/best-jobs/financial-manager/salary
- https://www.bls.gov/ooh/management/financial-managers.htm