What Do Financial Managers Do (including Their Typical Day At Work)

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Job Description, Daily Responsibilities, and Work Life.

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. They also examine, evaluate, or process loan applications.

Other tasks include:

  • 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.
  • Oversee the flow of cash or financial instruments.
  • Prepare financial or regulatory reports required by laws, regulations, or boards of directors.
  • Develop or analyze information to assess the current or future financial status of firms.

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 At Work

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.

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
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 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 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.


Working life

Working hours

More than 40 hours per week

Working schedule

Regular schedule like a 9 to 5

In a typical work week as a Branch or Department Financial Manager, you can expect to work more than 40 hours per week.

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

Every day
93%


Never
5%


Do Financial Managers work outdoors?

Never
62%


Once a year
26%



Is this right for me

Best personality for this career

The Entrepreneurs and The Organizers

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.

You can read more about these career personality types here.




Learn more about Financial Managers

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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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