What does a Financial Manager do?
A Financial Manager is employed to provide financial guidance and business advice. Financial Managers can work with individual clients on a personal basis to provide advice on mortgages, pensions or retirement plans. Financial Managers can also work with external business clients to give financial advice, forecasting and planning, or they may work internally as part of a wider financial or accounting department within a company. Senior Financial Managers create long-term financial strategies and delegate analytical and advisory tasks to other Financial Managers.
Financial Manager skills and qualifications
A successful Financial Manager will have various prerequisite skills and qualifications such as excellent mathematical, statistical and analytical skills which can be applied to real-world financial scenarios. They also need expert knowledge of financial markets, financial systems and financial tools. Their key skills and qualifications typically include:
- Excellent knowledge of bank accounts, pension plans, investment portfolios and interest rates
- Ability to communicate complex financial information in an easy-to-understand format
- Ability to compile databases and perform analysis using statistical modelling
- Excellent knowledge of computer programmes such as Microsoft Excel
- Excellent knowledge of financial and accounting software, including Xero, Sage and QuickBooks
- Industry-recognised qualifications from organisations such as the Institute of Financial Accountants
- Accountancy qualifications from the Association of Chartered Certified Accountants
- Ability to present detailed financial findings and recommendations to senior management
Financial Manager experience requirements
Financial Managers should have a minimum of five years of experience working in a financial role. Look for candidates with experience working in accounting jobs, working as Financial Analysts or working as a Financial Account Manager. Experience can also be gained across a range of industries, with candidates often working in banks, financial firms, consulting agencies or in the financial departments of larger companies such as supermarkets or retailers. Financial Managers can also gain experience in the public sector, working as accountants for government departments or in the financial department of hospitals or local councils.
Financial Manager education and training requirements
Financial Managers need a strong academic background, starting with excellent results in maths and English at the GCSE level. Look for candidates who have progressed to study mathematical subjects, such as statistics and further maths at A level. A degree in a suitable subject, such as maths, accounting or economics is essential. Companies often offer graduates training and apprenticeship schemes where they can acquire the appropriate accounting knowledge and certificates.
Financial Manager salary expectations
According to Indeed Salaries, the average salary for a Financial Manager in the UK is £42,452 per year. Salary may depend on experience, location and company.
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