DETAILED OCCUPATION DATA
11-3031 Financial Managers
Occupational Description:Plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment.
|Geography||Employment||Emp SE*||Mean||Mean SE*||10th||25th||Median||75th||90th|
|EDR 10 - Southeast||620||49||$48.85/hr||$1.01/hr||$32.50/hr||$38.71/hr||$45.58/hr||$57.47/hr||$70.91/hr|
|*SE = Standard error, a measure of the statistical reliability of the estimate.|
(click title for details)
|Employment||Median Wage||% Change -|
|Accountants and Auditors||1,360||$26.05/hr||N/A|
|Administrative Services Managers||460||$35.23/hr||N/A|
Tasks for Financial Managers
- Coordinates and directs financial planning, budgeting, procurement, and investment activities of organization.
- Prepares reports or directs preparation of reports summarizing organization's current and forecasted financial position, business activity, and reports required by regulatory agencies.
- Delegates authority for receipt, disbursement, banking, protection and custody of funds, securities, and financial instruments.
- Analyzes past, present, and expected operations.
- Interprets current policies and practices and plans and implements new operating procedures to improve efficiency and reduce costs.
- Ensures that institution reserves meet legal requirements.
- Arranges audits of company accounts.
- Advises management on economic objectives and policies, investments, and loans for short- and long- range financial plans.
- Evaluates need for procurement of funds and investment of surplus.
- Directs and coordinates activities of workers engaged in conducting credit investigations and collecting delinquent accounts of customers.
- Plans, directs, and coordinates risk and insurance programs of establishment to control risks and losses.
- Manages branch or office of financial institution.
- Directs and coordinates activities to implement institution policies, procedures, and practices concerning granting or extending lines of credit and loans.
- Prepares financial and regulatory reports required by law, regulations, and board of directors.
- Analyzes and classifies risks as to frequency and financial impact of risk on company.
- Selects appropriate technique to minimize loss, such as avoidance and loss prevention and reduction.
- Prepares operational and risk reports for management analysis.
- Directs floor operations of brokerage firm engaged in buying and selling securities at exchange.
- Establishes procedures for custody and control of assets, records, loan collateral, and securities to ensure safekeeping.
- Evaluates effectiveness of current collection policies and procedures.
- Directs insurance negotiations, selects insurance brokers and carriers, and places insurance.
- Evaluates data pertaining to costs to plan budget.
- Reviews collection reports to ascertain status of collections and balances outstanding.
- Monitors order flow and transactions that brokerage firm executes on floor of exchange.
- Reviews reports of securities transactions and price lists to analyze market conditions.
- Establishes credit limitations on customer account.
- Examines, evaluates, and processes loan applications.
- Submits delinquent accounts to attorney or outside agency for collection.