What Do Financial Managers Do: Job Description, Responsibilities and Duties

Stanley TanLeave a Comment



daily life of a Branch or Department Financial Manager
are Branch or Department Financial Managers happy with their job

Branch or Department 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+



Being A Financial Manager: What You Really Do


In this job description guide, you will find out what do Branch or Department Financial Managers do and what is their typical work day like.

After reading this, you will have a much better idea on whether you will like working as a Branch or Department Financial Manager or not.



Job summary

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.

We asked Financial Managers how satisfied they are with their job. Here is what they said.

Job satisfaction

77%

How meaningful is this job

47%


77% of them said they were satisfied with their job and 47% said they find that their job makes the world a better place or helps to make someone else’s life better.



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Typical day

On a daily basis, Financial Managers Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter. They Examine, evaluate, or process loan applications.

1 of the main responsibilities as A Financial Manager is to 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.

Some may also Oversee the flow of cash or financial instruments.

In a normal work day, another thing that Financial Managers do is they Approve, reject, or coordinate the approval or rejection of lines of credit or commercial, real estate, or personal loans.

In addition to that, they Develop or analyze information to assess the current or future financial status of firms..

A typical day for A Financial Manager look like this:

Establish interpersonal business relationships to facilitate work activities.
Analyze financial records to improve budgeting or planning.
Supervise employees.
Direct financial operations.

We asked some Financial Managers a few questions to find out what else does their work day look like. Here is what we found.

Do you have telephone conversations everyday in this job?100% said yes
Do you have to use email everyday in this job?100% said yes
How important is it to work in a team in this job?55% said very important
Do you have group discussions everyday in this job?99% said yes
Do you have to meet strict deadlines everyday in this job?26% said yes
Do you talk or work with customers everyday in this job?52% said yes
Do you have to deal with angry customers everyday in this job?22% said yes
Do you have to make decisions everyday in this job?65% said yes



Other responsibilities

Besides the “typical day” things that Financial Managers do, they Network within communities to find and attract new business. They might also Prepare financial or regulatory reports required by laws, regulations, or boards of directors.

On a weekly to monthly basis, Financial Managers Review collection reports to determine the status of collections and the amounts of outstanding balances. and Prepare operational or risk reports for management analysis.

In addition, they Evaluate financial reporting systems, accounting or collection procedures, or investment activities and make recommendations for changes to procedures, operating systems, budgets, or other financial control functions.

Although specific duties may vary, many of them Communicate with stockholders or other investors to provide information or to raise capital.

To some Financial Managers, it is also their responsibility to Analyze and classify risks and investments to determine their potential impacts on companies.

A typical week or month for them might include:

Establish interpersonal business relationships to facilitate work activities.
Prepare financial documents, reports, or budgets.
Prepare reports related to compliance matters.
Maintain regulatory or compliance documentation.
Analyze financial records or reports to determine state of operations.
Prepare operational progress or status reports.
Analyze financial records to improve efficiency.
Recommend organizational process or policy changes.



Working life

Working hours

More than 40 hours per week

Working schedule

Regular (Set schedule and routine)


In a typical work week as A Financial Manager, you can expect to work More than 40 hours per week.

Do Financial Managers work in an office-style work environment?

Everyday
92.57%

Once a week
0%

Once a month
0%

Once a year
1.95%

Never
5.48%

Do Financial Managers work in a warehouse-style work environment?

Everyday
0%

Once a week
0%

Once a month
19.05%

Once a year
5.42%

Never
75.54%

Do Financial Managers work outdoors?

Everyday
0%

Once a week
1.23%

Once a month
10.04%

Once a year
26.42%

Never
62.32%



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.

You will like this career if you are someone who likes starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.

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



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Related to Branch or Department Financial Managers Job Description

Branch or Department Financial Managers job description, what do Branch or Department Financial Managers do, typical day for Branch or Department Financial Managers, what is it like to work as a Branch or Department Financial Manager, how many hours do Branch or Department Financial Managers work, day to day work of a Branch or Department Financial Manager

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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Branch or Department 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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