what is a finance manager?
As a finance manager, you oversee an organisation's finances. Companies can access a range of financial resources and handle huge cash flows. Therefore, they require a finance manager to distribute and manage finances. Your job is to ensure the company's financial health by managing investment activities and developing the organisation's long-term financial goals.
As a finance manager, you are responsible for budget planning and distributing financial resources to various departments. You also advise the executive management, helping them make the best business decisions for the company. Most of your duties revolve around presenting financial reports and offering insights into financial decisions made by the company, which requires analytical ability and exceptional communication skills.
While your main role is to monitor the company’s finances, you also analyse data on investment activities to ensure the organisation is getting returns. You should also be familiar with your company's financial requirements. For instance, in the public sector, you require expertise in government appropriations, while in other industries, you need knowledge of tax laws and accounting standards from the Australian Accounting Standards Board (AASB).
view jobsaverage finance manager salary
As a finance manager, you earn an average salary of $135,000 per year. When you are new to the role, you start with a remuneration package of $125,000 annually. Senior finance managers take home a higher salary due to the additional responsibility and complexity of the tasks associated with the role. When you have additional experience, your remuneration package is $145,000 per year.
what factors affect the salary of a finance manager?
Your remuneration package varies based on various factors. Having higher educational qualifications and credentials improves your earning prospects. When you have over five years of experience, your remuneration package is higher than that of a finance manager with only one year of experience.
The size of the company and your duties also influence your earnings. Large organisations have huge finance departments, and you could be in charge of the finances of one division or the entire company. When your job is to supervise the financial resources of the entire company or act as the chief finance manager, you take home a higher salary due to the complexity of your role.
Want to know what you will earn as a finance manager? Check out what you are worth with our salary checker.
types of finance managers
As a finance manager, you have numerous areas of specialisation. For instance, you could be a corporate finance manager overseeing the company's finances. Your duties include financial planning, analysis and reporting. You also manage the investment and financial obligations of the corporation.
As an investment manager, you work in banks, firms and other financial institutions. You are responsible for managing the organisation's investment portfolios. You also analyse market trends and make investment decisions. As a treasury manager, you are responsible for the organisation's cash liquidity. Companies or financial institutions rely on your expertise to ensure cash flow management. Your duties also include managing relationships with banks and evaluating debts and financing.
A risk manager evaluates potential risks that affect the company's financial health. You develop risk management strategies, ensure compliance with regulations, and monitor financial performance. Financial controllers oversee the daily financial activities of different companies. They supervise financial accounting and reporting by ensuring financial statements comply with accounting standards.
working as a finance manager
If you are good with numbers and interested in working in finance, check out the duties and responsibilities of finance managers.
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finance manager job description
The specific tasks of a finance manager depend on the company. However, the typical duties of finance managers include:
- coordinating finances in the company: as a finance manager, you ensure the company's finances are in order. This includes preparing and managing budgets and monitoring expenditures in the organisation. You also forecast future cash flows and provide input on funding requests and investments. Since you oversee finances, you analyse accounting reports and ensure they comply with the regulations.
- analysing the market: in your role as a finance manager, you have access to huge volumes of data on the company's financial performance. Your job is to study market trends and competitors by analysing the data to identify business growth or expansion opportunities. If your company trades on the stock market, you track trends and advise the management team.
- handling negotiations with banks: a business needs enough liquidity to meet its requirements. Your organisation can raise funds through equity or debt. When acquiring bank financing, you handle the negotiations and maintain the debt and equity ratio.
- allocating funds to various departments: as a finance manager, you manage a company’s funds. That means you make financial decisions, ranging from the distribution of funds to investment plans. You allocate funds to long-term or short-term assets and investments.
- compliance and regulation: since you are familiar with financial regulations and laws, you ensure the company complies with the legislation. You stay updated on changing regulations and adjust the company's policies and procedures accordingly.
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work environment
Finance managers work in diverse industries, from healthcare and telecommunications to banks, mining and manufacturing companies or government agencies. Due to the diversity of business sectors, your work environment depends on the industry. In a corporate setting, you work in an office environment, attending meetings and collaborating with a team of accountants and other professionals.
In a bank, you work in a branch or the corporate office, managing clients' investment portfolios. When working in a financial institution, you interact with clients and help them make sound financial decisions. The role involves travelling since you attend conferences and off-site meetings.
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who are your colleagues?
Depending on your employer and the industry you work in, your colleagues might include controllers, bookkeepers, and accountants. You might also be working in close proximity to financial accountants and finance assistants, as well as other specialists that could include, but not be limited to, financial planners, data analysts and finance analysts.
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work schedule
The typical work schedule of a finance manager is 40 hours a week. While you work regular business hours from Monday to Friday, you sometimes work outside office hours. You meet clients for dinner to discuss investments or go with potential investors to play golf. That means you occasionally work overtime or during the weekend. During the tax season, you work additional hours to complete your time-sensitive duties.
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job outlook
You have promising career prospects as a finance manager. You can join an accountant or assistant finance manager role before progressing to senior finance manager positions. Consider specialising in a particular area of finance, such as risk management or financial risk compliance officer.
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advantages of finding a finance manager job through randstad
Finding your finance manager job through Randstad provides important advantages such as:
- a wide variety of training and development opportunities
- an experienced contact person to provide help if needed
- a range of opportunities in your area
- get paid weekly or monthly, depending on the job
- temporary and permanent contracts
Want a permanent contract? A temporary job as a finance manager is often a stepping stone to an attractive permanent job. Thousands of people earn a permanent contract every year with great employers thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too.
education and skills
If you want to become a finance manager, you require educational qualifications and certifications. Pursue a bachelor's degree in commerce, finance, accounting, economics or business administration. These full-time courses usually take three years. You should consider getting a postgraduate degree to improve your salary prospects.
Many employers prefer candidates with a Certified Practising Accountant (CPA) or Chartered Accountant (CA) designation from the Institute of Chartered Accountants of Australia and New Zealand. Aside from certifications, build your expertise through entry-level roles in accounting or finance. Improve your career prospects by joining industry bodies, such as the Australian Finance Industry Association (AFIA) or the Australian Securities and Investments Commission (ASIC).
finance manager skills and competencies
You need soft and hard skills to become a successful finance manager. Additionally, you rely on your personal attributes and technical skills to excel in the role. These skills include:
- analytical skills: having an analytical mindset is valuable for finance managers. Analytical skills help you identify problems and find solutions. The skills are also useful for analysing market trends and finding investment opportunities.
- leadership skills: you are a team leader who oversees the entire finance department. Your leadership skills help you delegate tasks and motivate team members toward reaching a common goal.
- communication skills: finance managers communicate and liaise with various people. For instance, you deal with cross-functional teams, executive managers and clients. Good communication and presentation skills are important when explaining financial information to stakeholders in understandable language.
- interpersonal skills: companies thrive on teamwork, so it is crucial to maintain good relationships with other employees as a finance manager. Be polite, empathetic and a good listener.
project management skills: as a finance manager, you need project planning and management skills. This is key because it allows you to handle several projects simultaneously. You delegate tasks when necessary and ensure employees complete the work as anticipated.
FAQs about working as a finance manager
Here, you will find the answers to the most frequently asked questions about the profession of a finance manager.
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what are your roles as a finance manager?
As a finance manager, you manage budgets and plan the company's finances. Your job involves developing financial forecasts and analysing market trends to improve the company’s revenue. You also oversee financial accountants and ensure financial statements meet the expected standards.
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is finance management in demand in Australia?
Australia's finance industry provides numerous opportunities, with a high demand for finance managers. The projected job growth rate for this role is 11.7% over the next five years.
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do finance manager jobs pay well in Australia?
Working as a finance manager is a lucrative career with good salary prospects. Your average salary as a finance manager is $135,000 per year. In a junior-level role, you receive a remuneration package of $125,000 annually. In senior positions, you take home over $145,000 annually.
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what qualifications should a finance manager have?
You require a bachelor's degree in finance, accounting or business administration to become a finance manager. Some employers expect postgraduate qualifications since finance manager is a senior role. You should also get a CPA or CA certification to improve your knowledge of financial reporting.
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do you need to be an accountant to be a finance manager?
As a finance manager, you start your career at a lower level in accounting and finance roles. Working as an accountant and having the necessary qualifications improves your career prospects.
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how do I apply for a finance manager vacancy?
Applying for a finance manager job is easy: create a Randstad profile and search our job offers for vacancies in your area. Then send us your CV and cover letter. Need help with your application? Check out all our job search tips here.
