Financial Managers
Description OES Code: 13002
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. Treasurers and finance officers 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. Risk and insurance managers oversee programs to minimize risks and losses that may arise from financial transactions and business operations.

Wages, California
Entry-Level Hourly Wage $23.84
25th Percentile $27.88
50th Percentile $36.90
75th Percentile $50.26

Wages, San Joaquin County
Entry-Level Hourly Wage $20.25
25th Percentile $21.81
50th Percentile $30.84
75th Percentile $41.29

Wages by California County
• OES Survey
• CCOIS Survey

Hours & Benefits
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 Trends, California
Employment 1998 79,200
Projected Employment 2008 95,700
Percent Change 1998-2008 20.8%
Separations 1998-2008 13,800

Employment Trends, San Joaquin County
Employment 1999 900
Projected Employment 2006 1,060
Percent Change 1999-2006 17.8%
Separations 1999-2006 110

Employment Trends by California County

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.

Advancement
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.

Getting the Job & Other Information
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.

For a list of current job listing, browse CalJOBS or America's Job Bank.

Education and Training
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.

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.

Skills & Other Requirements
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.

References
US Bureau of Labor Statistics Occupational Outlook Handbook

Related Occupations: Accountants & Auditors, Budget Analysts

Training: California Training and Education Providers (CTEP)