| Welcome
to Finace Jobs and Employment and Career Links Financial
Designations and Board Certifications Sposored Links:
- AccountantsChoice
- Accounting recruiting firm
- AccountPros
- Employment search for accounting professionals.
- AMGI,
Inc - Cash management, treasury management jobs
- Bank
Administration Institute - Financial services employment database and posting
site.
- Bankjobs.com - Banking and financial
industry career site.
- BankStaffers.com
- Recruitment service, located in New York City, offering job opportunities in
domestic and international banks.
- BankTalent
- Combines resumes with predictive behavioral scores.
- Big
Five Professionals - Provides job search services, resume posting, and networking
tools, for current and former professionals of the big five accounting and consulting
firms.
- Bookkeeper Jobs - Search
and Post jobs for Bookeepers.
- Brokerhunter.com
- Employment resource dedicated exclusively to the securities industry.
- Capital
Market Jobs Ltd - Jobs in banking covering back, middle and front office in
London and Europe.
- Career Exposure
- Financial services job listings. Resume posting.
- Charles
Schwab - Career opportunities available in investment services and stock trading.
- eFinancialJobs.com - Financial
jobs site, listing opportunities for accounting, banking, finance, and insurance
professionals.
- The Executive
Network - The Executive Network is a confidential network that brings together
executives with specialist recruitment consultants.
- Finance
Director . COM - Lists vacancies for senior finance personnel.
- Finance
Executive and Management Jobs - Financial executive and senior management
job listings in governmental, educational, nonprofit, and public sector organizations.
- financeprofessional.com
- An information site for investment bankers, including links and content on careers
and job searches. Also includes a message board for investment bankers.
- Financial
Career Salary Surveys - Lists of salary surveys for financial professionals
and others disciplines.
- Financial
Recruiting Firm - Financial services recruiting firm in Boston, MA
- Financial
Women International - Women in the financial services industry job site. Women
career issues and support.
- FINANCIALjobs.com
- Accounting and financial jobs. Agency that has openings throughout the nation
organized by discipline.
- Financial-Jobs.com
- Source for careers in banking, accounting, corporate finance and investment.
- Fincareer.com - Career resources and
listings in financial careers areas. Resume and job posting.
- Insurance
Industry Career Center - Links to insurance industry career sites, headhunters,
and other organizations.
- InsuranceWorks.com
- Post resumes, manage job search and receive job notification. Employers post
jobs, receive resumes online and search database of insurance professionals.
- Jobsfinancial
- Finance and accountancy vacancies, jobs or careers.
- AAFM
Jobsinthemoney.com - Financial jobs for finance, accounting and banking professionals
nationwide.
- MoneyCareers.com -
MoneyCareers.com Career and Resource Portal.
- National
Banking Network - Banking and Financial Services job site.
- The
New York Job Exchange - Agency that lists job openings for the financial district
of New York. Lists market conditions, training resources. Agency fees are paid
by employer.
- The Nolan Group - The
Nolan Group is an executive search and consulting services San Francisco Bay Area.
- Real Estate Recruit - National executive
recruiting in the financial services and real estate industries.
- Russell
Stephens, LLC - Recruitment firm specializing in the search, selection and
placement of banking and financial services professionals at all levels.
- Street
Jobs - Financial job resource and servicing US and global investment banks
and brokerage firms.
- Taft Associates
- Specializing in placing public and private accounting, financial compliance,
credit, and collection professionals.
Financial Managers
Nature
of the Work | Working Conditions | Employment | Training, Other Qualifications,
and Advancement | Job Outlook | Earnings | Related Occupations | Sources of Additional
Information Significant Points
A bachelor's degree in finance,
accounting, or a related field is the minimum academic preparation, but many employers
increasingly seek graduates with a master's degree.
The increasing need for
financial expertise will spur employment growth.
Nature of the Work
Almost
every firm, government agency, and organization has one or more financial managers
who oversee the preparation of financial reports, direct investment activities,
and implement cash management strategies. As computers are increasingly used to
record and organize data, many financial managers are spending more time developing
strategies and implementing the long-term goals of their organization. The
duties of financial managers vary with their specific titles, which include controller,
treasurer, credit manager, and cash manager. Controllers direct the preparation
of financial reports that summarize and forecast the organization's financial
position, such as income statements, balance sheets, and analyses of future earnings
or expenses. Controllers also are in charge of preparing special reports required
by regulatory authorities. Often, controllers oversee the accounting, audit, and
budget departments. Treasurers and finance officers direct the organization's
financial goals, objectives, and budgets. They oversee the investment of funds
and manage associated risks, supervise cash management activities, execute capital-raising
strategies to support a firm's expansion, and deal with mergers and acquisitions.
Cash managers monitor and control the flow of cash receipts and disbursements
to meet the business and investment needs of the firm. For example, cashflow projections
are needed to determine whether loans must be obtained to meet cash requirements
or whether surplus cash should be invested in interest-bearing instruments. Risk
and insurance managers oversee programs to minimize risks and losses that may
arise from financial transactions and business operations undertaken by the institution.
They also manage the organization's insurance budget. Credit managers oversee
the firm's issuance of credit. They establish credit-rating criteria, determine
credit ceilings, and monitor the collections of past-due accounts. Managers specializing
in international finance develop financial and accounting systems for the banking
transactions of multinational organizations. Financial institutions, such
as commercial banks, savings and loan associations, credit unions, and mortgage
and finance companies, employ additional financial managers who oversee various
functions, such as lending, trusts, mortgages, and investments, or programs, including
sales, operations, or electronic financial services. These managers may be required
to solicit business, authorize loans, and direct the investment of funds, always
adhering to Federal and State laws and regulations. (Chief information officers
and other financial executives are included in the Handbook statement on top executives.)
Branch managers of financial institutions administer and manage all the
functions of a branch office, which may include hiring personnel, approving loans
and lines of credit, establishing a rapport with the community to attract business,
and assisting customers with account problems. Financial managers who work for
financial institutions must keep abreast of the rapidly growing array of financial
services and products. In addition to the general duties described above,
all financial managers perform tasks unique to their organization or industry.
For example, government financial managers must be experts on the government appropriations
and budgeting processes, whereas healthcare financial managers must be knowledgeable
about issues surrounding healthcare financing. Moreover, financial managers must
be aware of special tax laws and regulations that affect their industry. Areas
in which financial managers play an increasingly important role involve mergers
and consolidations, and global expansion and financing. These developments require
extensive, specialized knowledge on the part of the financial manager to reduce
risks and maximize profit. Financial managers increasingly are hired on a temporary
basis to advise senior managers on these and other matters. In fact, some firms
contract out all accounting and financial functions to companies that provide
these services. The role of the financial manager, particularly in business,
is changing in response to technological advances that have reduced the amount
of time it takes to produce financial reports significantly. Financial managers
now perform more data analysis and use it to offer senior managers ideas on how
to maximize profits. They often work on teams, acting as business advisors to
top management. Financial managers need to keep abreast of the latest computer
technology in order to increase the efficiency of their firm's financial operations.
Working Conditions
Financial managers work in comfortable offices,
often close to top managers and to departments that develop the financial data
these managers need. They typically have direct access to state-of-the-art computer
systems and information services. Financial managers commonly work long hours,
often up to 50 or 60 per week. They generally are required to attend meetings
of financial and economic associations and may travel to visit subsidiary firms
or to meet customers.
Employment Financial managers held about
658,000 jobs in 2000. Although these managers are found in virtually every industry,
more than one-fourth were employed by services industries, including business,
health, social, and management services. About 3 out of 10 were employed by financial
and related institutions, such as banks, savings institutions, finance companies,
credit unions, insurance companies, securities dealers, and real estate firms.
Training, Other Qualifications, and Advancement A bachelor's
degree in finance, accounting, economics, or business administration is the minimum
academic preparation for financial managers. However, many employers increasingly
seek graduates with a master's degree, preferably in business administration,
economics, finance, or risk management. These academic programs develop analytical
skills and provide knowledge of the latest financial analysis methods and technology.
Experience may be more important than formal education for some financial
manager positions—notably, branch managers in banks. Banks typically fill
branch manager positions by promoting experienced loan officers and other professionals
who excel at their jobs. Other financial managers may enter the profession through
formal management trainee programs offered by the company. Continuing education
is vital for financial managers, reflecting the growing complexity of global trade,
shifting Federal and State laws and regulations, and a proliferation of new and
complex financial instruments. Firms often provide opportunities for workers to
broaden their knowledge and skills by encouraging employees to take graduate courses
at colleges and universities or attend conferences related to their specialty.
Financial management, banking, and credit union associations, often in cooperation
with colleges and universities, sponsor numerous national and local training programs.
Persons enrolled prepare extensively at home, then attend sessions on subjects
such as accounting management, budget management, corporate cash management, financial
analysis, international banking, and information systems. Many firms pay all or
part of the costs for those who successfully complete courses. Although experience,
ability, and leadership are emphasized for promotion, advancement may be accelerated
by this type of special study. In some cases, financial managers also may
broaden their skills and exhibit their competency in specialized fields by attaining
professional certification. For example, the Association for Investment Management
and Research confers the Chartered Financial Analyst designation on investment
professionals who have a bachelor's degree, pass three test levels, and meet work
experience requirements. The National Association of Credit Management administers
a three-part certification program for business credit professionals. Through
a combination of experience and examinations, these financial managers pass from
the level of Credit Business Associate to Credit Business Fellow and, finally,
to Certified Credit Executive. The Association for Financial Professionals (AFP)
confers the Certified Cash Manager credential to those with a minimum of 2 years
of relevant experience who pass a computer-based exam, and the Certificate in
International Cash Management to those who participate in a self-study and examination
program. In partnership with the University of Michigan Business School, AFP also
offers the Certificate in Finance and Treasury Management, which recognizes professionals
who demonstrate competencies in financial and treasury management at the senior
level. More recently, the Association of Government Accountants has begun to offer
the Certified Government Financial Manager certification to those who have a bachelor's
degree, at least 2 years of relevant experience, and who pass three examinations.
Financial managers who specialize in accounting may earn the Certified Public
Accountant (CPA) or Certified Management Accountant (CMA) designations. (See the
Handbook statement on accountants and auditors.) Candidates for financial
management positions need a broad range of skills. Interpersonal skills are increasingly
important because these jobs involve managing people and working as part of a
team to solve problems. Financial managers must have excellent communication skills
to explain complex financial data. Because financial managers work extensively
with various departments in their firm, a broad overview of the business is essential.
Financial managers should be creative thinkers and problem-solvers, applying
their analytical skills to business. They must be comfortable with the latest
computer technology. As financial operations increasingly are affected by the
global economy, managers must have knowledge of international finance. Proficiency
in a foreign language also may be important. Because financial management
is critical for efficient business operations, well-trained, experienced financial
managers who display a strong grasp of the operations of various departments within
their organization are prime candidates for promotion to top management positions.
Some financial managers transfer to closely related positions in other industries.
Those with extensive experience and access to sufficient capital may start their
own consulting firms. Job Outlook
Employment of financial managers
is expected to grow about as fast as the average for all occupations through 2010.
While mergers, acquisitions, and corporate downsizing will continue to adversely
affect employment of financial managers, growth of the economy and the need for
financial expertise will ensure job growth. Candidates with expertise in accounting
and finance, particularly those with a master's degree, should enjoy the best
job prospects. Strong computer skills and knowledge of international finance are
increasingly important; so are excellent communication skills, because financial
management jobs increasingly involve working on strategic planning teams.
The
banking industry, which employs more than 1 out of 8 financial managers, is expected
to continue to consolidate. Employment of bank branch managers, in particular,
will grow very little or not at all as banks open fewer branches and promote electronic
and Internet banking to cut costs. In contrast, the securities and commodities
industry will hire more financial managers to handle increasingly complex financial
transactions and manage investments. Financial managers are being hired throughout
industry to manage assets and investments, handle mergers and acquisitions, raise
capital, and assess global financial transactions. Risk managers, who assess risks
for insurance and investment purposes, are in especially great demand. Some
companies may hire financial managers on a temporary basis, to see the organization
through a short-term crisis or to offer suggestions for boosting profits. Other
companies may contract out all accounting and financial operations. Even in these
cases, however, financial managers may be needed to oversee the contracts. Computer
technology has reduced the time and staff required to produce financial reports.
As a result, forecasting earnings, profits, and costs, and generating ideas and
creative ways to increase profitability will become the major role of corporate
financial managers over the next decade. Financial managers who are familiar with
computer software and applications that can assist them in this role will be needed.
Earnings
Median annual earnings of financial managers were $67,020
in 2000. The middle 50 percent earned between $48,150 and $91,580. The lowest
10 percent had earnings of less than $36,050, while the top 10 percent earned
over $131,120. Median annual earnings in the industries employing the largest
numbers of financial managers in 2000 are shown below:
Security brokers
and dealers $112,140
Accounting, auditing, and bookkeeping 83,380
Computer
and data processing services 79,850
Local government 59,000
Commercial
banks 55,960 According to a 2001 survey by Robert Half International, a
staffing services firm specializing in accounting and finance, directors of finance
earned between $70,750 and $202,750, and corporate controllers earned between
$53,500 and $150,250. The results of the Association for Financial Professionals'
13th annual compensation survey are presented in table 1. The earnings listed
in the table represent total compensation, including bonuses and deferred compensation,
for 2001. Financial officers' average total compensation was $122,170. Table
1. Average earnings for selected financial managers, 2001
Vice president of
finance $178,724
Treasurer 158,404
Assistant vice president-finance 128,272
Controller/comptroller 119,220
Director 110,704
Assistant treasurer
105,885
Assistant controller/comptroller 99,856
Manager 81,720
Cash
manager 60,424 Large organizations often pay more than small ones, and
salary levels also can depend on the type of industry and location. Many financial
managers in private industry receive additional compensation in the form of bonuses,
which also vary substantially by size of firm. Deferred compensation in the form
of stock options also is becoming more common. Related Occupations
Financial managers combine formal education with experience in one or more
areas of finance, such as asset management, lending, credit operations, securities
investment, or insurance risk and loss control. Workers in other occupations requiring
similar training and skills include accountants and auditors; budget analysts;
credit authorizers, checkers, and clerks; financial analysts and personal financial
advisors; insurance underwriters; loan counselors and officers; securities, commodities,
and financial services sales agents; and real estate brokers and sales agents. Sources
of Additional Information Disclaimer:Links to non-BLS Internet sites are
provided for your convenience and do not constitute an endorsement.
For
information about careers and certification in financial management, contact: American
Academy of Financial Management http://www.financialanalyst.org Selected
industries employing financial managers that appear in the 2002-03 Career Guide
to Industries: Banking
Insurance
Securities and commodities
Wholesale
trade
OOH ONET Codes
11-3031.01, 11-3031.02
Suggested
citation: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook
Handbook, 2002-03 Edition, Financial Managers, on the Internet at http://www.bls.gov/oco/ocos010.htm
(visited January 12, 2004).
Finance
Job Finance Jobs Financial Jobs
|