Financial Managers: Schools and Careers

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Financial Managers - Career Information

Financial Managers picture Financial Managers image

Financial Managers

Financial managers oversee and coordinate financial activities and transactions of organizations. Financial managers prepare income statements, budgets and balance sheets, monitor cash flow, oversee accounting and auditing and comply with regulatory requirements. In addition, financial managers often have an important role regarding mergers and consolidations and also in global expansion.

They manage employees in brokerage firms, banks, large corporations, small businesses, non-profit organizations, government agencies, credit departments and other organizations. Financial managers need to stay current with special tax laws and regulations that may affect their industry.

Those with financial management positions should have a thorough understanding of financial regulations and reporting requirements. They should have a broad understanding of international finance. In addition, a financial manager needs to stay up-to-date with the newest computer technology in order to enhance the efficiency of the company's financial operations.

Some of the titles for financial managers are controller, manager of international banking, treasurer or finance officer, credit manager, risk and insurance manager and cash manager.

Financial institutions including commercial banks, credit unions, savings and loan associations and mortgage and finance companies employ numerous financial managers to manage a variety of functions including mortgages, trusts, lending and investments. They also employ financial managers to oversee sales, operations and electronic financial services.

Responsibilities

Perform administrative duties
Analyze data and information
Implement cash management strategies
Oversee the preparation of financial reports
Oversee investment activities
Create strategies and implement long-term objectives for their company or organization
Offer senior managers strategies to maximize profits.
Act as business advisors to top management

Job Characteristics

Those in financial management positions should have strong communication and management skills. Financial managers should also be detailed oriented, problem-solvers and creative thinkers. Since they often work with various departments they need a strong foundation in business.

They often utilize computer systems and information services. They sometimes work 50 to 60 hours per week. A financial manager sometimes attends meetings of economic and financial associations. They sometimes travel in order to meet with customers or subsidiary companies.

Employment Outlook

Employment growth from 2006 to 2016 for financial managers is forecasted to be about as fast as the average for all occupations. Those holding a master's degree and a certification have the best opportunities. Highly skilled financial managers have opportunities to move up to top management positions. About three out of ten financial managers work for finance and insurance firms.

In 2006 the median annual earnings for financial managers was $90,970. In descending order, the median annual earnings in the industries which employ the largest number of financial managers are securities and commodity contracts intermediation; managers of company and enterprises, non-depository credit intermediation, local government and depository credit intermediation.

Large organizations typically pay more than smaller organizations. Salaries also depend on the industry and location. Some financial managers receive bonuses and stock options.

Education, Certification, and Licensing

Most employers require at least a bachelor's degree in accounting, finance, economics or business administration. Many employers seek candidates that have a master's degree in one of these subjects. Valuable courses include budgeting, accounting, management, cash flow management and financial reporting.

Continuing education is very important for financial managers due to changes in state and federal laws and regulations, complexities of global trade and new and complex financial instruments.

Financial managers can enhance their skills and show their competency by acquiring professional certification. Professional certification is provided by numerous associations. Certifications include, Chartered Financial Analysts, Certified Treasury Professional, Certified Public Accountant and the Certified Management Accountant.

Resources

Major Employers

The major employers are commercial banks, securities and commodity brokerage firms, credit unions, insurance companies, savings and loan associations, mortgage and finance companies and government.

Schools for Financial Managers are listed in the column to the left.

The Top Cities tab shows employment statistics for Financial Managers by major metro area.

The Top Industries tab shows which industries have the most jobs for Financial Managers, along with salary data by industry.

The Find Schools tab lets you search for schools by field of study, degree level, and location.

Overview
Top Cities
Career Stories
Top Industries

Metro Areas Rated for Popularity (as of 2008) for:
Financial Managers

Listed below are metro areas ranked by the popularity of jobs for Financial Managers relative to the population of the city, as of 2008. Salary data was obtained from the U.S. Bureau of Labor Statistics.

A Relative Popularity of 1.0 means that the city has an average number of the particular job, for its population, compared to the rest of the US. Higher numbers mean proportionally more jobs of that type.

Source: U.S. Bureau of Labor Statistics

Metro Area	Jobs	Salary (2008)	Relative Popularity
Alabama
Birmingham	1,870	$99,450	0.9
Montgomery	550	$91,920	0.8
Mobile	450	$86,260	0.6
Dothan	130	$79,850	0.6
Huntsville	490	$105,800	0.6
Decatur	110	$84,810	0.6
Auburn	70	$90,760	0.4
Florence	80	$83,750	0.4
Gadsden	50	$76,810	0.4
Anniston	70	$83,770	0.4
Tuscaloosa	140	$95,620	0.4
Alaska
Anchorage	670	$86,520	1.1
Fairbanks	110	$76,480	1.0
Arizona
Phoenix	5,760	$93,240	0.8
Tucson	1,100	$82,540	0.8
Prescott	160	$82,150	0.7
Flagstaff	140	$76,970	0.7
Kingman	110	$70,090	0.6
Yuma	80	$77,420	0.4
Arkansas
Little Rock	1,090	$85,890	0.8
Fayetteville	570	$86,610	0.7
Pine Bluff	80	$72,730	0.7
Fort Smith	310	$88,160	0.7
Jonesboro	90	$82,400	0.5
Hot Springs	60	$77,710	0.5
California
San Francisco	8,130	$143,310	2.0
San Jose	5,540	$143,160	1.5
Oxnard	1,640	$121,170	1.4
Santa Ana	7,720	$121,580	1.3
Oakland	5,090	$128,580	1.2
Napa	280	$110,840	1.2
Santa Cruz	370	$91,250	1.1
San Diego	5,720	$120,010	1.1
Santa Rosa	720	$100,610	1.0
Santa Barbara	650	$104,980	1.0
Sacramento	3,570	$103,410	1.0
Chico	250	$82,080	1.0
Salinas	500	$99,220	0.8
Fresno	1,000	$93,450	0.8
Vallejo	350	$101,440	0.8
Modesto	430	$91,100	0.7
Stockton	540	$93,470	0.7
Merced	130	$90,560	0.6
Redding	150	$91,750	0.6
Hanford	60	$93,300	0.6
San Luis Obispo	230	$96,040	0.6
Yuba City	80	$92,290	0.6
Bakersfield	620	$99,550	0.6
Riverside	2,990	$105,650	0.6
Madera	70	$92,340	0.6
El Centro	100	$73,650	0.6
Visalia	260	$94,750	0.5
Colorado
Denver	3,110	$118,340	0.6
Boulder	300	$129,310	0.5
Colorado Springs	420	$104,970	0.4
Grand Junction	80	$87,100	0.4
Greeley	100	$111,250	0.4
Fort Collins	140	$112,060	0.3
Pueblo	50	$88,370	0.3
Connecticut
Bridgeport	4,700	$129,800	2.7
Hartford	5,440	$107,270	2.4
Waterbury	380	$92,530	1.5
New Haven	1,610	$96,830	1.5
Danbury	360	$99,510	1.4
Norwich	540	$79,070	1.2
Delaware
Wilmington	2,010	$127,100	1.5
Dover	140	$94,960	0.7
District of Columbia
Washington	11,890	$120,320	1.3
Florida
Tampa	4,380	$107,900	0.9
Fort Lauderdale	2,210	$105,880	0.8
Jacksonville	1,770	$109,510	0.7
Miami	2,820	$122,180	0.7
West Palm Beach	1,510	$113,270	0.7
Naples	290	$105,350	0.6
Sarasota	590	$104,320	0.6
Sebastian	90	$103,500	0.5
Cape Coral	380	$105,070	0.5
Orlando	1,940	$108,060	0.5
Tallahassee	280	$94,760	0.4
Punta Gorda	60	$76,070	0.4
Palm Bay	330	$94,880	0.4
Port St. Lucie	200	$94,040	0.4
Gainesville	180	$109,970	0.4
Ocala	140	$91,610	0.4
Fort Walton Beach	110	$93,650	0.4
Lakeland	300	$100,450	0.4
Deltona	210	$88,400	0.4
Pensacola	180	$102,170	0.3
Panama City	50	$94,670	0.2
Georgia
Atlanta	10,900	$110,360	1.1
Macon	300	$88,350	0.8
Columbus	330	$88,970	0.8
Athens	210	$96,010	0.8
Savannah	390	$89,290	0.7
Gainesville	150	$87,120	0.6
Augusta	460	$85,450	0.6
Brunswick	80	$84,040	0.6
Valdosta	90	$109,330	0.5
Rome	50	$85,240	0.4
Dalton	110	$85,520	0.4
Albany	70	$84,820	0.3
Warner Robins	50	$103,930	0.3
Hawaii
Honolulu	1,730	$84,220	1.0
Idaho
Lewiston	130	$60,590	1.8
Boise	1,590	$81,300	1.5
Idaho Falls	210	$67,740	1.3
Pocatello	120	$62,360	1.2
Coeur d'Alene	220	$67,240	1.1
Illinois
Bloomington	460	$98,650	1.8
Decatur	270	$76,050	1.7
Chicago	16,140	$123,390	1.0
Springfield	340	$99,730	0.9
Kankakee	90	$85,520	0.7
Rockford	380	$101,280	0.7
Champaign	210	$93,390	0.6
Danville	50	$60,170	0.6
Peoria	380	$88,650	0.6
Indiana
Columbus	160	$103,980	1.1
Indianapolis	2,800	$108,620	0.8
Muncie	120	$83,650	0.8
South Bend	360	$87,940	0.7
Bloomington	160	$82,530	0.6
Fort Wayne	520	$99,710	0.6
Evansville	420	$92,470	0.6
Michigan City	90	$81,310	0.6
Kokomo	70	$105,630	0.6
Lafayette	130	$91,520	0.5
Elkhart	210	$89,300	0.4
Gary	450	$96,270	0.4
Anderson	50	$101,620	0.4
Terre Haute	90	$90,970	0.4
Iowa
Des Moines	2,050	$98,450	1.6
Cedar Rapids	560	$101,360	1.1
Ames	110	$98,670	0.9
Davenport	580	$80,720	0.8
Sioux City	180	$91,300	0.7
Waterloo	200	$88,990	0.6
Iowa City	160	$95,370	0.6
Dubuque	110	$102,770	0.6
Kansas
Topeka	460	$76,690	1.1
Lawrence	140	$75,940	0.9
Wichita	1,040	$85,250	0.9
Kentucky
Bowling Green	230	$79,390	1.1
Lexington	1,040	$87,650	1.1
Louisville	2,630	$92,120	1.1
Owensboro	170	$94,110	1.0
Elizabethtown	140	$64,680	0.9
Louisiana
Baton Rouge	1,330	$76,370	0.9
Alexandria	180	$64,650	0.8
New Orleans	1,610	$81,610	0.8
Monroe	190	$74,510	0.7
Houma	230	$87,520	0.7
Lafayette	350	$80,500	0.6
Shreveport	390	$85,320	0.6
Lake Charles	160	$82,340	0.5
Maine
Lewiston	270	$82,480	1.6
Portland	1,070	$89,580	1.4
Bangor	240	$87,340	1.1
Maryland
Bethesda	2,880	$117,350	1.3
Baltimore	4,870	$102,670	0.9
Hagerstown	280	$89,300	0.8
Salisbury	130	$86,540	0.7
Cumberland	50	$66,350	0.4
Massachusetts
Boston	12,760	$121,340	1.8
Framingham	1,030	$107,540	1.7
Worcester	1,350	$102,910	1.4
Lowell	580	$113,100	1.3
Pittsfield	130	$93,840	1.2
Lawrence	220	$89,650	1.1
Springfield	1,210	$93,370	1.0
Brockton	330	$81,920	1.0
Haverhill	270	$92,700	1.0
Leominster	150	$82,720	0.9
New Bedford	180	$85,100	0.8
Barnstable	260	$87,820	0.7
Taunton	100	$113,730	0.6
Michigan
Battle Creek	170	$90,980	1.0
Niles	220	$85,720	1.0
Lansing	690	$91,100	0.9
Holland	310	$81,790	0.8
Detroit	2,330	$113,380	0.8
Ann Arbor	520	$104,880	0.8
Jackson	140	$75,200	0.8
Grand Rapids	1,120	$96,250	0.7
Warren	3,420	$101,830	0.7
Kalamazoo	370	$86,840	0.7
Bay City	70	$67,850	0.6
Saginaw	150	$93,380	0.5
Muskegon	100	$87,880	0.5
Monroe	60	$73,660	0.4
Flint	210	$92,070	0.4
Minnesota
Minneapolis	9,590	$121,030	1.3
Duluth	290	$95,820	0.6
Rochester	200	$96,260	0.6
St. Cloud	220	$103,640	0.6
Mississippi
Pascagoula	170	$64,020	1.0
Jackson	920	$79,840	0.9
Gulfport	320	$76,990	0.8
Hattiesburg	110	$70,180	0.5
Missouri
Kansas City	3,550	$98,460	0.9
Jefferson City	160	$98,190	0.6
St. Louis	3,470	$115,590	0.6
Joplin	160	$106,400	0.5
Springfield	310	$96,110	0.4
Columbia	120	$107,460	0.4
St. Joseph	70	$92,830	0.4
Montana
Missoula	80	$75,400	0.4
Billings	130	$85,770	0.4
Great Falls	50	$86,400	0.4
Nebraska
Lincoln	470	$93,180	0.8
Omaha	1,220	$109,690	0.7
Nevada
Carson City	130	$93,660	1.5
Reno	850	$86,590	1.1
Las Vegas	3,260	$94,840	0.9
New Hampshire
Manchester	650	$94,470	1.7
Portsmouth	330	$120,050	1.7
Nashua	840	$110,310	1.6
Rochester	320	$89,810	1.6
New Jersey
Trenton	1,420	$127,080	1.7
Newark	6,010	$132,940	1.5
Edison	5,070	$128,840	1.2
Camden	2,490	$112,540	1.2
Ocean City	110	$88,680	0.8
Atlantic City	430	$89,710	0.8
Vineland	150	$118,980	0.7
New Mexico
Santa Fe	420	$96,760	1.9
Albuquerque	1,340	$88,150	0.9
Farmington	110	$78,740	0.6
Las Cruces	120	$76,500	0.6
New York
New York	45,940	$154,200	2.2
Albany	2,150	$103,330	1.2
Buffalo	2,230	$105,270	1.0
Nassau	5,020	$119,470	1.0
Utica	450	$84,190	0.9
Syracuse	1,050	$109,670	0.9
Elmira	100	$75,530	0.8
Binghamton	330	$97,210	0.8
Ithaca	120	$80,720	0.8
Rochester	1,610	$106,730	0.8
Glens Falls	140	$85,530	0.8
Poughkeepsie	620	$99,320	0.7
North Carolina
Charlotte	8,160	$123,160	2.3
Winston-Salem	1,120	$104,840	1.3
Durham	1,350	$106,030	1.3
Raleigh	2,390	$95,920	1.2
Rocky Mount	210	$91,410	1.0
Greensboro	1,430	$100,080	1.0
Goldsboro	110	$74,660	0.9
Burlington	160	$83,460	0.8
Hickory	460	$83,230	0.7
Wilmington	400	$89,090	0.7
Asheville	450	$88,050	0.7
Greenville	160	$88,620	0.6
Jacksonville	70	$84,900	0.5
Fayetteville	170	$79,370	0.4
North Dakota
Fargo	530	$91,740	1.2
Bismarck	220	$93,590	1.1
Grand Forks	80	$86,400	0.5
Ohio
Cincinnati	4,070	$108,990	1.0
Cleveland	3,660	$117,920	0.9
Columbus	3,000	$119,910	0.8
Akron	980	$102,040	0.7
Dayton	1,030	$95,210	0.7
Toledo	730	$103,030	0.6
Sandusky	70	$84,870	0.6
Canton	360	$86,730	0.5
Springfield	80	$86,330	0.5
Youngstown	410	$94,800	0.4
Mansfield	80	$72,840	0.4
Lima	80	$87,540	0.4
Oklahoma
Tulsa	1,710	$87,540	1.0
Oklahoma City	1,950	$78,820	0.9
Lawton	80	$72,500	0.6
Oregon
Corvallis	80	$90,610	0.8
Portland	3,220	$110,110	0.8
Eugene	340	$91,370	0.6
Salem	240	$89,130	0.4
Medford	120	$86,480	0.4
Bend	70	$118,980	0.3
Pennsylvania
State College	190	$75,980	1.0
Philadelphia	6,890	$112,340	0.9
Allentown	970	$93,410	0.7
Pittsburgh	3,210	$94,450	0.7
Harrisburg	870	$90,160	0.7
Erie	320	$76,940	0.7
Lancaster	580	$85,430	0.6
Johnstown	120	$71,050	0.6
Altoona	120	$63,790	0.6
Reading	350	$89,190	0.6
Scranton	520	$65,140	0.5
Williamsport	90	$69,890	0.5
Lebanon	70	$80,410	0.4
York	280	$81,490	0.4
Rhode Island
Providence	2,630	$109,640	1.2
South Carolina
Columbia	1,370	$91,290	1.0
Charleston	990	$87,290	0.9
Spartanburg	370	$92,680	0.8
Greenville	950	$94,500	0.8
Florence	210	$97,570	0.7
Myrtle Beach	280	$82,490	0.6
Anderson	110	$92,030	0.5
Sumter	50	$79,690	0.4
South Dakota
Sioux Falls	290	$110,200	0.6
Rapid City	100	$103,180	0.4
Tennessee
Cleveland	300	$57,020	2.5
Knoxville	1,810	$79,670	1.4
Johnson City	350	$69,470	1.3
Chattanooga	990	$76,720	1.1
Jackson	210	$64,020	1.0
Clarksville	270	$72,300	1.0
Memphis	2,440	$84,160	1.0
Morristown	150	$65,570	0.9
Kingsport	320	$74,950	0.7
Texas
Dallas	8,020	$120,700	0.9
Houston	7,790	$123,360	0.7
Midland	170	$109,900	0.7
Victoria	110	$92,770	0.7
Sherman	90	$93,930	0.7
Austin	2,020	$113,110	0.7
Longview	220	$78,310	0.6
San Antonio	2,140	$108,460	0.6
Fort Worth	2,040	$111,540	0.6
Texarkana	110	$76,850	0.6
Odessa	110	$92,110	0.6
Amarillo	190	$104,560	0.5
San Angelo	70	$75,730	0.5
Abilene	110	$79,350	0.5
El Paso	510	$79,450	0.5
Waco	170	$87,900	0.5
Brownsville	220	$69,340	0.5
Tyler	150	$95,170	0.5
Corpus Christi	300	$78,080	0.4
College Station	120	$96,800	0.4
Lubbock	190	$91,910	0.4
Beaumont	240	$86,330	0.4
Wichita Falls	70	$90,260	0.3
Laredo	100	$95,830	0.3
McAllen	270	$91,790	0.3
Killeen	130	$77,260	0.3
Utah
Salt Lake City	2,290	$101,830	0.9
Provo	540	$82,300	0.9
Ogden	530	$89,700	0.7
St. George	110	$78,930	0.7
Logan	90	$86,280	0.6
Vermont
Burlington	230	$108,370	0.6
Virginia
Winchester	210	$77,550	1.1
Richmond	2,160	$106,420	0.9
Blacksburg	160	$75,020	0.7
Charlottesville	220	$90,420	0.6
Roanoke	350	$87,440	0.6
Danville	60	$85,300	0.5
Lynchburg	190	$73,340	0.5
Virginia Beach	1,430	$96,050	0.5
Harrisonburg	80	$82,330	0.4
Washington
Seattle	6,550	$116,690	1.1
Olympia	340	$95,940	1.0
Bellingham	240	$105,610	0.8
Longview	90	$89,480	0.8
Kennewick	270	$91,470	0.8
Mount Vernon	120	$92,900	0.8
Tacoma	750	$103,290	0.7
Spokane	560	$92,340	0.7
Yakima	180	$80,540	0.6
Bremerton	170	$96,760	0.6
Wenatchee	60	$105,260	0.4
West Virginia
Wheeling	180	$81,870	0.8
Morgantown	110	$72,270	0.7
Charleston	370	$74,860	0.7
Huntington	240	$81,880	0.6
Parkersburg	140	$76,360	0.6
Weirton	60	$76,360	0.4
Wisconsin
Wausau	230	$96,440	1.0
Oshkosh	290	$93,820	0.9
Milwaukee	2,960	$105,980	0.9
Madison	1,070	$102,410	0.8
Sheboygan	160	$104,670	0.8
Appleton	320	$91,100	0.7
Racine	190	$109,680	0.7
La Crosse	160	$74,710	0.6
Eau Claire	180	$76,480	0.6
Green Bay	400	$101,400	0.6
Janesville	140	$82,670	0.6
Fond du Lac	80	$88,100	0.5
Wyoming
Cheyenne	80	$80,740	0.5
Casper	50	$79,470	0.4

Industry	Jobs	Percent	Salary (2008)
Banking And Credit	99,770	20%	$81,450
Professional And Technical Services	47,700	9%	$111,570
Business Management	46,420	9%	$115,520
Securities And Investment	39,480	7%	$138,090
Government	36,710	7%	$90,510
Insurance	25,590	5%	$109,410
Education	17,080	3%	$88,010
Office Services And Staffing	14,940	3%	$91,670
Hospital	9,670	1%	$95,840
Auto And Auto Parts Dealers	9,290	1%	$90,930
Durable Goods Wholesale	9,040	1%	$103,420
Electronics And Computer	8,250	1%	$115,450
Real Estate	7,410	1%	$103,630
Non-durable Goods Wholesale	7,100	1%	$103,330
Non-profit	6,660	1%	$89,150
Medical Office	6,400	1%	$87,450
Traditional Publishing	5,260	1%	$118,510
Construction	5,030	1%	$91,570
Machinery	4,960	1%	$97,030

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Career Stories (Job Profiles) for Financial Managers

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Metro Areas Rated for Popularity (as of 2008) for:
Financial Managers

Most Popular Industries (as of 2008) for:
Financial Managers