To thrive in a competitive environment, businesses worldwide depend on the expertise of finance managers. By directing investment activities, overseeing cash management and establishing standards and procedures, these professionals help organizations meet their fiscal goals. A challenging and rewarding finance manager career can begin with enrolling in the online Master of Business Administration (MBA) in Finance program from Florida Institute of Technology.
Finance Manager Outlook: Job Growth and Demand
The U.S. Bureau of Labor Statistics (BLS) predicts employment for financial managers will grow rapidly between 2023 and 2033. With a projected employment increase of 17%, the job growth rate for financial management occupations is much faster than the average growth rate of all occupations. Job growth drivers include the continuous demand for effective financial management as the economy expands as well as increased demand for specialized financial managers in areas like risk management and cash management.
BLS expects there will be roughly 75,100 financial manager job openings per year through 2033. These openings will result from a combination of factors driving job growth and the need to replace workers leaving the occupation. Regulatory changes and volatile or uncertain economic conditions will also drive demand for skilled finance professionals. Those with a master’s degree and certification should have the best prospects.
What Is a Finance Manager? Job Duties and Responsibilities
Finance managers occupy important roles in nearly every type of public organization, government agency and private firm. In general, finance managers work to maintain an organization’s financial health. They typically oversee activities such as developing strategies and long-range plans, directing investments, preparing financial reports and developing financial procedures, all according to organizational objectives.
Directing the budget process for an organization is an important aspect of the finance manager’s job. After forecasting revenue and expenditures, they interface with department heads to determine needs and allocate resources. Monitoring financial reports to guard against losses is another key activity.
Technological advances allow finance managers to perform more data analysis and produce accurate reports and projections. AI-powered software and analytics tools allow finance managers to make data-driven decisions, improve efficiency, identify problem areas to address and much more. Overall, modern technologies are transforming high-level financial roles into critical strategic management positions, with tech-savvy finance professionals offering invaluable insight to support an organization’s financial wellbeing.
Providing consulting services to upper management and other stakeholders is an additional duty of the finance manager. In this role, they often provide analysis and support for new methods for improvement, help design appropriate projects and implement new procedures.
Further, the finance manager is typically responsible for overseeing a firm’s investment activities, using established guidelines, procedures and policies, and developing new guidelines as needs change. Managing risk, supervising cash management and raising needed capital are additional examples of activities undertaken by finance managers.
Another way finance managers contribute to an organization’s bottom line is by staying on top of industry-related regulatory changes, tax requirements and economic news. They are often experts in a particular area, such as healthcare, government, manufacturing or mergers and acquisitions.
Working in comfortable office environments, finance managers typically put in a 40-hour week but may have to work longer hours when required. Travel to satellite offices or subsidiary firms may also be an occasional part of the finance manager’s job duties.
Finance Manager Potential Salary
BLS data indicates the median annual salary for financial managers was $156,100 in 2023, while the middle 50% earned between $110,190 and $210,830. The highest-paid 10% of financial managers earned an income in excess of $239,200 annually.
Those with advanced experience, education and credentials generally earn salaries toward the higher end of the income spectrum. Plus, professionals with extensive financial management experience and advanced finance education can pursue leadership roles such as VP of finance or chief financial officer (CFO).
Finance Manager Education Requirements
The minimum finance manager education requirements generally include a bachelor’s degree in finance or a related field. However, many employers prefer to hire candidates with a specialized master’s degree in business. As such, business professionals who wish to advance to a finance manager position can boost their opportunities by enrolling in an MBA program with a concentration in finance.
Coursework in Florida Tech’s 100% online MBA in Finance covers subjects like organizational behavior, strategic management, managerial economics, financial markets and institutions, investment management, portfolio analysis and financial management policy. Employers can be confident that professionals with an MBA in finance are able to:
- Buy and sell securities
- Analyze interest rates
- Develop successful investment policies for a variety of organizations
- Compare and evaluate portfolio performance
- Leverage advanced knowledge and skills to succeed as a finance manager and oversee the financial health of their organization
Becoming a Successful Finance Manager Is Within Reach
Professionals who possess strong business, interpersonal and communication skills along with a knack for financial data and strategic analysis could thrive as a finance manager. An aptitude for leadership is also essential for success in this role.
Aspiring finance managers can develop and enhance these skills while also adding a sought-after qualification to their resumes by earning an MBA in Finance from Florida Tech. A specialized MBA education, a willingness to learn and a drive to succeed can be the winning combination that launches a rewarding finance manager career.
Learn more about Florida Tech’s online MBA in Finance program.
