What Does A Financial Manager Do (including Their Typical Day at Work)

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Financial Managers

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.

Salary
$151510
Becoming One
Hard
Education
Bachelor's degree
Job Satisfaction
Job Growth

Personality
Interest Match





Find a job you love and you will never work a day in your life.Confucius

What they do

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.

  • Examine, evaluate, or process loan applications.
  • Approve, reject, or coordinate the approval or rejection of lines of credit or commercial, real estate, or personal loans.
  • 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.

Typical day

On a daily basis, Financial Managers oversee the flow of cash or financial instruments. They develop or analyze information to assess the current or future financial status of firms.

A typical day for a Branch or Department Financial Manager will also include:

  • 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.
  • Examine, evaluate, or process loan applications.
  • Approve, reject, or coordinate the approval or rejection of lines of credit or commercial, real estate, or personal loans.
  • Analyze and classify risks and investments to determine their potential impacts on companies.

Other responsibilities

Besides their typical day, Financial Managers also review reports of securities transactions or price lists to analyze market conditions. They may also analyze and classify risks and investments to determine their potential impacts on companies.

On a weekly to monthly basis, Financial Managers prepare operational or risk reports for management analysis. They might also prepare financial or regulatory reports required by laws, regulations, or boards of directors.

In addition, they review collection reports to determine the status of collections and the amounts of outstanding balances.

Although specific duties may vary, many of them 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.

To some Financial Managers, it is also their responsibility to communicate with stockholders or other investors to provide information or to raise capital.

Freedom to make decisions

How much decision making freedom does this job offer?

No freedom
0%

Very little freedom
1%

Limited freedom
17%

Some freedom
46%

A lot of freedom
36%

Structured vs unstructured work

To what extent is this job structured for you versus allowing you to determine your own tasks, priorities, and goals?

No freedom
0%

Very little freedom
0%

Limited freedom
18%

Some freedom
44%

A lot of freedom
39%


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What is the job like

Job satisfaction

Very High

Is this job meaningful

Average

77% said they were satisfied with their job and 47% said they found their job meaningful.


Haley Hill
Lead Bank

I am an Assistant Regional Branch Manager of Lead Bank in Kansas City Missouri.

Being the first point of contact, most clients enjoy the personalized conversations that branch bankers offer. Our expertise with transactions, opening accounts, checking balances, and educating clients on new products and services, is invaluable. Our bankers spend most of their time assisting and interacting with people through various channels; online, by phone, Zoom, or in person. A downside to being a banker is seeing clients go through a tough time; we become invested in our clients and always want to see them succeed. Those times allow our bankers to become creative and offer imaginative solutions. Each day is different and energizing for a branch banker.

Younger bankers have the opportunity to develop relevant life skills that they may not have learned in the classroom. We depend on bankers to become experts on essential skills like one-on-one conversations that make people feel comfortable and important, cash handling, counting cash, saving money, and understanding how loans work. This expertise benefits them later in life when they consider student loans or even buying a home.

It’s an exciting time to be a banker! While the banking industry is evolving thanks to advancements in technology and a constantly changing economic environment, the banking profession offers career stability and the incredible opportunity to help local small businesses succeed. When I was in high school, I remember that daunting feeling of trying to choose what I wanted to be when I “grew up.” I wish someone would have recommended banking to me sooner; I love that my career also positively impacts our communities.


Pros

Suitable for people who like 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 like to work with designs.

It is hard to get into this career. A considerable amount of work-related skill, knowledge, or experience is required for this career.

Long working hours (More than 40 hours per week).

How much do they make

Average salary

$151510 per year

Average hourly wage

$73 per hour

Entry-level Financial Managers with little to no experience can expect to make anywhere between $70,830 to $95,770 per year or $34 to $46 per hour.

Salary by experience Annual Hourly
Highest (Top 10%) $208,000+ $100+
Senior (Top 25%) $186,030 $89
Median $134,180 $65
Junior (Bottom 25%) $95,770 $46
No experience (Bottom 10%) $70,830 $34

This table shows the top 10 highest paying industries for Financial Managers based on their average annual salary.

Salary by industry Annual Hourly
Securities, Commodity Contracts, and Other Financial Investments and Related Activities $206050 $99.06
Other Information Services $204410 $98.27
Monetary Authorities-Central Bank $200780 $96.53
Cable and Other Subscription Programming $196520 $94.48
Computer and Peripheral Equipment Manufacturing $195340 $93.91
Motion Picture and Video Industries $192330 $92.47
Scientific Research and Development Services $187830 $90.30
Advertising, Public Relations, and Related Services $178730 $85.93
Cut and Sew Apparel Manufacturing $178330 $85.74
Software Publishers $177720 $85.44

View more salary by industries here.

Where can they work

Where can Financial Managers work? Here is a table showing the top 10 largest employers of Financial Managers including the average salary in that industry.

Employers Total Employed Annual Salary Hourly Wages
Credit Intermediation and Related Activities 98570 $124040 $59.64
Management of Companies and Enterprises 74260 $165480 $79.56
Accounting, Tax Preparation, Bookkeeping, and Payroll Services 42750 $175200 $84.23
Securities, Commodity Contracts, and Other Financial Investments and Related Activities 41920 $206050 $99.06
Insurance Carriers 26990 $170850 $82.14
Local Government 19870 $109000 $52.40
Nondepository Credit Intermediation 19750 $144140 $69.30
Management, Scientific, and Technical Consulting Services 15610 $168010 $80.77
Computer Systems Design and Related Services 15490 $176060 $84.65
Agencies, Brokerages, and Other Insurance Related Activities 13810 $159020 $76.45

What is the work day like

Working hours

Less than 40 hours
0%

40 hours
22%

More than 40 hours
78%

Working schedule

100%

0%

0%

Work with group or team

How important is it to work with others in a group or team in this job?

Not important at all
5%

Fairly important
0%

Important
15%

Very important
26%

Extremely important
55%

Deal with external customers

How important is it to work with customers in this job?

Not important at all
0%

Fairly important
3%

Important
25%

Very important
20%

Extremely important
52%

Manage or lead others

How important is it to coordinate or lead others in completing work activities in this job?

Not important at all
0%

Fairly important
0%

Important
14%

Very important
35%

Extremely important
51%

Email

How often do you use email in this job?

Once a week
0%

Every day
100%

Telephone

How often do you have telephone conversations in this job?

Once a week
0%

Every day
100%

Group discussions

How often do you have group discussions in this job?

Once a week
1%

Every day
99%

Public speaking

How often does this job require you to do public speaking?

Never
2%

Once a year
51%

Once a month
17%

Once a week
19%

Every day
10%

Frequency of conflict situations

How often are there conflict situations in this job?

Never
0%

Once a year
5%

Once a month
24%

Once a week
56%

Every day
14%

Dealing with angry people

How often do you have to deal with angry, unpleasant, or discourteous individuals in this job?

Never
1%

Once a year
9%

Once a month
41%

Once a week
27%

Every day
22%

Dealing with physically aggressive people

How often do you have to deal with physically aggressive people in this job?

Never
46%

Once a year
40%

Once a month
4%

Once a week
10%

Every day
0%

Level of competition

How much competitive pressure is in this job?

Not competitive at all
1%

Slightly competitive
1%

Moderately competitive
44%

Highly competitive
28%

Extremely competitive
27%

Repetition in this job

How important is repeating the same type of task over and over in this job?

Not important at all
8%

Fairly important
10%

Important
23%

Very Important
20%

Extremely Important
39%

Impact of decisions on co-workers or company results

What results do your decisions usually have on other people or the reputation or financial resources of your employer?

No impact
0%

Minor impact
10%

Moderate impact
8%

Important impact
45%

Very important impact
37%

Frequency of decision making

How frequently do you have to make decisions that affect other people, the financial resources, and/or the reputation of the company?

Never
0%

Once a year
0%

Once a month
5%

Once a week
29%

Every day
65%

Responsibility for others’ health and safety

How much responsibility is there for the health and safety of others in this job?

No responsibility
10%

Limited responsibility
21%

Moderate responsibility
3%

High responsibility
48%

Very high responsibility
18%

Responsibility for outcomes and results

How much responsibility is there for the work outcomes and results of other workers?

No responsibility
0%

Limited responsibility
1%

Moderate responsibility
0%

High responsibility
55%

Very high responsibility
45%

What is the work environment like

Office-style environment

Indoors in an environmentally controlled condition

Never
5%

Once a year or more
2%

Once a month or more
0%

Once a week or more
0%

Every day
93%

Warehouse-style environment

Indoors in a non-controlled environmental condition such as a warehouse

Never
76%

Once a year or more
5%

Once a month or more
19%

Once a week or more
0%

Every day
0%

Outdoors

Outdoors exposed to all weather conditions

Never
62%

Once a year or more
26%

Once a month or more
10%

Once a week or more
1%

Every day
0%

Outdoors – Under Cover

Outdoors but under cover (e.g. structure with roof but no walls)

Never
62%

Once a year or more
19%

Once a month or more
19%

Once a week or more
0%

Every day
0%

How to become one

Difficulty to become one

Hard
You will need a considerable amount of work-related skill, knowledge, or experience. Careers in this difficulty category usually require a Bachelor’s degree and several years of work-related experience, on-the-job training, and/or vocational training. Similar careers include Database Administrators, Chemists, Art Directors, and Accountants.

Required level of education

What level of education do you need to perform the job?

Less than a High School Diploma
0%

High School Diploma or equivalent
17%

Post-Secondary Certificate
2%

Some College Courses
7%

Associate’s Degree or similar
3%

Bachelor’s Degree
50%

Post-Baccalaureate Certificate
6%

Master’s Degree
14%

Post-Master’s Certificate
0%

First Professional Degree
0%

Doctoral Degree
0%

Post-Doctoral Training
0%

Relevant work experience

How much related work experience do you need to get hired for the job?

None
3%

1 month
0%

1 to 3 months
0%

3 to 6 months
6%

6 months to 1 year
6%

1 to 2 years
1%

2 to 4 years
13%

4 to 6 years
22%

6 to 8 years
31%

8 to 10 years
14%

Over 10 years
3%

On The Job Training

How much on the job training do you need to perform the job?

None or short demonstration
0%

1 month
17%

1 to 3 months
47%

3 to 6 months
12%

6 months to 1 year
9%

1 to 2 years
7%

2 to 4 years
2%

4 to 10 years
6%

Over 10 years
0%

Should you become one

Best personality type for this career

The Leader

People with this personality likes to start and work on projects. They also like leading people and making many decisions.

The Builder
24%

People with The Builder personality type likes practical and hands-on work. They prefer working with plants, animals, and real-world materials like wood, tools, and machinery.


The Thinker
24%

People with The Thinker personality likes to work with ideas that require an extensive amount of thinking. They prefer work that requires them to solve problems mentally.


The Artist
19%

People with The Artist personality likes to work with designs and patterns. They prefer activities that require self-expression and prefer work that can be done without following a clear set of rules.


The Helper
48%

People with The Helper personality type likes to work with people and in teams. They prefer work that allows them to build relationships with others.


The Leader
100%

People with The Leader personality likes to start and work on projects. They also like leading people and making many decisions.


The Organizer
71%

People with The Organizer personality type likes to follow set procedures and routines. They prefer working with data and details more than with ideas.


You can read more about these career personality types here.

People who are suitable for this job tend 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.

Take this quiz to see if this is the right career for you.

Work Values

Which values are the most important to a person’s satisfaction for this job?

Achievement
76%

You are someone who is results oriented. You prefer work that allows you to utilize your skills and abilities while at the same time giving you a sense of accomplishment.

Working Conditions
86%

You are someone who values job security, steady employment, and good working conditions. You also prefer work that keeps you busy all the time with something different to do every day.

Recognition
81%

You are someone who values job advancement and leadership roles. You prefer work that receives recognition for the work you do and jobs that are looked up to by others in the company and your community.

Relationships
71%

You are someone who likes to provide a service to others. You prefer a work environment where you can work with your co-workers in a friendly non-competitive environment.

Support
71%

You are someone who values a company that stands behind their employees. You prefer a work environment where everyone is treated fairly and is being supported by the company.

Independence
86%

You are someone who likes to work on your own and make your own decisions. You prefer work that requires little supervision and are allowed to try out your own ideas.

FAQ


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