A Finance Manager is expected to provide expert financial advice to clients and colleagues so that business decisions can be made.
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Applicants are expected to enter the position of Finance Manager as a graduate particularly in the areas of economics, finance or accounting. It is also possible to enter into the finance industry with A Levels leading onto further study towards a HND/HNC qualification. Work placements are also very useful to demonstrate that candidates have practical experience, and it is important to gain membership with a professional organisation such as the Financial Skills Partnership. Some organisations also offer graduate training programmes; further details of which can be found on the websites of those organisations or at careers fairs.
Financial planning will also be involved both in the long term and short term, and it will be expected that the Finance manager will have thorough knowledge of the legal implications in regards to financial matters. As a Finance Manager, you may also be required to be able to analyse financial data and interpret it.
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There are a broad range of responsibilities that a Finance Manager may have. These may encompass budgetary responsibilities on a project or contract, or payroll duties as part of a HR department. Working environments range hugely from public to private sectors, hospitals or charities.
Working hours in the finance industry are typically Monday to Friday, with a minimum of 35 hours a week although in the bigger industries the hours are sometimes expected to be a lot longer.
Skills and Training Development
Candidates for the position of Finance Manager are expected to have good commercial and business awareness, good IT skills and excellent numeracy and technical skills. The skills needed do not purely focus on finance. Candidates are expected to have good communication skills and the ability to work with others. More experienced Finance Managers may well have responsibility for training and managing others, so good management skills will be key here although there it is worth discussing leadership and management courses with your employer at this point.
The skills acquired by being a Finance Manager are transferable almost anywhere, and some Finance Managers become Finance Directors or Managing Directors.
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The starting salary for a Finance Manager can be anything from £22,000 a year upwards or as much as £35,000 a year in London. More experienced Finance Managers can expect to earn between £65,000 to £95,000 or a combination of salary plus bonuses.