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
director – financial services
director
of accounting
finance director
financial administrator
manager,
financial control
manager, financial planning and
analysis
manager, internal audit services
treasurer
View all titles
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.
- Accounting and audit managers may require a recognized
accounting designation (CA, CMA or CGA).
- 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.
Additional information
- Progression to senior management positions, such as
vice-president of finance, is possible with experience.
Classified elsewhere
- Banking, Credit and Other
Investment Managers (0122)
- Managers of accounting and auditing firms (in 0123 Other Business Services
Managers )
- Senior Managers - Financial,
Communications and Other Business Services (0013)
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