0111 Financial managers

Category: Management occupations

Major Group 01-05 : Specialized middle management occupations

 

 

Financial managers plan, organize, direct, control and evaluate the operation of financial and accounting departments. They develop and implement the financial policies and systems of establishments. Financial managers establish performance standards and prepare various financial reports for senior management. They are employed in financial and accounting departments in companies throughout the private sector and in government.

Example Titles

controller – financial services
director – financial services
director of accounting
finance director
financial administrator
manager, financial control
manager, financial planning and analysis
manager, internal audit services
treasurer

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Main duties

Financial managers perform some or all of the following duties:

• Plan, organize, direct, control and evaluate the operation of an accounting, audit or other financial department

• Develop and implement the financial policies, systems and procedures of an establishment

• Prepare or co-ordinate the preparation of financial statements, summaries, and other cost-benefit analyses and financial management reports

• Co-ordinate the financial planning and budget process, and analyze and correct estimates

• Supervise the development and implementation of financial simulation models

• Evaluate financial reporting systems, accounting procedures and investment activities and make recommendations for changes to procedures, operating systems, budgets and other financial control functions to senior managers and other department or regional managers

• Recruit, organize, train and manage staff

• Act as liaison between the organization and its shareholders, the investing public and external financial analysts

• Establish profitability standards for investment activities and handle mergers and/or acquisitions

• Notify and report to senior management concerning any trends that are critical to the organization’s financial performance.

 

Employment requirements

• A bachelor’s degree in business administration, economics, commerce or a related field is required.

• A master’s degree in business administration (concentration in finance), or another master’s level management program may be required.

• Several years of experience in accounting, auditing, budgeting, financial planning and analysis or other financial activities are required.

• Accounting and audit managers may require a recognized accounting designation (CA, CMA or CGA).

Additional information

• Progression to senior management positions, such as vice-president of finance, is possible with experience.

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