According to a 2005 survey by Robert Half International, a staffing services firm specializing in accounting and finance professionals, directors of finance earned between $78,500 and $178,250, and corporate controllers earned between $61,250 and $147,250.
A 2004 survey of manufacturing firms conducted by Abbot, Langer, and Associates, Inc., a human resources management consulting firm, reported the following median annual incomes: chief corporate financial officers, $130,000; corporate controllers, $86,150; cost accounting managers, $67,161; and general accounting managers, $64,100.
Facts at a glance
- About 3 out of 10 work in finance and insurance industries.
- A bachelor’s degree in finance, accounting, or a related field is the minimum academic preparation, but many employers increasingly seek graduates with a master’s degree in business administration, economics, finance, or risk management.
- Experience may be more important than formal education for some financial manager positions—most notably, branch managers in banks.
- Jobseekers are likely to face competition
Summary of what this career entails
A financial manager oversees the preparation of financial reports, direct investment activities and he/she will also implement strategies to manage money. Organizing and recording the data needed to do the above is no longer a major part of a financial manager’s job because of computers. Analyzing the data and implementing a sound strategy is far more important in contemporary financial management. Two examples of a financial manager are a cash manager, who monitors and controls the money flow of the company they work for. He/she makes decisions such as whether or not the company should take out loans to make ends meet or if it has enough money to invest in an interest-bearing instrument. A risk and insurance manager makes sure programs are minimizing losses.
Examples and or details of work
Work a financial manager might do is counsel his business or even other businesses in the dangers of making uneducated decisions about its money. An example of that is the Healthcare Financial Association giving a presentation on the IRS rules and regulations for making payments to foreign nationals. In this case the presentation is how to report the association’s payments to foreign nationals to the IRS. Filing improperly could lead to fines or worse.
Degrees that lead to this career
Degrees needed for a career in financial management include finance, accounting, economics, and business administration. Master’s degrees that will be taken into account include business administration, economics, finance, and risk management. Many associations offer certification programs for experienced financial analysts. An example is the Institute of Management Accountants, an organization that offers certification to members with a bachelor’s degree, two years experience and is able to fulfill management requirements.
Specific Career openings in this field
Specific career openings in the financial management field include treasure and financial management, controller, credit manager, cash manager, risk and insurance manager, financial manager, local government, chief corporate financial officer, cost accounting manager, general accounting manager, company and enterprise manager.
Reference Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2006-07 Edition, Financial Managers, on the Internet at http://www.bls.gov/oco/ocos010.htm
“Windstar Technologies, Inc. Presenting Webcast for Healthcare Financial Management Association”. PR Newswire. 17 October 2006. 22 October 2006. http://www.sys-con.com/read/286361.htm