Financial managers held about 653,600 jobs in 2018. The largest employers of financial managers were as follows:
| Finance and insurance | 30% |
| Professional, scientific, and technical services | 14 |
| Management of companies and enterprises | 11 |
| Manufacturing | 7 |
| Government | 6 |
Financial managers work closely with top executives and with departments that develop data needed for analysis.
Work Schedules
Most financial managers work full time, and some work more than 40 hours per week.
inancial managers typically need a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.
Education
Financial managers typically need at least a bachelor's degree in finance, accounting, economics, or business administration. However, many employers prefer to hire candidates who have a master’s degree in those same fields. These disciplines help students learn analytical skills and methods.
Licenses, Certifications, and Registrations
Although it is not required, professional certification indicates competence for financial managers who have it. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree or 4 years of work experience, or a combination of experience and education, and who pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional (CTP) credential to those who have at least 2 years of relevant experience or 1 year of experience and a graduate degree in business, finance, or a related field. This association also confers the Certified Corporate Financial Planning Analysis Professional (FP&A) credential to those who have a bachelor’s degree or who are currently enrolled in an undergraduate program with a finance-related major and will graduate within 2 years. Both credentials require passing an exam.
Certified public accountants (CPAs) are licensed by their state’s board of accountancy and must pass an exam administered by the American Institute of Certified Public Accountants (AICPA).
Work Experience in a Related Occupation
Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst.
In some cases, companies provide management training to help prepare motivated, skilled financial workers to become managers.
Advancement
Experienced financial managers may advance to become chief financial officers (CFOs). These executives are responsible for the accuracy of an organization’s financial reporting.
Financial managers typically have an interest in the Persuading and Organizing interest areas, according to the Holland Code framework. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems.
If you are not sure whether you have a Persuading or Organizing interest which might fit with a career as a financial manager, you can take a career test to measure your interests.
Financial managers should also possess the following specific qualities:
Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task for which these managers need analytical ability.
Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.
Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must pay attention to detail.
Math skills. Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.
Organizational skills. Financial managers deal with a range of information and documents and so must stay organized to do their jobs effectively.
The median annual wage for financial managers was $129,890 in May 2019. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $68,370, and the highest 10 percent earned more than $208,000.
In May 2019, the median annual wages for financial managers in the top industries in which they worked were as follows:
| Professional, scientific, and technical services | $152,810 |
| Management of companies and enterprises | 145,280 |
| Manufacturing | 130,900 |
| Finance and insurance | 125,600 |
| Government | 114,250 |
Most financial managers work full time, and some work more than 40 hours per week.
Employment of financial managers is projected to grow 16 percent from 2018 to 2028, much faster than the average for all occupations. However, growth will vary by industry.
Services provided by financial managers, such as planning, directing, and coordinating investments, are likely to stay in demand as the economy grows. In addition, several specialties within financial management, particularly cash management and risk management, are expected to be in high demand over the decade.
In recent years, companies have accumulated more cash on their balance sheets, particularly among those with operations in foreign countries. As globalization continues, this trend is likely to persist. This should lead to demand for financial managers, as companies will need expertise in managing cash.
There has been an increased emphasis on risk management within the financial industry, and this trend is expected to continue. Banking institutions are expected to emphasize stability and managing risk over profits. This is expected to lead to employment growth for risk managers.
The credit intermediation and related activities industry (which includes commercial and savings banks) employs a large percentage of financial managers. As bank customers continue to conduct transactions online, the number of bank branches is expected to decline, which should limit employment growth in this sector. However, employment declines are expected to mainly affect clerical occupations, such as tellers, rather than financial managers. From 2018 to 2028, employment of financial managers is projected to grow 13 percent in this industry.
Job Prospects
About 64,900 openings for financial managers are projected each year, on average, over the decade.
Many of those openings are expected to result from the need to replace workers who exit the labor force, such as to retire, and from the need to replace workers who transfer to different occupations.
Candidates with expertise in accounting and finance—particularly those with a master's degree or certification—should have the best job prospects.
For more information about financial managers, including certification, visit
Global Academy of Finance and Management
For information about the Certified Treasury Professional and the Financial Planning and Analysis Professional designations, visit
Association for Financial Professionals
For information about the Chartered Financial Analyst program, visit
For more information about the certified public accountant designation, visit
American Institute of Certified Public Accountants (AICPA)
CareerOneStop
For a career video on financial managers, visit
Financial Managers, Branch or Department
For a career video on treasurers and controllers, visit