A Finance Director is integral to any business and important decisions made by the Finance Director will have a profound impact on the future growth of its organisation. Although this position comes with a high amount of responsibility the rewards can be substantial. If you are currently and had several years success within a Finance Management role, taking the next step to Finance Director would be our recommended natural route of progression for your career.
What makes a good Finance Director?
As a Finance Director you will work closely with an organisations Managing Director and or CEO and must be able to build a close working relationship at this level. The MD & CEO will be reliant on you to make the right financial decisions based on the organisations needs and goals therefore gaining trust and understanding of mutual aspirations for the organisation will prove to be crucial in future growth. The Finance Director is responsible for making difficult financial decisions and will therefore have to communicate effectively the reasons behind these decisions. Confident communication will often come with deep understanding of businesses and their individual needs.
Finance Directors must think strategically and be dynamic, primarily their job is numbers, but a successful Finance Director will have the ability to see beyond the figures and problem solve, come up with affective financial plans and look at the all-round bigger picture in decision making for a positive impact on their organisation. Working alongside the Managing Director of the business a Finance Director will be expected to work well as part of a team and have the ability to make strategic business decisions.
As in any senior management position, you must show good leadership skills. A Finance Director will successfully lead the finance team through busy periods such as month end and year end, ensuring they are motivated, supported and equipped with all the right tools to meet strict deadlines.
Other key responsibilities of a Finance Director
- Preparation of accounts
- Financial planning
- Strategic planning
- Reporting financial figures to senior management
- Leadership of Finance department
- Keeping up to date with financial processes in line with company objectives
- Monitoring the performance of an organisation
- Ensure business in financially compliant in relation to taxes etc.
- Monitor cash flow
- Set and adhere to budgeting
- Good IT skills most commonly advance Excel
This position is certainly challenging and will test your financial knowledge and experience to date, also giving the opportunity to influence the growth of a business with direct results. As a Finance Director there may be opportunity to progress into a CFO or CEO role depending on the size of an organisation however, at Director level there will almost never be a quiet time and almost always room for progression within the role.
Most organisations require their Finance Director to be a member of a qualified accounting body such as CIMA or ACCA – learn more about these memberships here:
The average salary for a Finance Director in the East Midlands - £50-80k PA, however this might differ depending on the organisation.