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Certified Financial Manager: Job Description and Requirements

Discover the type of work a certified financial manager performs. Learn about what education and knowledge are necessary as well as salary and employment outlook in order to make the right career choice.

Career Definition for Certified Financial Managers

Certified financial managers, who may have specific titles like comptroller, treasurer, or finance officer, oversee the monetary affairs and transactions of organizations. They are frequently employed by large corporations, banks, government agencies, non-profits, small businesses, and other organizations. Common duties of certified financial managers include monitoring cash flow, preparing income statements, balance sheets, and budgets, complying with regulatory requirements, and overseeing accounting and auditing.

EducationBachelor's or master's in accounting or related field
Job DutiesMonitoring cash flow, preparing income statements and balance sheets, overseeing auditing
Median Salary (2015)*$117,990 (all financial managers)
Job Growth (2014-2024)*7% (all financial managers)

Source: *U.S. Bureau of Labor Statistics

Required Education

The minimum entry-level credential to work as a certified financial manager is a bachelor's degree in a field like accounting, finance, business administration or economics, though many employers now prefer to see candidates with a master's degree in one of these fields. Common courses in a 4-year bachelor's program include asset management, budgeting, accounting, financial reporting, and cash flow management. There are many relevant certifications in the field of certified financial management, including that of Certified Public Account (CPA), Chartered Financial Analyst (CFA), and Certified Management Account (CMA); these certifications require a number of years of work experience and passing a sequence of examinations.

Skills Required

Certified financial managers must be thoroughly familiar with financial regulations and reporting requirements. Strong math, management, and communications skills are also important for a successful career in certified financial management.

Employment and Economic Outlook

The employment growth for financial managers, which includes certified financial managers, is expected to be average; the U.S. Bureau of Labor Statistics (BLS) projects that employment in this field should grow by 7% from 2014 to 2024. Median annual earnings for this field in 2015 were $117,990.

Alternative Careers

Similar career options in this field include:

Financial Analyst

If researching market trends and the economic performance of business stocks sounds appealing, consider becoming a financial analyst. Financial analysts examine businesses to determine current valuation, compile data and create written reports, select investment options for a portfolio, and present recommendations to the client. Bachelor's degrees in areas such as engineering, mathematics, economics, statistics, and finance are all acceptable education options for this career. Industry licensure may be required, but most employers sponsor this pursuit after hire. In 2015, the BLS determined that these workers received a median income of $80,310. According to BLS data, a faster-than-average job growth of 12% is projected for this field between 2014 and 2024.

Personal Financial Advisor

For those seeking a career assisting people with investment choices, but who may not want the responsibilities of a financial manager or analyst, becoming a personal financial advisor may be a good alternative. Financial advisors examine fiscal goals and the needs of their clients and plan a course of action that utilizes financial products such as stocks and funds. They select options after researching historical and current economic data and educate their clients about their choices. To enter this profession, a bachelor's degree in a business field is generally required, but earning a master's degree may help an advisor gain new clientele. Licensure through examination is required for many financial advisors and is dependent on the products sold and services provided.

The BLS expects an employment growth of 30% during the 2014-2024 decade, and this increase is mainly attributed to an aging population that will need retirement advice. The median annual salary for personal financial advisors was $89,160 in 2015, based on BLS estimates.

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