Jobs, Salaries and Career after Masters in Finance and Financial Management Services - Updated 2020

2018 median Pay for Finance and Financial Management Services

The median annual wage for financial managers was $127,990 in May 2018.


Pay



Best paying jobs for Business Administration and Management -MBA


Number of Jobs for Finance and Financial Management Services

Number of Jobs in 2018 was 580,400


Education required

Bachelor's degree


Job Outlook for Finance and Financial Management Services

Employment of financial managers is projected to grow 19 percent from 2016 to 2026, much faster than the average for all occupations. Several core functions of financial managers, including risk management and cash management, are expected to be in high demand over the next decade.


Job description of Finance and Financial Management Services

Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.

Duties

Financial managers typically do the following:

  • Prepare financial statements, business activity reports, and forecasts
  • Monitor financial details to ensure that legal requirements are met
  • Supervise employees who do financial reporting and budgeting
  • Review company financial reports and seek ways to reduce costs
  • Analyze market trends to maximize profits and find expansion opportunities
  • Help management make financial decisions

The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.

Financial managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about topics in healthcare finance. Moreover, financial managers must be knowledgeable about special tax laws and regulations that affect their industry.

The following are examples of types of financial managers:

Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by governmental agencies that regulate businesses. Often, controllers oversee the accounting, audit, and budget departments of their organization.

Treasurers and finance officers direct their organization’s budgets to meet its financial goals. They oversee the investment of funds and carry out strategies to raise capital (such as issuing stocks or bonds) to support the firm’s expansion. They also develop financial plans for mergers (two companies joining together) and acquisitions (one company buying another).

Credit managers oversee their firm’s credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.

Cash managers monitor and control the flow of cash in and out of the company to meet business and investment needs. For example, they must project cash flow to determine whether the company will have a shortage or surplus of cash.

Risk managers control financial risk by using strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty. Among the risks they try to limit are those that stem from currency or commodity price changes.

Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks, such as the need to make disability payments for an employee who gets hurt on the job or the costs imposed by a lawsuit against the company.


How to become Finance and Financial Management Services

Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.

Education

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. 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.

Licenses, Certifications, and Registrations

Although professional certification is not required, some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience. Certified public accountants (CPA’s) are licensed by their state’s board of accountancy and must pass an exam administered by the American Institute of Certified Public Accountants (AICPA).

Work Experience in a Related Occupation

Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst.

In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.

Advancement

Experienced financial managers can advance to become chief financial officers (CFOs). These executives are responsible for the accuracy of an entire company’s or organization’s financial reporting.

Important Qualities

Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task that requires analytical ability.

Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.

Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.

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. Because financial managers deal with a range of information and documents, they must stay organized to do their jobs effectively.


What people in similar profession do

Job Title What they do How to become one
Operations Management and Supervision Computer and information systems managers, often called information technology (IT) managers or IT project managers, plan, coordinate, and direct computer-related activities in an organization. They help determine the information technology goals of an organization and are responsible for implementing computer systems to meet those goals. Typically, a bachelor’s degree in computer or information science, plus related work experience, is required. Many computer and information systems managers also have a graduate degree. Education Computer and information systems managers normally must have a bachelor’s degree in a computer- or information science–related field. These degrees include courses in computer programming, software development, and mathematics.
Non-Profit, Public, Organizational Management Social and community service managers coordinate and supervise social service programs and community organizations. They manage workers who provide social services to the public. Social and community service managers typically need at least a bachelor’s degree and work experience. However, some positions also require a master’s degree. Education Most social and community service manager jobs require a bachelor’s degree in social work, public or business administration, public health, or a related field. However, some positions also require a master’s degree. Work Experience Workers usually need experience in order to become a social and community service manager, and it is essential for those with a bachelor’s degree.
Accounting , Accountancy Accountants and auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure that organizations run efficiently. Most accountants and auditors need at least a bachelor’s degree in accounting or a related field. Certification, including the Certified Public Accountant (CPA) credential, can improve job prospects.   Education Most accountant and auditor positions require at least a bachelor’s degree in accounting or a related field.
Human Resources Management Compensation and benefits managers plan, develop, and oversee programs to compensate employees. Compensation and benefits managers need a combination of education and related work experience. Education Compensation and benefits managers typically need a bachelor’s degree for most positions. Managers usually need a bachelor’s degree in human resources, business administration, business management, finance, or a related field. Work Experience in a Related Occupation Work experience is essential for compensation and benefits managers. Managers often specialize in either compensation or benefits, depending on the type of experience they gain in previous jobs.
Finance Top executives devise strategies and policies to ensure that an organization meets its goals. They plan, direct, and coordinate operational activities of companies and organizations. Although education and training requirements vary widely by position and industry, most top executives have at least a bachelor’s degree and a considerable amount of work experience. Education Many top executives have a bachelor’s or master’s degree in business administration or in an area related to their field of work. Top executives in the public sector often have a degree in business administration, public administration, law, or the liberal arts. Top executives of large corporations often have a master’s degree in business administration (MBA). College presidents and school superintendents are typically required to have a master’s degree, although a doctorate is often preferred. Although many mayors, governors, or other public sector executives have at least a bachelor’s degree, these positions typically do not have any specific education requirements. Work Experience in a Related Occupation Many top executives advance within their own firm, moving up from lower level management occupations or supervisory positions.
Finance and Financial Management Services Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization. Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst. Education A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. 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. Licenses, Certifications, and Registrations Although professional certification is not required, some financial managers still get it to demonstrate a level of competence.
Management Information Systems Computer and information systems managers, often called information technology (IT) managers or IT project managers, plan, coordinate, and direct computer-related activities in an organization. They help determine the information technology goals of an organization and are responsible for implementing computer systems to meet those goals. Typically, a bachelor’s degree in computer or information science, plus related work experience, is required. Many computer and information systems managers also have a graduate degree. Education Computer and information systems managers normally must have a bachelor’s degree in a computer- or information science–related field. These degrees include courses in computer programming, software development, and mathematics.
Marketing Management Advertising, promotions, and marketing managers plan programs to generate interest in products or services. They work with art directors, sales agents, and financial staff members. A bachelor’s degree is required for most advertising, promotions, and marketing management positions. These managers typically have work experience in advertising, marketing, promotions, or sales. Education A bachelor’s degree is required for most advertising, promotions, and marketing management positions. For advertising management positions, some employers prefer a bachelor’s degree in advertising or journalism.
Taxation Accountants and auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure that organizations run efficiently. Most accountants and auditors need at least a bachelor’s degree in accounting or a related field. Certification, including the Certified Public Accountant (CPA) credential, can improve job prospects.   Education Most accountant and auditor positions require at least a bachelor’s degree in accounting or a related field.

Job Outlook for other majors in Business Administration and Management -MBA

Job Title Number of jobs Median Salary Job outlook
Operations Management and Supervision 367600 $142530 Faster than average
Non-Profit, Public, Organizational Management 147300 $65320 Much faster than average
Accounting , Accountancy 1397700 $70500 Faster than average
Human Resources Management 15800 $121010 As fast as average
Finance 2572000 $104980 As fast as average
Management Information Systems 367600 $142530 Faster than average
Marketing Management 249600 $132620 Faster than average
Taxation 1397700 $70500 Faster than average