So, you’ve had several years of successful experience working in a semi senior finance role and either qualified by experience or have formal finance qualifications and you’re looking for the next step up in your finance career? Finance Management is the natural step in your progression.
If you’re setting your sites a career in Senior Finance, learn more about the role of a Finance Manager and what it takes to excel in this position here.
What makes a good Finance Manager?
Successful Finance Managers are able to make important business decisions based on the business’s financial needs therefore a deep commercial understanding and the ability to analyse figures while considering the bigger picture is vastly important.
They have the ability to communicate well with other and non-finance senior management, remembering that not all colleagues will understand finance in the same way but are required to make group decisions based on figures reported by the senior finance team.
A career in finance will come with many strict deadlines and therefore becoming a pro at time management and being able to prioritise work under stressful time scales will play a significant part in the success of a Finance Manager.
A Finance Manager is entrusted by their employer to ensure all financial transactions are documented and that the decisions being made are of benefit to the business therefore it is crucial that the Finance Manager is honest, trustworthy, a team player, and high in integrity. Financial decisions are key to the future growth of any business.
Not forgetting the ‘Manager’ in Finance Manager, this role requires the management of other members of the finance team, coaching and mentoring there progression along with the coaching of fellow non-finance senior management in the understanding of the financial figures and working a together for continuous improvement.
Other key responsibilities of a Finance Manager:
- Monitor and manage all the day to day financial functions of the business
- Analyse figures and prepare financial reports to be presented to senior management
- Build financial strategies where needed and for continuous improvement
- Report to the Directors of the business
- Identify areas of the business that require financial improvement and implement ways to combat any issues
- Have full knowledge of the business and how it operates
- Prepare, complete and present annual and monthly figures
- Keep up to date with any new laws that might affect the financial aspect of the business
- Managing budgets
- Minimising financial risk
- Assisting in business plans and creating financial business plans
- Supervising staff
- Liaising with potential and exciting clients and partners
The role of a Finance Manager is crucial to the success of a business and the decisions made a Finance Manager have a significant impact on the business’s future growth. Working alongside business owners and senior management provides a deep understanding of the management of a business. Progression for a Finance Manager can be significant taking steps to Business Partner and Director level. The world of finance can offer exciting prospect for individuals that’s work hard and strive for success.
In todays market senior finance professionals are required to be qualified by experience with several years financial experience or have/studying toward a professional qualification. There are a number to choose from and we have including links to learn more about each:
We would highly recommend taking steps to obtain one of these qualifications making you significantly more marketable.
The Average salary for a Finance Manager in the East Midlands - £37-50k PA however this does differ depending on the organisation.