Career Profile: Career Profile - Financial Managers

Salary and Outlook

According to the US Department of Labor, there are 730,800 people employed as career profile - financial managers in the United States. The median annual salary is $131,710. Entry level employees earn approximately $77,040 per year and senior employees earn approximately $208,000 (or more) per year.

Estimates do not include other potential benefits such as health insurance, overtime, or retirement benefits that may be offered by employers.

Job Duties

• Examine, evaluate, or process loan applications.
• Approve, reject, or coordinate the approval or rejection of lines of credit or commercial, real estate, or personal loans.
• Oversee the flow of cash or financial instruments.
• Prepare financial or regulatory reports required by laws, regulations, or boards of directors.
• Develop or analyze information to assess the current or future financial status of firms.
• Communicate with stockholders or other investors to provide information or to raise capital.
• Evaluate financial reporting systems, accounting or collection procedures, or investment activities and make recommendations for changes to procedures, operating systems, budgets, or other financial control functions.
• Analyze and classify risks and investments to determine their potential impacts on companies.
• Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter.
• Plan, direct, or coordinate the activities of workers in branches, offices, or departments of establishments, such as branch banks, brokerage firms, risk and insurance departments, or credit departments.
• Recruit staff members.
• Prepare operational or risk reports for management analysis.
• Evaluate data pertaining to costs to plan budgets.
• Oversee training programs.
• Network within communities to find and attract new business.
• Review collection reports to determine the status of collections and the amounts of outstanding balances.
• Establish procedures for custody or control of assets, records, loan collateral, or securities to ensure safekeeping.
• Plan, direct, and coordinate risk and insurance programs of establishments to control risks and losses.
• Review reports of securities transactions or price lists to analyze market conditions.
• Direct insurance negotiations, select insurance brokers or carriers, and place insurance.
• Submit delinquent accounts to attorneys or outside agencies for collection.

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