Financial Managers

What do they do?

Financial managers are in charge of departments that handle money earned and spent by companies, government agencies, or organizations. They help companies, agencies, and organizations use money wisely and ensure smooth business operations.

Work Activities

• Prepare budgets and financial forecasts.
• Direct and coordinate activities to carry out institution's policies and procedures.
• Direct activities of workers who may be involved in accounting, data processing, recording financial transactions, setting up trust accounts, probating estates, or administering mortgage and trust accounts.
• Set financial procedures to insure safekeeping of assets.
• Develop relations with customers, community and civic organizations.

Skills & Abilities

• Knowledge of accounting, credit policies, computer processing, and institution policies and operations.
• Skills in administration and finance.
• Ability to develop long-range goals and objectives.
• Knowledge of federal and state laws and city codes and ordinances.
• Ability to express ideas, proposals, and recommendations effectively both orally and in writing.
• Have strong verbal ability in reading, writing, public speaking, and communicating with individuals.
• Have strong numerical ability.
• Be able to handle detailed paperwork.
• Be able to make decisions based on data and practical applications.
• Be able to plan policies, coordinate activities, and supervise employees.
• Have ability to move often from one task to another using a variety of skills.
• Have ability to work independently or with a variety of people.

Work settings

Environment: Work indoors in office settings with some community contacts.
Hours: Work usually 40 hours a week with extra evening and weekend responsibilities.
Employers: Banks, savings and loans, trust companies, credit agencies, credit unions, and non-profit and government organizations.

Employment & Wages

By 2000, it's estimated that 4,579 financial managers will be employed in Nebraska. Growth and/or turnover create approximately 106 annual job openings.
It's estimated that 950,000 financial managers will be employed in the U.S. by 2005.

Projected growth
Nebraska - About as fast as average, 10%
National - Faster than average, -24%
Nebraska annual beginning wage: $24,000 to $35,000
Nebraska annual experienced wage: $35,000 to $63,000
National annual average wage: $18,300 to $52,000

Training

• Bachelors degree in banking, finance, accounting, or business administration is needed.
• Masters degree will make a person more competitive.
• Several years of experience necessary.
• Person will often start as trainee and then rise through the ranks of the institution.

Helpful high school subjects

High school subjects that may help prepare individuals for this occupation include English, composition, speech, business communication, algebra I and II, geometry, literature, chemistry, physics, foreign language, government, economics, accounting, business and consumer law, and computer applications.

Bibliography

Nebraska Career Information System: Occupations (1996-97 ed.), pp. 8-10.
Complete Guide for Occupational Exploration (1993 ed.), pp. 464-468.
Dictionary of Occupational Titles (4th ed. Revised, 1991), p. 103, 119, 139.
Occupational Outlook Handbook (1996-97 ed.), p. 221.