Financial Manager Job Description: Top Duties and Qualifications

A Financial Manager, or Finance Manager is responsible for providing financial advice and managing financial portfolios. Their duties include planning financial budgets, analysing financial trends and creating financial forecasts. 

 

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Financial Manager duties and responsibilities

Financial Managers are responsible for helping the company that employs them or the clients assigned to them to make the best possible financial decisions. They assist and support their clients to become financially sound by providing advice and guidance. Their primary duties and responsibilities include:

  • Providing individuals with advice that can assist them to grow their financial portfolio and increase their savings
  • Recommending new bank accounts, pension schemes or credit cards which can help to improve a financial situation 
  • Providing businesses with a financial analysis to increase profits, improve turnover or decrease expenditure
  • Analysing company budgets to compile financial reports
  • Analysing existing financial systems and procedures within a company and providing recommendations for improvements
  • Compiling financial data and producing financial graphs from the results
  • Keeping up to date on the latest markets trends and economic news
  • Staying informed of financial regulations and legalities and working within them

 

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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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Financial Manager job description FAQs

 

What is the difference between a Financial Manager and a Financial Planner?

A Financial Planner has similar responsibilities to a Financial Manager and has a similar background and experience in finance with accountancy qualifications. The difference, however is that a Financial Manager takes on wider responsibilities and duties compared to a Financial Planner. While a Financial Planner also offers advice, it’s usually limited to recommending bank accounts, setting budgets or offering analysis of market trends. A Financial Manager has a broader focus, which aims to develop financial systems and tools rather than just providing recommendations. 

 

What makes for a standout Financial Manager job description?

A standout Financial Manager job description provides candidates with an overview of the businesses or clients they are potentially going to be working with. This includes information on the industries or sectors where they will be providing financial advice and the size of the clients. A clear and specific job description allows employers to attract applicants with the right experience and knowledge of appropriate markets. A standout job description also details the ethos and values of the company itself and the training and career prospects a successful candidate can hope to benefit from. 

 

Who does a Financial Manager report to?

A Financial Manager is part of a wider financial department or finance team and is supervised by a Senior Financial Manager. A Financial Manager may also be required to report to a Senior Accountant or the Director of Finance. 

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