Financial Manager Career Guide: Study & Work

Career Advice • Published on November 8

Financial Manager Job Description: What Does a Financial Manager Do?

Financial managers are the guardians of an organization's financial health. They develop strategies, analyze data, and make crucial decisions that directly impact the financial well-being and long-term success of a company or institution. Think of them as skilled navigators charting the financial course of an organization.

Here's a breakdown of some key responsibilities of a financial manager:

Financial Planning and Budgeting: They develop budgets, forecasting future revenue and expenses. This involves careful analysis of past financial data and market trends to create a realistic roadmap for resource allocation.
Financial Reporting and Analysis: Financial managers prepare and present regular financial reports to executives, boards of directors, and investors. They analyze key financial metrics to identify trends, opportunities for improvement, and any potential risks.
Investment Decisions: They recommend and manage investment strategies aimed at maximizing the organization's returns. This involves researching investment opportunities, assessing risk, and making informed decisions about where to allocate funds.
Cash Flow Management: Financial managers oversee an organization's day-to-day cash flow, ensuring sufficient funds are available for operations, paying bills, and meeting financial obligations.
Financial Risk Management: They identify and assess potential financial risks, developing strategies to mitigate those risks and protect the organization's financial stability.
Compliance: Financial managers ensure adherence to accounting standards, financial regulations, and tax laws.

Am I Suited for a Role as a Financial Manager?

A career as a financial manager might be a great fit if you possess the following traits:

Analytical Mind: You are a natural problem-solver, adept at analyzing financial data, identifying trends, and drawing meaningful conclusions.
Strategic Thinking: You see the big picture and can connect financial decisions with the overall organizational goals and long-term strategies.
Detail-oriented: You have a keen eye for detail and accuracy, particularly when it comes to financial reporting, budgeting, and analysis.
Decision-making Skills: You can weigh complex options, assess risk, and make sound financial decisions based on careful analysis and judgment.
Communication Skills: You can clearly and concisely explain complex financial concepts to both finance professionals and non-financial stakeholders.
Leadership and Collaboration: Financial managers often lead teams of analysts and collaborate with other departments to achieve financial goals.

Environment & Typical Day

Financial managers typically work in office settings, often within the finance departments of corporations, non-profit organizations, or government agencies.

A typical day for a financial manager might involve:

Financial Analysis: Poring over financial reports, analyzing performance metrics, identifying trends, and uncovering areas for improvement or potential financial risks.
Meetings and Collaboration: Collaborating with executives and department heads to discuss budgeting, financial forecasts, and resource allocation.
Financial Reporting: Preparing financial statements and reports for management, boards of directors, or external stakeholders, providing insights into the organization's financial health.
Strategic Planning: Developing long-term financial strategies, forecasting future revenue and expenses, and making recommendations to influence business decisions.
Research and Due Diligence: Researching investment opportunities, performing risk assessments, and making informed decisions on investment strategies.
Team Management (for senior managers): Overseeing the work of financial analysts, mentoring junior team members, and managing the performance of the finance team.

What are the Wages and Benefits?

Financial managers are well-compensated professionals. However, salaries can vary based on factors like experience, industry, company size, location, and specific responsibilities. Here's a general overview:

Salary: According to Glassdoor, entry-level financial managers in Canada can expect to earn around $80,000 to $110,000 annually. With experience, salaries can significantly increase. Senior financial managers with specialized skills can earn upwards of $150,000 per year or more.
Benefits: In addition to salary, financial manager positions often come with attractive benefits packages, which might include:
Health and dental insurance
Retirement savings plans
Performance-based bonuses
Paid vacation and sick time
Continuing education and professional development opportunities
Company stocks (in some corporations)

What is the Job Outlook?

The job outlook for financial managers is positive. Organizations across all industries require skilled professionals to manage their financial health, leading to a steady demand for qualified financial managers. Here's why:

How Do I Become a Financial Manager?

Here's a common pathway to a career as a financial manager:

Education:

Bachelor's Degree: A bachelor's degree in finance, accounting, economics, or business provides a strong foundation.
Master's Degree: An MBA (Master of Business Administration) or a specialized master's degree in finance can make you a more competitive candidate, especially for senior-level positions.

Certifications: While not always mandatory, professional certifications demonstrate your expertise and commitment to the field. Consider certifications like:

Experience:

Entry-Level Roles: Gain relevant experience in accounting, financial analysis, or auditing. These positions provide a strong base for moving into financial manager roles.
Internships: Internships within finance departments offer valuable exposure to real-world financial management tasks.

Develop Key Skills:

Financial modeling: Master financial modeling techniques and software for analysis and forecasting.
Data analysis: Build strong data analysis skills, including experience with statistical software.
Communication and Presentation: Practice presenting complex financial information clearly and concisely for both technical and non-technical audiences.

Networking: Engage with industry professionals through associations, conferences, and online forums to learn from experienced financial managers and expand your career opportunities.

Where Would I Work?

Financial managers can find opportunities in a diverse range of organizations across various industries. Here are some of the most common employers:

Corporations: Financial managers are essential in corporations of all sizes, from managing budgets and cash flow for small businesses to overseeing complex financial operations for multinational corporations.
Financial Services: Banks, investment firms, insurance companies, and other financial institutions employ financial managers to manage client investments, assess financial risks, and ensure regulatory compliance.
Non-Profit Organizations: Non-profits rely on financial managers to ensure the responsible use of donor funds, manage budgets for various programs, and track financial performance.
Government Agencies: Government agencies at all levels (federal, provincial, municipal) require financial managers to oversee public funds, develop budgets, and ensure financial accountability.
Healthcare: Hospitals, clinics, and other healthcare institutions employ financial managers to manage healthcare budgets, analyze insurance reimbursements, and ensure financial sustainability.

How Do I Find a Job?

Finding a job as a financial manager requires proactive searching and utilizing various resources. Here are some effective strategies:

Job Boards: Major online job boards like Indeed, Monster, LinkedIn list financial manager positions. Utilize relevant keywords in your searches, like "financial manager," "finance director," or "corporate finance." Filter your searches by industry or company size if you have a preference.
Professional Associations: Financial management associations often have job boards or career resources specifically for their members. Consider joining associations relevant to your interests, such as the Chartered Professional Accountants (CPA) or the Financial Management Institute (FMI).
Company Websites: Research companies you'd be interested in working for, particularly those in industries you find appealing. Explore their careers pages and apply for any open financial manager positions.
Networking: Connect with other financial professionals, attend industry events like conferences or workshops, and build relationships with potential employers or mentors. Networking is a powerful tool for uncovering hidden job opportunities.
Recruiters: Specialized financial recruitment agencies can connect you with relevant job openings and guide the application process.

Applying for a Job

The application process typically involves submitting a resume and cover letter, followed by interviews. Here's how to make a strong impression:

Tailored Resume and Cover Letter: Adapt your resume and cover letter to each specific job application. Highlight skills and experiences most relevant to the advertised position and the industry of the company.
Quantify Your Achievements: When describing your experience, use numbers and metrics to quantify your accomplishments. For instance, mention the percentage you reduced costs through budget analysis or the amount of revenue you helped generate through investment strategies.
Highlight Relevant Skills: Showcase your financial modeling skills, data analysis capabilities, and proficiency with financial reporting software.
Communication and Presentation Skills: Emphasize your communication skills and ability to present complex financial information clearly and concisely.
Industry Knowledge: Demonstrate your understanding of the specific industry you're targeting. Research current financial trends and challenges relevant to the companies you're applying to.

Where Can This Job Lead?

A career as a financial manager opens doors to various exciting opportunities for growth and advancement. Here are some potential paths:

Specialization: Gain expertise in a specific area like corporate finance, investment management, risk management, or forensic accounting.
Move into Senior Management: With experience and strong leadership skills, you could transition into senior financial management roles like Chief Financial Officer (CFO) or Vice President of Finance.
Financial Consulting: Experienced financial managers can leverage their expertise to become financial consultants, advising businesses on financial strategies, mergers and acquisitions, or risk management.
Teaching or Training: If you enjoy sharing your knowledge, you could pursue a career as a financial professor or trainer, educating future generations of finance professionals.
Entrepreneurship: Financial managers with strong business acumen might choose to use their financial expertise to launch their businesses.

The financial management field is constantly evolving. As financial technologies and regulations change, new opportunities will emerge. A career as a financial manager provides a solid foundation for a successful and rewarding path in the ever-dynamic world of finance.