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.
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.
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 states
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).
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.
They plan, direct, or coordinate activities designed to create or maintain a favorable public image or raise issue awareness for their organization or client; or if engaged in fundraising, plan, direct, or coordinate activities to solicit and maintain funds for special projects or nonprofit organizations.
They plan, direct, or coordinate the actual distribution or movement of a product or service to the customer. Coordinate sales distribution by establishing sales territories, quotas, and goals and establish training programs for sales representatives. Analyze sales statistics gathered by staff to determine sales potential and inventory requirements and monitor the preferences of customers.
They plan, direct, or coordinate marketing policies and programs, such as determining the demand for products and services offered by a firm and its competitors, and identify potential customers. Develop pricing strategies with the goal of maximizing the firm’s profits or share of the market while ensuring the firm’s customers are satisfied. Oversee product development or monitor trends that indicate the need for new products and services.
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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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