Financial managers are professionals who oversee the financial health of an organization. They work in many industries, including banks, investment firms, and insurance companies. Financial managers are responsible for managing the back-office operations of an organizations finances, analyzing data, creating financial reports and forecasts, and offering advice to senior management regarding financial decisions. They work directly with senior management teams, including directors, executives, attorneys, and auditors. Financial managers are responsible for managing the organizations investments and ensuring that investment decisions are aligned with the organizations goals and objectives. They are also responsible for managing the organizations cash flow and ensuring that there is sufficient liquidity to meet financial obligations. Some of the various responsibilities of a financial manager include:
- Understanding a company’s economic condition and the working of the financial markets.
- Arranging new sources of finance and keeping up to date with changes in financial laws and legislation.
- Producing accurate financial data and strategizing for profit.
- Maximizing profits and supporting product development, campaigns, and investments.
- Overseeing financial planning and analysis, investment management, and risk management.
Financial managers work full-time, and their schedules often extend beyond 40 hours a week. They face a competitive job market, and those who can handle international finance and the increasingly complicated world of financial instruments and securities, including derivatives, will be the most marketable. The Bureau of Labor Statistics projects 16.8% employment growth for financial managers between 2021 and 2031, and in that period, an estimated 123,100 jobs should open up.
