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Career profile Financial Manager

Also known as Banking Center Manager (BCM), Branch Manager, Credit Administration Manager, Financial Center Manager, Regional Manager, Service Center Manager

Financial Manager

Also known as Banking Center Manager (BCM), Branch Manager, Credit Administration Manager

Interests Profile
  • Enterprising
  • Conventional
  • Social
Pay Range
$70,830 - $208,000+ (annual)
Required Skills
  • Reading Comprehension
  • Active Listening
  • Speaking
Knowledge Areas
  • Economics and Accounting
  • Administration and Management
  • Mathematics
Core tasks
  • Examine, evaluate, or process loan applications.
  • Approve, reject, or coordinate the approval or rejection of lines of credit or commercial, real estate, or personal loans.
  • 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.
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What does a Financial Manager do?

Financial Managers plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment.

What kind of tasks does a Financial Manager perform regularly?

Financial Managers are often responsible for overseeing or executing some or all of the following tasks:

  • 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.
  • Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter.
  • Recruit staff members.
  • Prepare operational or risk reports for management analysis.
  • Oversee training programs.
  • Evaluate data pertaining to costs to plan budgets.

The above responsibilities are specific to Financial Managers. More generally, Financial Managers are involved in several broader types of activities:

Working with Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Communicating with Supervisors, Peers, or Subordinates
Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Guiding, Directing, and Motivating Subordinates
Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.
Coaching and Developing Others
Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.
Monitoring Processes, Materials, or Surroundings
Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.

What is a Financial Manager salary?

The median salary for a Financial Manager is $134,180, and the average salary is $151,510. Both the median and average roughly describe the middle of the Financial Manager salary range, but the average is more easily affected by extremely high or low salaries.

Many Financial Managers earn significantly more or less than the average, due to several factors. About 10% of Financial Managers earn less than $70,830 per year, 25% earn less than $95,770, 75% earn less than $186,030, and 90% earn more than $208,000.

Between the years of 2020 and 2030, the number of Financial Managers is expected to change by 17.3%, and there should be roughly 64,200 open positions for Financial Managers every year.

Median annual salary
$134,180
Typical salary range
$70,830 - Over $208,000
Projected growth (2020 - 2030)
17.3%

What personality traits are common among Financial Managers?

Interests

Career interests describe a person's preferences for different types of working environments and activities. When a person's interest match the demands of an occupation, people are usually more engaged and satisfied in that role.

Compared to most occupations, those who work as a Financial Manager are usually higher in their Enterprising and Conventional interests.

Financial Managers typically have very strong Enterprising interests. 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.

Also, Financial Managers typically have strong Conventional interests. 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.

Values

People differ in their values, or what is most important to them for building job satisfaction and fulfillment.

Compared to most people, those working as a Financial Manager tend to value Working Conditions, Independence, and Recognition.

Most importantly, Financial Managers very strongly value Working Conditions. Occupations that satisfy this work value offer job security and good working conditions.

Second, Financial Managers very strongly value Independence. Occupations that satisfy this work value allow employees to work on their own and make decisions.

Lastly, Financial Managers strongly value Recognition. Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious.

Psychological Demands

Each occupation brings its own set of psychological demands, which describe the characteristics necessary to perform the job well.

In order to perform their job successfully, people who work as Financial Managers must consistently demonstrate qualities such as dependability, integrity, and attention to detail.

Below, you'll find a list of qualities typically required of Financial Managers, ranked by importance:

Dependability
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Integrity
Job requires being honest and ethical.
Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.
Achievement/Effort
Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Persistence
Job requires persistence in the face of obstacles.

What education and training do Financial Managers need?

Many Financial Managers will have a four-year bachelor's degree, but some do not.

Financial Managers usually need several years of work-related experience, on-the-job training, and/or vocational training.

Educational degrees among Financial Managers

  • 1.0% did not complete high school or secondary school
  • 10.1% completed high school or secondary school
  • 17.5% completed some college coursework
  • 7.3% earned a Associate's degree
  • 42.1% earned a Bachelor's degree
  • 19.6% earned a Master's degree
  • 2.3% earned a doctorate or professional degree

Knowledge and expertise required by Financial Managers

Financial Managers may benefit from understanding of specialized subject areas, such as economics and accounting, administration and management, or mathematics knowledge.

The list below shows several areas in which most Financial Managers might want to build proficiency, ranked by importance.

Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
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.
Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
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.
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.

Important Abilities needed by Financial Managers

Financial Managers must develop a particular set of abilities to perform their job well. Abilities are individual capacities that influence a person's information processing, sensory perception, motor coordination, and physical strength or endurance. Individuals may naturally have certain abilities without explicit training, but most abilities can be sharpened somewhat through practice.

For example, Financial Managers need abilities such as oral expression, oral comprehension, and written comprehension in order to perform their job at a high level. The list below shows several important abilities for Financial Managers, ranked by their relative importance.

Oral Expression
The ability to communicate information and ideas in speaking so others will understand.
Oral Comprehension
The ability to listen to and understand information and ideas presented through spoken words and sentences.
Written Comprehension
The ability to read and understand information and ideas presented in writing.
Problem Sensitivity
The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing that there is a problem.
Deductive Reasoning
The ability to apply general rules to specific problems to produce answers that make sense.

Critical Skills needed by Financial Managers

Skills are developed capacities that enable people to function effectively in real-world settings. Unlike abilities, skills are typically easier to build through practice and experience. Skills influence effectiveness in areas such as learning, working with others, design, troubleshooting, and more.

Financial Managers frequently use skills like reading comprehension, active listening, and speaking to perform their job effectively. The list below shows several critical skills for Financial Managers, ranked by their relative importance.

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.
Monitoring
Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.

What is the source of this information?

The information provided on this page is adapted from data and descriptions published by the U.S. Department of Labor, Employment and Training Administration under the CC BY 4.0 license. TraitLab has modified some information for ease of use and reading, and the U.S. Department of Labor, Employment, and Training Administration has not approved, endorsed, or tested these modifications.

If you have any questions or suggestions about this information, please send a message.