How to Become a Finance Manager
Step 1: Understand the job description and responsibilities of a Finance Manager
What does a Finance Manager do?
A Finance Manager manages an organization's financial resources and ensures operations comply with financial regulations and standards. Analyzes and interprets financial data to advise and support strategic decision-making and achieve business objectives. Being a Finance Manager researches and promotes financial modeling and analytical tools to measure and forecast the impact of various economic scenarios, risks, and business changes. Reviews financial reports and forecasts to understand variances and identify areas to improve efficiency or implement cost-savings. Additionally, Finance Manager develops processes, policies, and controls to manage workflow and ensure accurate, timely, and compliant financial operations. Requires a bachelor's degree. Typically reports to a director. The Finance Manager manages subordinate staff in the day-to-day performance of their jobs. True first level manager. Ensures that project/department milestones/goals are met and adhering to approved budgets. Has full authority for personnel actions. To be a Finance Manager typically requires 5 years experience in the related area as an individual contributor. 1-3 years supervisory experience may be required. Extensive knowledge of the function and department processes.
A finance manager oversees the financial health of an organization.
This involves managing the back office operations of an organization’s internal budget and finances, as well as oversight of investment opportunities and financial strategy in for-profit organizations.
In a large organization, a finance manager may supervise a team of accounting and payroll professionals.
Regardless of the exact role or organization, there are several important requirements to work as a finance manager.
The minimum educational requirement to be a finance manager is a bachelor’s degree in finance, business, accounting or a related field.
Step 2: Learn best tips to become a Finance Manager
Best tips for those who want to become a Finance Manager
Here are some tips to become a Finance Manager.
Allocate at Least 20% of Your Income Toward Financial Priorities.
Budget About 30% of Your Income for Lifestyle Spending.
Get Your Finances–and Body—in Shape.
You Can Negotiate More Than Just Your Salary.
Don’t Assume You Don’t Qualify for Unemployment.
Step 3: View best colleges and universities for Finance Manager
Best colleges and universities for Finance Manager
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Finance Manager
Is being a Finance Manager Worth it?
An attractive alternative to the hard-charging, pressure-filled investment banking path (M&A, Corporate Finance Advisory, Sales & Trading) is a career in finance management within that same investment bank.
Granted, these roles will never pay the excesses that you hear about in the news, but over time, a senior finance manager who reaches the Managing Director level at a major bulge bracket bank is pulling in a solid six figure salary with a more than reasonable bonus, especially in good years.
"As project or structured finance people, we are seen as boring by investment bankers (the traders and those in mergers and acquisitions).
Most people in finance work on a bit of a deal, then passes it on to someone else, who again does a bit, then hands it over, and so on.
They finance exports from their countries, for instance they might lend you part of the money required for a project involving their industries, and another agency might provide insurance for another part of the loan.
Step 5: Prepare relevant skills for being a Finance Manager
What skills do you need to be a Finance Manager?
In order to drive yourself and your team to success, in a management position you need to have a broad base of skills. For success in this position, you effeciency with these skills is key: Corporate Finance, Financial Management, Financial Reporting, Fiscal Management. For this role, you will need to be adept in with: Accounting Software, Financial Analysis Software. Although every company varies in their requirements, these competencies will help you in this role.
When writing a finance manager resume, it’s important to emphasis your strengths and skills that best show what you can do for the potential employer.
Outstanding talent and ability to develop and update accounting, finance, and management procedures and policies.
In our sample resume objective for a Finance Manager, we led off with strong hard skills.
However, if you have extensive experience use the chronological for your Finance Manager resume format.
For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about topics in healthcare finance.
Step 6: View average salary for Finance Manager
How much does a Finance Manager make?
The average salary range for a Finance Manager is from $123,330 to $156,263. The salary will change depending on your location, job level, experience, education, and skills.
-
View average salary for the United States
-
Adjust salary by state
Average salary for Finance Manager jobs
Step 7: Find relevant Finance Manager jobs, and apply.
Looking for Finance Manager jobs?
Here are some Finance Manager jobs in the United States.