MBA Careers: Finance Manager Responsibilities
May 10, 2018
In professional and personal life, wise stewardship of resources is vital. In the parable of the dishonest steward, Jesus said that “Whoever is faithful in a very little is faithful also in much; and whoever is dishonest in a very little is dishonest also in much. If then you have not been faithful with the dishonest wealth, who will entrust to you the true riches?” (Luke 16:10-11 NRSV).
Likewise, a finance manager is entrusted with overseeing the financial health of an organization, but this person must know how to approach money in the right way. This role requires wisdom from God to manage wealth in a way that honors Him and meets the needs of a company.
Finance Manager Responsibilities
A finance manager produces financial reports, directs investment activities and develops plans for the long-term financial goals of the organization. The Bureau of Labor Statistics (BLS) adds specific duties of a finance manager:
- Prepare financial reports and forecasts
- Oversee financial details to ensure legal requirements are met
- Supervise employees who perform financial reporting and budgeting
- Review company financial reports and look for ways to reduce costs
- Analyze market trends to enhance profits and look for expansion opportunities
- Assist management with financial decisions
Types of Finance Managers
There are several types of finance managers:
- Controllers oversee financial reports that summarize and forecast the organization’s financial position. They oversee the accounting, audit and budget departments.
- Treasurers and finance officers direct the organization’s budgets to meet its financial goals. They oversee investments and strategies for raising new capital, and they develop plans for mergers and acquisitions.
- Credit managers manage a firm’s credit business by setting credit-rating criteria, determining credit ceilings and monitoring collections of past-due payments.
- Cash managers monitor and control cash flow to help a company meet its business and investment needs.
- Risk managers control financial risk. They implement strategies that limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty.
- Insurance managers help a company limit its losses by obtaining insurance against risks.
Finance Manager Salary
The median annual wage for finance managers is $121,750, according to the BLS. The highest 10 percent earn more than $208,000, and the lowest 10 percent earn less than $65,000.
Employment of finance managers is projected to grow 19 percent by 2026, which is much faster than the average for all occupations. Trends such as globalization and an increased emphasis on risk management are two major factors for the expected growth of finance managers.
Finance Manager Qualifications
Typically, finance managers have at least a bachelor’s degree and five years of experience in a business or financial occupation.
“A bachelor’s degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers,” according to the BLS. “However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, accounting, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.”
Grace College’s fully online MBA provides students with a strong foundation in finance, marketing, accounting and human resources as well as coursework in entrepreneurship. This program can help graduates pursue roles such as finance manager. It can also lead to various leadership opportunities in business. This faith-based program applies biblical values to coursework.
Grace also offers a fully online bachelor’s degree in business administration that focuses on the skills and tools graduates need to adapt and excel in the business world.