Occupation Details
Financial Managers
Plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment.
Quick Navigation
Interests
Social
Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
Enterprising
Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
Conventional
Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
Work Values
Working Conditions
Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.
Recognition
Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.
Independence
Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Salary & Job Outlook
Starting Salary
$124,910.00
New York StateMedian Salary
$212,780.00
New York StateExperienced Salary
$259,720.00
New York StateNational Average for Comparison
New York State Job Market Outlook
Jobs Right Now (2018)
47,240
professionals in NYFuture Job Growth (2030)
58,930
+1,169 jobs/yearNew Jobs Every Year
4,923
new opportunities yearlyGrowth Rate
0.3%
projected increasePreparation: Experience, Training, and Education
The list below outlines the prior educational experience required to perform in this occupation.
Degree Needed - Four-year college
Experience Requirements
A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
Education Requirements
Most of these occupations require a four-year bachelor's degree, but some do not.
Training Details
Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Transferrable Skills and Experience
Many of these occupations involve coordinating, supervising, managing, or training others. Examples include real estate brokers, sales managers, database administrators, graphic designers, conservation scientists, art directors, and cost estimators.
School Programs
The following lists school programs which are applicable to this occupation.
Licensing & Certification
State License and Certifications Requirements are not currently associated with this occupation.
Apprenticeship
Contact your regional representative to learn more about apprenticeships available in your area by visiting Apprenticeship Contacts.
Skills
The list below includes the skills required by workers in this occupation; skills are what allow you to learn more quickly and improve your performance.
Reading Comprehension
Understanding written sentences and paragraphs in work-related documents.
Active Listening
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Speaking
Talking to others to convey information effectively.
Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Skill level is measured on a seven point scale, where one means 'some competence required for this occupation' and seven means 'a high level of expertise required for this occupation'.
Knowledge
The list below includes knowledge items, the principles and facts required by this occupation.
Customer and Personal Service
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Administration and Management
Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Administrative
Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace terminology.
Law and Government
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Personnel and Human Resources
Knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labor relations and negotiation, and personnel information systems.
Sales and Marketing
Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
Education and Training
Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
Knowledge level is measured on a seven point scale, where one means 'some competence required for this occupation' and seven means 'a high level of expertise required for this occupation'.
Work Environment
The list below includes the physical and social factors that influence the nature of work in this occupation.
Hover over or tap each factor to see its description.
Work Styles
Included in the list below are the personal work style characteristics that can affect how well a worker is likely to perform in this occupation.
Adaptability/Flexibility
Job requires being open to change (positive or negative) and to considerable variety in the workplace.
Analytical Thinking
Job requires analyzing information and using logic to address work-related issues and problems.
Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.
Concern for Others
Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.
Cooperation
Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
Dependability
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Integrity
Job requires being honest and ethical.
Leadership
Job requires a willingness to lead, take charge, and offer opinions and direction.
Self-Control
Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
Stress Tolerance
Job requires accepting criticism and dealing calmly and effectively with high-stress situations.
Tools & Technology
This list below describes the machines, equipment, tools, software, and information technology that workers in this occupation will use.
Tools
- 10-key calculators
- Desktop computers
- Notebook computers
- Personal computers
- Personal digital assistants PDA
- Scanners
Technology
- ADP Workforce Now
- ARES Corporation PRISM Project Estimator
- Accounts receivable software
- Adobe Systems Adobe Acrobat
- Blackbaud The Raiser's Edge
- Credit management software
- Database software
- Delphi Technology
- FileMaker Pro
- Fund accounting software
- Healthcare common procedure coding system HCPCS
- Human resource management software HRMS
- IBM Cognos Impromptu
- IBM Notes
- IBM Power Systems software
- IBM SPSS Statistics
Duties
Duties are job behaviors describing activities that occur on multiple jobs. The generalized and detailed work activities described in the list below apply to this occupation.
- develop budgets
- develop management control systems
- monitor credit extension decisions
- prepare required government reports
- prepare reports for management
- develop policies, procedures, methods, or standards
- use government regulations
- use negotiation techniques
- analyze financial data
- analyze operational or management reports or records
- conduct financial investigations
- identify financial risks to company
- analyze market conditions
- oversee execution of organizational or program policies
- direct and coordinate financial activities
- assign work to staff or employees
- approve or deny loans
- approve or deny credit applications
- review loan applications
- compile data for financial reports
- conduct or attend staff meetings
Tasks
The list below outlines specific tasks that a worker in this occupation is called upon to do regularly.
- Establish procedures for custody or control of assets, records, loan collateral, or securities to ensure safekeeping.
- Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter.
- Communicate with stockholders or other investors to provide information or to raise capital.
- Oversee the flow of cash or financial instruments.
- Develop or analyze information to assess the current or future financial status of firms.
- Plan, direct, or coordinate the activities of workers in branches, offices, or departments of establishments, such as branch banks, brokerage firms, risk and insurance departments, or credit departments.
- Approve, reject, or coordinate the approval or rejection of lines of credit or commercial, real estate, or personal loans.
- Prepare financial or regulatory reports required by laws, regulations, or boards of directors.
- Examine, evaluate, or process loan applications.
- Evaluate financial reporting systems, accounting or collection procedures, or investment activities and make recommendations for changes to procedures, operating systems, budgets, or other financial control functions.
- Recruit staff members.
- Network within communities to find and attract new business.
- Prepare operational or risk reports for management analysis.
- Plan, direct, and coordinate risk and insurance programs of establishments to control risks and losses.
- Evaluate data pertaining to costs to plan budgets.
- Review collection reports to determine the status of collections and the amounts of outstanding balances.
- Analyze and classify risks and investments to determine their potential impacts on companies.
- Oversee training programs.
- Direct insurance negotiations, select insurance brokers or carriers, and place insurance.
- Review reports of securities transactions or price lists to analyze market conditions.
- Submit delinquent accounts to attorneys or outside agencies for collection.
Learning Resources
More information on this occupation may be found in the links provided below.
Finance and Accounting Managers
Visit this link for information on this career in the military.
Learn MoreFinancial managers
Visit this link for additional information on this career from the Occupational Outlook Handbook; a publication produced and maintained by the United States Department of Labor.
Learn More