Financial Managers: Salary, Job Description, How To Be One and More

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Financial Managers jobs information
pros and cons of being a Branch or Department Financial Manager

Financial Managers

Other names for this job might include Account Manager, Accountant Supervisor, Accounts Manager, Accounts Supervisor, Actuarial Manager, Asset Manager, Assistant Manager, Assistant Vice President (AVP), ATM Manager (Automatic Teller Machine Manager), Auditing Manager


  • $134330
    Salary
  • 77%
    Job satisfaction
  • Quite Hard
    Becoming one
  • Medium
    Job growth
OwlGuru Rank

A+



Financial Managers: Know It All In 1 Minute


In this career summary, you will find out what the job of A Financial Manager is about and what it is like.

After reading this, you will have a good idea on what the job is about and decide if this is the right career for you.



Job description

Financial Managers direct and coordinate financial activities of workers in a branch, office, or department of an establishment, such as branch bank, brokerage firm, risk and insurance department, or credit department.

  • Plan, direct, or coordinate the activities of workers in branches, offices, or departments of establishments, such as branch banks, brokerage firms, risk and insurance departments, or credit departments.
  • Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter.
  • Recruit staff members.
  • Prepare operational or risk reports for management analysis.

Read more about what does A Financial Manager really do at work and what is it like being and working as one.


Become one

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Salary

Average salary
$134330 per year

Hourly wage
$64.58 an hour


Financial Managers with little to no experience tend to make between $63020 and $84600 while the more experienced ones make over $163680 per year.

Top 5 paying statesHourlyAnnual
NY$86.93$180820
DE$76.8$159740
NJ$76.59$159310
CO$73.54$152970
DC$72.78$151390

1 of the easiest ways to increase your salary as A Financial Manager is to move to a higher paying state like NY. Right now, the highest paying states for Financial Managers are NY, DE, NJ, CO and DC.

However a higher pay at NY doesn’t guarantee that you will make more because the living expenses at NY might be 2x higher than where you are currently at now.

3 other factors that can increase your salary as A Financial Manager is the degree you hold, the industry you work in and lastly the company you work for (bigger companies like the Fortune 500 companies tend to pay more).

Find out how much do successful Financial Managers make and if their salary is high when compared to all the other careers.


Requirements

Recommended degree level
Bachelor’s Degree

We asked other Financial Managers what degree they had when they got the job and most of them said they had a Bachelors degree followed by High School Diploma.

Other than that we also asked them what did they major in and here are the most popular majors that came up.

Accounting and Finance
Accounting and Business/Management
Finance, General
International Finance
Public Finance

Another popular question from our readers is what makes A Financial Manager successful or would they be good in this career.

Well, we found that most successful Financial Managers have these 5 skillsets.

Reading Comprehension
Active Listening
Speaking
Critical Thinking
Monitoring

In addition to that, 1 common characteristic among successful Financial Managers is they are good at Integrity. Here are the top 5 common characteristics.

Integrity
Dependability
Attention to Detail
Achievement/Effort
Persistence
= Hot in-demand that most employers are looking for

Read more about what it really takes to become A Financial Manager and the degree, training and education you need


Pros and Cons

Here are some reasons why you should and shouldn’t choose A Financial Manager as your career.

PROS
Suitable for people who likes to start and carry out projects
Suitable for people who wants job security and a good working condition
This career is perfect for people who love to work indoors.
One of the highest paid careers in the world
CONS
Not suitable for people who likes to work with designs
It is hard to get into this career. A considerable amount of workrelated skill, knowledge, or experience is required for this career.
Long working hours (More than 40 hours per week)


There will be pros and cons for all jobs. The point is how much do the pros outweigh the cons to you.

A pro to you might be a con to Bob. A pro to Bob might be a con to you. We suggest reading about this career framework that can help you to find out what type of careers are right for you.



What is the job like

Job satisfaction
77%

Is this job meaningful
47%


Working hours
More than 40 hours per week

Working schedule
Regular (Set schedule and routine)


On a normal working week Financial Managers work More than 40 hours per week.

77% of Financial Managers said they were satisfied with their job and 47% said they feel like their job is making other people’s lives better.



Is this right for me

Best personality for this career
The Persuaders and The Organizers


You can read more about these career personality types here.

People who are suitable for this job tends to like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.

They also like following set procedures and routines. They like working with data and details more than with ideas.



How we can help

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Career type

Management
Agribusiness Systems
Business Financial Management and Accounting
Financial and Investment Planning

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Related to Financial Managers Career Information

Financial Managers job description, Financial Managers salary, Financial Managers information, what is the job of a Branch or Department Financial Manager like, pros and cons about Financial Managers, colleges and universities for Financial Managers, is Financial Managers, Branch or Department the right career for me, Quite Hard careers to get into, careers in Management

Additional resources

http://www.bls.gov/OOH/management/financial-managers.htm
http://www.fma.org/
http://www.afponline.org/
https://www.cfainstitute.org/

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Financial Managers
Written by: Stanley Tan
Financial Managers direct and coordinate financial activities of workers in a branch, office, or department of an establishment, such as branch bank, brokerage firm, risk and insurance department, or credit department.
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