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.| Percentiles | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Geography | Employment | Emp SE* | Mean | Mean SE* | 10th | 25th | Median | 75th | 90th |
| Rochester MN MSA | 230 | 15 | $49.41/hr | $1.48/hr | $32.49/hr | $38.54/hr | $47.61/hr | $59.17/hr | $71.76/hr |
| Minnesota | 12,690 | 305 | $57.66/hr | $0.75/hr | $33.30/hr | $41.20/hr | $52.08/hr | $67.60/hr | >$80.00/hr |
| U S | 477,690 | 2,388 | $59.07/hr | $0.18/hr | $28.50/hr | $38.41/hr | $52.56/hr | $71.67/hr | >$80.00/hr |
| *SE = Standard error, a measure of the statistical reliability of the estimate. | |||||||||
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| Occupation (click title for details) | OES | Projections | |
|---|---|---|---|
| Employment | Median Wage | % Change - | |
| Accountants and Auditors | 640 | $23.56/hr | N/A |
| Administrative Services Managers | 220 | $35.79/hr | N/A |
| Purchasing Managers | 50 | $49.33/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.