JOB PROFILE

What Is a Financial Manager?

IN THIS JOB PROFILE

You Will Learn.

  • What does a Financial Manager do? 
  • What are the responsibilities of a Financial Manager?
  • What qualifications does a Financial Manager need?
  • What is a Financial Manager’s salary?
  • Who employs a Financial Manager?
  • What are the progression opportunities for a Financial Manager
  • What makes a good Financial Manager?
  • Where are the latest Financial Manager jobs and how do I apply for them?
SEARCH FINANCIAL MANAGER JOBS
Two ladies sat looking at a piece of paper

What Is a Financial Manager?

A Financial Manager is a professional responsible for overseeing the financial health and operations of an organisation. They create financial reports, direct investment activities, and develop plans for the long-term financial goals. Financial Managers play a crucial role in optimising financial performance and supporting the organisation's long-term success. 

What Are the Responsibilities of a Financial Manager?

While working as a Financial Manager, you will be required to: 

  • Develop and implement financial plans, budgets, and forecasts. 
  • Analyse financial data, identify trends, and provide insights to support strategic decision-making.
  • Monitor cash flow, including inflows and outflows, to ensure adequate liquidity. 
  • Prepare accurate and timely financial statements, reports, and disclosures in compliance with accounting standards and regulatory requirements. 
  • Assess and manage financial risks such as market volatility, credit risks, and interest rate fluctuations
  • Evaluate investment opportunities, conduct financial analysis, and make recommendations for capital allocation. 
  • Manage the organisation's investment portfolio, assess risk-return trade-offs, and optimise returns.
  • Provide financial insights and guidance to support strategic initiatives and operational decision-making. 
  • Collaborate with senior management to develop financial strategies aligned with organisational goals.
  • Build financial models and perform scenario analysis to project future financial performance. 
  • Communicate financial information effectively to internal and external stakeholders. 
  • Collaborate with auditors, tax professionals, regulatory authorities, and financial institutions as required.
  • Analyse costs, identify cost-saving opportunities, and implement measures to control expenses.
  • Manage and mentor finance teams, providing guidance and fostering professional development. 
  • Stay updated with industry trends, financial regulations, and emerging practices.


Analysing financial data

The Financial Manager role involves evaluating investment opportunities, conducting financial analysis, and making recommendations for capital allocation. They will also take on tasks such as managing the organisation's investment portfolio, assessing risk-return trade-offs, and optimising returns. 

They will analyse costs, identify cost-saving opportunities, and implement measures to control expenses. With their knowledge, they will then carry out tasks such as building financial models and performing scenario analysis to project future financial performance.


Collaboration with others

A Financial Manager will collaborate as required with Audit Seniors, tax professionals, regulatory authorities, and financial institutions as required. They will also be expected to manage and mentor finance teams, providing guidance and fostering professional development. 

Frequently Asked Questions

Most Financial Manager positions require a bachelor's degree in finance, accounting, or a related field. Professional certifications such as Chartered Financial Analyst (CFA), Chartered Institute of Management Accountants (CIMA), or Association of Chartered Certified Accountants (ACCA) can enhance career prospects.

Strong analytical skills, proficiency in financial software, and a deep understanding of financial regulations are essential. 

Additionally, several years of relevant work experience in finance or accounting roles, preferably in a managerial capacity, are typically required to demonstrate expertise and leadership capabilities in financial management.

The average salary of a Financial Manager in the UK is approximately £56,000 to £85,000 per year. However, salaries could range higher or lower depending on experience, qualifications, location and company size. 

Financial Managers can be employed by a wide range of organisations across various sectors. This includes: 

  • Large corporations
  • Financial institutions such as banks and insurance companies
  • Professional services firms including consultancies and accounting firms
  • Government agencies 
  • Nonprofits
  • Healthcare organisations
  • Educational institutions
  • Manufacturing companies
  • Retail companies
  • Real estate firms

After gaining experience within the position, a Finance Manager could later be promoted to more senior roles such as a Financial Controller, Senior Finance Manager or Finance Director.

What Makes a Good Financial Manager?

Key skills of a Financial Manager include: 

  • Proficient in financial analysis techniques.
  • Strong knowledge of accounting principles and financial reporting.
  • Ability to develop comprehensive financial plans and budgets.
  • Skill in forecasting and financial modelling.
  • Ability to think strategically and align financial goals with organisational objectives.
  • Strong problem-solving skills for analysing complex financial challenges.
  • Capacity to make informed decisions under pressure.
  • Knowledge of financial risk assessment and mitigation strategies.
  • Familiarity with regulatory compliance and financial reporting standards.
  • Ability to identify and manage potential risks to the organisation's financial health.
  • Excellent communication and presentation skills.
  • Capability to convey complex financial information clearly to stakeholders.
  • Aptitude for building and maintaining relationships with internal and external stakeholders.
  • Strong leadership abilities to guide and motivate finance teams.
  • Skill in fostering collaboration and teamwork.

Searching For Financial Manager Jobs?

If you're searching for your next career opportunity, why not take a look at all the latest Financial Manager jobs available now?

Search Financial Manager Jobs

We work with hundreds of accountancy practices and private sector businesses throughout the UK so why not get in contact with one of our specialists who can advise on current and upcoming opportunities?

Looking for more tips to supercharge your career? Head over to our Accountancy & Finance Career Hub for more actionable insights.

Purple

Upload CV

If you're searching for your next Financial Manager job, why not upload your CV?

Once registered, your CV will be directed to the most relevant consultant and they will contact you when a suitable vacancy becomes available.

© Spencer Clarke Group 2023
Site by Venn