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.
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.
$134330 per year
$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 states||Hourly||Annual|
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).
Recommended degree level
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.
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.
In addition to that, 1 common characteristic among successful Financial Managers is they are good at Integrity. Here are the top 5 common characteristics.
|Attention to Detail|
= Hot in-demand that most employers are looking for
Pros and Cons
Here are some reasons why you should and shouldn’t choose A Financial Manager as your career.
|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|
|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
Is this job meaningful
More than 40 hours per week
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.
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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 sell financial services, such as loan, tax, and securities counseling to customers of financial institutions and business establishments.
They buy and sell securities in investment and trading firms and develop and implement financial plans for individuals, businesses, and 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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Career type Management
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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