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Financial managers are responsible for maintaining the financial health of an organization. Their primary job is to oversee, analyze and coordinate all of the financial records or reports for their organization. They produce financial reports direct investment activities, and develop strategies and plans for the long-term financial goals of their organization. Specific duties include preparing financial statements, business activity reports, and forecasts; monitoring financial details to ensure that legal requirements are met; supervising employees who handle financial reporting and budgeting; reviewing company financial reports and seeking ways to reduce costs; analyzing market trends to find opportunities for expansion or acquisitions; and aiding management in making financial decisions.
Education requirements for finance managers include a bachelor’s degree in economics, finance, or business, along with a minimum five years of experience in a related occupation. Finance managers must possess patience and diligence, strong communication and interpersonal skills, and be able to work well with others. They should have computer knowledge and be able to generate reports using various types of spreadsheets with several different types of software.
According to Indeed.com, the average salary for a financial manager in Boston is $79,000. That’s 14 percent higher than the national average pay for a financial manager. Similar jobs in Boston include payroll supervisor managers who average $72,000; financial reporting managers who earn $107,000; internal audit managers averaging $111,000; and tax director managers who top the ledger at $128,000.
According to PayScale Inc., the five top-paying cities for internal audit managers are: 1) New York, NY; 2) Dallas, Tex.; 3) Pittsburgh, Pa.; 4) Nashville, Tenn.; 5) Los Angeles, Calif.; 6) Washington, D.C.; 7) Denver, Co.; 8) Miami, Fla.; 9) Boston, Mass.; and 10) Chicago, Ill. Popular industries for financial managers include financial services, software development, military or armed forces, and religious organizations.
Sixty-seven percent of financial managers are women and 33 percent are men. Fifty-eight percent have between five and 19 years of experience.
According to the U.S. Bureau of Labor Statistics, employment of financial managers is expected to grow by nine percent from 2010 to 2020, slower than the average for all occupations. Candidates for financial manager positions are likely to face stiff competition because the number of job openings is expected to be fewer than the number of applicants. Candidates with a master’s degree or certification are expected to enjoy the best job prospects.
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