Practically every enterprise, whether in manufacturing, communications, finance, education, or health care, has at least one financial manager to help develop financial policies and procedures and oversee their implementation.

In small firms, Chief Financial Officers typically handle all financial management functions. In large firms, however, these officers oversee all financial departments and delegate authority to professional and supervisory staff such as treasurers, controllers, credit managers, cash managers, collections managers, and payroll managers.

Top management depends on financial managers to oversee flow of cash and financial instruments, monitor the extension of credit, assess transaction risks, raise capital, analyze investments, assess the firm’s present and future financial status, communicate with investors, and ensure that tax and regulatory requirements are met.

Employment of financial managers is expected to increase about as fast as the average for all occupations through 2005. Like other managerial occupations, the number of applicants is expected to exceed the number of job openings, resulting in job competition.

Financial management requires an ability to work independently, deal with people, analyze detailed account information, and communicate well, both orally and in writing. Financial managers also need tact, good judgment, and an ability to establish and maintain effective working relationships.

Financial managers must possess current knowledge of financial instruments and changing regulations. They should also be familiar with a range of financial services, including banking, business credit, credit unions, insurance, real estate, and securities. Computer skills in data processing and management information systems are essential.

A bachelor’s degree in accounting or finance, or in business administration with an emphasis in accounting or finance, is usually the minimum requirement. Increasingly, employers are giving preference to applicants with a master of business administration (MBA) degree.

Experience in a related occupation is also desirable. Many financial management positions are filled by promoting experienced, technically skilled professionals, such as accountants, budget analysts, loan officers, and department supervisors.

Financial management takes place in comfortable offices, often close to top management and departments that develop financial data. Although overtime is occasionally required, financial managers typically work a 40-hour week. In very large corporations, some travel may be necessary.