Important Skills for Financial Managers

Analytical skills. Financial managers increasingly assist executives in making decisions

that affect the organization, a task for which they need analytical ability.

Communication. Excellent communication skills are essential because financial

managers must explain and justify complex financial transactions.

Attention to detail. In preparing and analyzing reports such as balance sheets and
income statements, financial managers must pay attention to detail.

Math skills. Financial managers must be skilled in math, including algebra. An

understanding of international finance and complex financial documents also is
important.

Organizational skills. Financial managers deal with a range of information and

documents. They must stay organized to do their jobs effectively.

Other common names for this position: Chief Financial Officer, CFO, Chief Financial and Operating
Officer, CFOO, Accounting Department Manager, Accounting Director, Accounting Manager, Certified Public
Accountant, Assistant Accounting Manager, , Compliance Director, Auditing Manager, Controller, Financial
Analysis Manager, Corporate Risk Manager, Finance and Control Manager, Finance Chief, Finance
Director, Finance Manager, Financial Administrator, Financial Audit Manager, Financial Controller, Financial
Control Manager, Financial Director, Financial Planning and Analysis Manager, Financial Planning and
Reporting Manager, Financial Coordinator, Director of Finance & Administration, Internal Audit
Manager, Investment Director, Treasurer, , Financial Executive

Description

Other common names for this position: Chief Financial Officer, CFO, Chief Financial and Operating
Officer, CFOO, Accounting Department Manager, Accounting Director, Accounting Manager, Certified Public
Accountant, Assistant Accounting Manager, , Compliance Director, Auditing Manager, Controller, Financial
Analysis Manager, Corporate Risk Manager, Finance and Control Manager, Finance Chief, Finance
Director, Finance Manager, Financial Administrator, Financial Audit Manager, Financial Controller, Financial
Control Manager, Financial Director, Financial Planning and Analysis Manager, Financial Planning and
Reporting Manager, Financial Coordinator, Director of Finance & Administration, Internal Audit
Manager, Investment Director, Treasurer, , Financial Executive

Description
Financial Managers take care of all the responsibilities involved with the flow of money and other assets, using
their deep understanding of the laws, regulations, and procedures regarding finances. They create and design
different approaches and tactics to successfully meet established goals. Financial Managers are also in charge
of reviewing and reporting the general profits and performance of their employers, as well as guiding other
members of the team so they can fully understand and use the same financial information.
The responsibilities and tasks undertaken by a Financial Manager may vary from one company to the other as
it is a rather general term. Depending on the size and type of company they are working for, their role will
change to adapt to the necessities of their employer. For example, the Financial Manager of a food chain is
expected to have some background and knowledge in culinary businesses, while a Financial Manager working
for an IT company would be concerned with the latest advancements in that field. They also need to apply their
financial skills to the specific market and niche they serve.

Primary Responsibilities
Here’s a non-exhaustive list of common tasks Financial Managers are required to complete.
  Performing regular management duties, including handling financial data, documenting and submitting
reports, analyzing trends, and evaluating the financial performance of the company.
 Supervising the overall operations and development of all financial departments in a company:
o Reviewing and creating policies to regulate the financial operations within the company;
o overseeing the collection and analysis of financial data;
o estimating costs and profits in order to foresee the achievement of established goals;
o using mathematical and statistical models to foresee economic and financial trends;
o conducting regular evaluations on all financial procedures in order to suggest and give advice on
possible improvements;
o coming up with possible ways to maximize profits for the company;
o liaising with Human Resources to recruit and train new staff members;
o working alongside Lawyers during corporate acquisitions and/or mergers;
o supporting treasury management and cash flow forecasting;
o preparing consolidated accounting closes throughout the year;
o assisting in tax compliance, transfer pricing analysis, cross-border tax items, and tax filings; and
o monitoring trends that may affect the company’s financial status and planning new strategies
accordingly.
 Mediating between the company and its shareholders and other investors, always looking to benefit all
parties involved.
 Overseeing the documentation of financial forecasts and status of the company:
o Drafting documents and legal reports to be submitted to any American regulatory institution that
supervises all financial organizations and oversees a company’s financial operations;
o ensuring that all legal regulations are being followed; and
o analyzing and articulating business trends for stakeholders in order to get as many benefits and
financial opportunities as possible.
 Advising colleagues and executives when making decisions involving the company’s finances.

Daily Tasks
 Analyzing financial data and presenting results in the form of reports.
 Ensuring all economic activities comply with the applicable regulations.
 Overseeing colleagues in charge of documenting reports.
 Finding ways to minimize expenses and losses.
 Researching and seizing opportunities for financial expansion.
 Providing advice and assistance in important financial plans and goals.
Salary

$72,734
The average Financial Manager salary in USA is $72,734 per year or $37 per hour. This is around 2.5 times
more than the Median wage of the country. Entry level positions start at $51,000 while most experienced
workers make up to $102,000. These results are based on 469 salaries extracted from job descriptions.
$72,734

$102,000

$51,000

Pay difference by location

Required Skills and Qualifications

 Accounting, mathematical, and computer skills:
o Being proficient in complex mathematical calculations;
o possessing knowledge of business administration and all the procedures involved; and
o being proficient in database management, spreadsheets, and other computer software.
 Analytical, problem-solving, and decision-making skills:
o Effectively analyzing numerical data, drawing logical inferences, and providing reasonable
recommendations;
o providing accurate and assertive recommendations to employers in manners of investment and
financial planning;
 o identifying issues and resolving problems in a timely manner; and
o being able to exercise strategical thinking and mature judgment.
 Interpersonal and communication skills:
o Communicating clearly, both in writing and verbally, to effectively explain complex financial
terminologies and procedures, using non-technical language when necessary;
o acting with transparency, keeping executives informed about the decisions to be made and
transactions to be executed; and
o establishing and maintaining supportive working relationships.
 Deadline-driven, reliable, flexible, self-motivated, and a true leader:
o Being able to lead and supervise a group of professionals; and
o being able to work independently and collaborate with a team.
 Organizational and time management skills:
o Prioritizing and planning work activities in order to manage time efficiently while handling a high
volume of work; and
o multitasking; being able to work in a dynamic, fast-paced environment.
 Strong attention to detail:
o Drafting reports in an assertive and detailed manner, always identifying and pointing out crucial facts.
Financial Managers require a lot of preparation and knowledge in order to reach that position. The most
common way to begin this process is by obtaining a bachelor’s degree in any area related to Business
Administration or Economics. The world of Finances is extremely dynamic and competitive; therefore, many
employers now seek candidates with a wider curriculum. It is common to look for applicants with master’s
degrees or even Ph.D.’s in related areas of Finance or Economy. Additionally, in order to promote workers’
professional growth, motivate, and encourage them to be better prepared, companies usually offer management
programs. But as much as employers value academic achievement and prowess, they also take into account the
experience of the candidate. Most Financial Manager positions require at least 5 years of previous experience
in administrative and supervisory roles.
Even though additional certifications are not required to work in this area, they can prove an applicant’s
abilities and skills and can help them get promoted. Therefore, Financial Managers can be certified as
Chartered Financial Analysts (CFA) by The CFA Instituteor receive the Certified Treasury Professional
credential, issued by The Association for Financial Professionals. In both cases, applicants need to meet
specific requirements established by both institutions.
In addition to the skills listed above, Financial Managers must possess excellent leadership skills; hence, being
able to handle a group of several professionals, coordinating their activities, and motivating them towards
reaching a set of goals would make for the perfect candidate. Their capacity to drive teams of professionals is
crucial for the development and profiting of the company.
 It is possible for Financial Managers to climb the career ladder into better positions by displaying high levels
of resourcefulness, reliability, and commitment to the company. Becoming the Chief of Financial Operations
(CFO) is the most common path after spending some years in the Financial Manager position. Other paths
some Financial Managers may choose to follow include academic research and teaching or private consulting.

Job Description
Position Title: Finance Manager (Filipino nationals only)
Dept/Location: Manila, Philippines
Background:
CRS has been working in the Philippines since 1945, providing support to the country’s
poorest. CRS is currently implementing agriculture, peace and reconciliation, and
emergency response with more than 25 local partners. CRS staff operates out of a national
office in Manila, Leyte, Samar, Bohol, and Davao as a means of ensuring timely and quality
support to implementing partners. With a program value of over $20 million (FY 2014),
CRS/Philippines strives to achieve quality program outcomes.
Interested candidates should send their curriculum vitae and cover letter, in English by June
8, 2014 to: ph_hr@global.crs.org
Please note the position title in your subject line.
Primary Responsibilities:
The Finance Manager provides direction for finance unit, including supervision of Finance
Officers, monitors compliance with financial policies and procedures, formulates appropriate
local financial management policies, implements internal controls within the limits of CRS
guiding principles, and CRS quality standards with the objective to safeguard financial
assets of the organization and provide financial information to management for decision-
making.
Job Responsibilities:

 Strategic Planning
o Projects expenses in out-years for development of the Annual Program Plan to ensure
sufficiency and utilization of funds.
o Determines financial management efficiency and provides recommendations for
improvement.
o Attends program management meeting.
 Budget Management
o Monitors budget performance through budget comparison reports and investigates causes
of variance.
o Provides feedback to apprise management of operating results and determines propriety of
the disposition of revenues to expenditures and provides recommendation.
 Program Management
o Coordinates with program managers to assist in monitoring project budgets.
o Trains and orients partners and staff on financial management policies and procedures to
ensure timely submission of financial reports by partners.
 Accounting and Bookkeeping
o Verifies all disbursement, receipt and general journals.
o Ensures accuracy and validity of financial data.
o Responses to HQ on issues related to financial data and SunSystem reports.
o Reviews intra-agency transactions.
o Issues official receipts for all funds received (cash, check, wire transfers).
o Prepares cash receipts journal.
o Performs monthly closing procedures.
● Fund Management

o Ensures that funds received are all properly accounted for and that all program
expenditures are fully funded.
● Treasury/Banking

o Prepares and reviews quarterly cash forecast and submits to CR for approval.
o Submits approved cash forecast and country program’s monthly cash requirement to HQ.
o Reviews cash requests of sub-offices.
o Verifies bank balances daily.
o Prepares and endorses on-line transactions for approval.
● Auditing

o Updates HQ, Asoa and program managers on compliance with audit recommendations.
o Attends audit meetings.
o Strengthens internal control measures and transparency of transactions to improve
efficiency and effectiveness of financial management policies.
o Conducts financial reviews of partners’ records and transactions to ensure compliance with
CRS financial reporting requirements and provides recommendations for improvement.
o Assists internal and external auditors during audit.
o Provides schedules and required reports.
● Asset Management

o Performs quarterly physical count of Inventory.

o Reports to HQ any changes in inventory.
● Technical Assistance

o Provides financial management assistance to partners.

o Evaluates financial systems of partners.
o Conducts orientation and regular updates on financial management policies and procedures
to ensure timely submission of financial reports and adherence to CRS policies and
procedures.
● Supervisory

o Delegates, coaches and evaluates staff performance.

o Trains, orients, and updates staff on financial management policies and procedures to
sharpen skills, improve efficiency and increase competency.
Agency-wide Competencies (for all CRS Staff):
These are rooted in the mission, values, and guiding principles of CRS and used by each
staff member to fulfill his or her responsibilities and achieve the desired results.

 Serves with Integrity

 Models Stewardship
 Cultivates Constructive Relationships
 Promotes Learning
Key Relationships:
Internal: Head of Operations, Head of Office/Davao, Country Representative/Manila,
Program Managers, Finance Officers, administrative staff, Regional Finance Officer.
Personal/Professional Skills:

 Ability to work independently, but also coordinate effectively as part of a team.

 Ability to coach, develop and mentor staff.
 Mature disposition in appropriately managing sensitive situations.
 Strong analytical and organizational skills.
 Experience with capacity strengthening and partnership building.
 Capacity to work closely with, understand, and support local Church partners.
 Excellent written and spoken communication skills in EnglishPossesses an attitude of
service and support.

 Knowledge ofcomputerized accounting preferably SunSystems or equivalent accounting

software.
 Knowledge of donor requirements and HQ financial management strategy, policies and
procedures.

 Computer proficiency in Microsoft Office Excel, Microsoft Word

 Proven budget management skills.

 Proven strong ability to provide technical assistance and expert advice to partners in
financial management.

 Strong skills in assessing and developing partner capacity including institutional

strengthening, mentoring and coaching.
Qualifications:

 Bachelor’s degree in Business Administration or Accountancy. Must be a Certified Public

Accountant (CPA).
 At least five years managerial/supervisory experience as Senior Accountant or Internal
Auditor.
Physical Requirements/Environment:

 The position is based in Davao. Position requires up to 25% travel throughout the country
and occasionally abroad.
Foreign Language Required:
Proficiency in English and Filipino
Major Responsibilities of Position:
Financial reporting, budget management, staff management, Mentoring/Training; Report
Writing.
Disclaimer Clause:
This job description is not an exhaustive list of the skills, effort, duties, and responsibilities
associated with the position.
Interested candidates should send their curriculum vitae and cover letter, in English by June
8, 2014 to: ph_hr@global.crs.org
Please note the position title in your subject line.

 Apply now