Financial managers (NOC 0111)

High opportunity occupation

About this job

Financial managers plan, manage and evaluate the operations of financial and accounting departments. They put in place the financial policies and systems for a company and make sure they run well. People in this job work in private, not-for-profit and public sector organizations.

Common job titles
  • assigned public accountants chief
  • assistant treasurer - finances
  • chief, independent public accountants
  • chief, revenue accounting & controls
  • collections department manager
  • comptroller

Duties

In general, financial managers:

  • Prepare a range of financial reports, including trends, statements, summaries and cost/benefit analyses to senior management
  • Co-ordinate a company’s financial planning and budget process
  • Analyze and adjust the spending and income estimates
  • Supervise others in developing and implementing financial simulation models
  • Review the company’s financial reporting systems, accounting procedures, and investment activities
  • Recommend procedure and system changes to senior managers and other department or regional managers
  • Recruit, train and manage staff
  • Communicate and engage with shareholders, investors and external financial analysts
  • Set profitability standards for investment activities
  • Assist in mergers and acquisitions

Work environment

Financial managers work in office environments within the public sector, for-profit businesses and not-for-profit organizations. Widespread use of technology means that some financial managers can work from a home office and go into their company’s office for specific meetings and events.

Financial managers generally work regular business hours. In some cases, they may need to work evenings and weekends during busy times such as during budget preparations, tax season, audit, or for other financial projects.

Insights from industry

In addition to having excellent financial skills, good communication and people skills are equally important. A financial manager may be called to speak to people throughout the company from the most junior employee to the chief executive officer, and they need to do that in a way that makes people feel comfortable. Financial managers frequently make presentations to a board of directors, to investors or at conferences. They may also be required to attend networking events with senior executives.

Career paths and resources

Career paths

Most people in this job become senior managers after five to 10 years of work experience in management or assistant management roles, depending on the difficulty of work and size of the business.

With additional experience or education, financial managers can advance to senior management positions, such as senior financial manager, director of finance, vice-president of finance or chief financial officer.

Additional resources