Financial Managers: Roles, Skills, and Salary Insights | Zell

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      Who are the Financial Managers? Salary, Skills & Career

      Last Update On 19th June 2024
      Duration: 5 Mins Read

      Healthy capital is one of the top priorities for running a successful business. From buying assets to paying off debts, finance is the crucial element that helps the business wheel move forward. Driving and controlling this wheel is exceptionally tricky, and this is where Financial Manager come in. A Financial Manager’s role mainly focuses on advising the management on financial decisions for the company’s benefit.

      Who is a Financial Manager?

      A Financial Manager oversees the financial health of an organization. To ensure financial stability, a Financial Manager monitors the cash flow, manages the expenses, produces financial reports, and develops plans for the long-term profitability of an organization.

      What Does a Financial Manager Do?

      Regardless of the industry, the Financial Manager role comes with a set of responsibilities. The responsibilities are:

      • Deliver financial reports to management, shed light on financial information, and make recommendations.
      • Provide the company with investment strategies and advice.
      • Compare business plans to a company’s actual performance by investigating costs, variable contributions, pricing, and sales results.
      • Analyse competition and the market and develop projections and trends for the organisation’s finances.
      • Strategise plans for cost reduction opportunities by evaluating and conducting reviews.
      • Set objectives and goals and devise strategies to help the company achieve them.
      • Help build and manage a company’s budget to stay within specified limits.
      • Help raise funds for the company by arranging new sources and staying updated with the latest financial laws and legislation. 

      Are you a CA looking to upskill? Check out our blog Why Do CFA After CA: Top 7 Benefits To Do CFA.

      Skills Required To Be A Financial Manager

      The required skill sets of a Financial Manager have become more demanding with the evolving business landscape. Some of the essential skill sets of Financial Managers include:

      Financial Manager Skills

      Analytical Skills

      An analytical mindset is highly crucial for a Financial Manager. Analytical skills enable professionals to formulate realistic solutions by identifying the root cause of problems within a reasonable time frame. It also aids them in advising businesses on how to avoid financial pitfalls by detecting risks earlier. 

      Technological Skills

      With the advancement of business, spreadsheets and ledgers are not enough for a Financial Manager. Technological skills have become crucial for accessing and sharing financial statements, balance sheets, income statements, and other crucial documents. Knowledge of emerging software like Oracle, Xero, and Hyperion, among many others, has become mandatory.

      Mathematical Proficiency

      Managing huge sums of money is part of the job profile of Financial Managers. They require advanced mathematical abilities to compile and analyze financial data and must be competent enough to formulate and understand different mathematical equations. Knowledge about global finance and various financial documents is also required.

      Communication Skills

      Financial Managers need more than just number-crunching skills. They need to have strong verbal and written communication skills as well. Breaking down complex financial data into simpler forms to effectively explain to the management and stakeholders is a must-have skill of Financial Managers.

      Leadership Skills

      A Financial Manager primarily functions as a team leader, and for that, leadership skills are essential. They must be able to motivate the team members for higher productivity and efficiency.

      Problem-Solving Skills

      Financial Managers must have a thorough understanding of a company’s short and long-term financial goals. So when they are doing a budget analysis or determining the risk on investment, they can quickly strategies and formulate a plan of action for the betterment of the company.

      Work Ethics

      A skilled Financial Manager can work effectively independently and as part of a team. Not only can they work without any kind of supervision, but they also motivate others for maximum efficiency with their leadership skills.

      Risk Management Skills

      Risk is an integral part of a business that must be included. Financial Managers must have relevant skills to identify, quantify, and mitigate these risks to prevent companies from facing critical blows.

      Project Management Skills

      A Financial Manager works on various projects for a company. They must have the essential management skills to execute each project seamlessly through proper planning, scheduling, and organization while keeping cost-cutting and budgeting in mind.

      Awareness of Rules and Regulations

      Every industry has its own rules and regulations regarding investment schemes, money flow, credit and debit, tax, and other domains. A Financial Manager must have a thorough understanding of these legal compliances, as they are of utmost importance for the success of an organization.

      Salary of a Financial Manager

      The average annual salary of a Financial Manager in India is Rs. 20 LPA. A Financial Manager with less than a year of experience can expect a compensation of Rs. 10 LPA. More than three years of experience can push this amount to Rs. 20 LPA. The salary package of a Financial Manager depends on factors like experience, qualifications, location, and the type of industry. 

      Learn about the CFA salary in India

      Top Companies to Work for as a Financial Manager

      Every company requires a Financial Manager for the smooth functioning of organizations. Some of the top companies offering Financial Manager jobs are:

      • Morgan Stanley
      • HDFC
      • Boston Consulting Group
      • Facebook
      • Amazon
      • SBI
      • American Express
      • Microsoft
      • KPMG 

      How to Become a Financial Manager

      If you aspire to become a Financial Manager, then these are the steps you should follow:

      Get a Bachelor’s Degree

      The first step to becoming a Financial Manager is to earn a bachelor’s degree in accounting, business administration, economics, finance, or any other relevant field.

      Opt for an Internship

      A bachelor’s degree will equip you with the theoretical knowledge necessary to become a Financial Manager. To gain some practical experience, you will need to opt for a finance-related internship while pursuing your bachelor’s or after its completion.

      Acquire a Postgraduate Degree

      Many top companies, while sifting through CVs, look for candidates with a post-graduate degree. Pursuing a postgraduate degree in business, finance, accounting, economics, or other relevant fields can be an added advantage.


      Enrol yourself in certification CFA courses like CFA to upgrade your arsenal of knowledge regarding finance. A CFA certification can also help you land the job of a Financial Risk Manager.


      Gone are those days when Financial Managers worked in the background with huge numbers, and their only responsibility was to share financial statements. With the evolution of business, the role of a Financial Manager has also evolved, and they have become a pillar for businesses thriving in this competitive market.

      If you are aspiring to pursue a CFA certification for your Financial Manager journey, then check out the CFA course in Zell Education offers. With its student mentorship, curated notes, and eminent faculty, it is a course prepared to get you success.

      FAQs on Financial Manager

      What skills do I need to be a Finance Manager?

      The skills you require to be a Finance Manager are technological skills, analytical skills, thorough knowledge of rules and regulations, work ethics, project management skills, problem-solving skills, risk management skills, leadership skills, communication skills, and mathematical proficiency.

      Who is a Financial Manager?

      A Financial Manager is responsible for all the necessary financial functions of an organisation.

      What is the career path for a Financial Manager?

      The career path of a Financial Manager includes: – Earn a bachelor’s degree. – Get into an internship. – Opt for a postgraduate degree. – Upskill by getting into relevant financial courses.

      What are the top 3 roles of a Finance Manager?

      The top 3 Finance Manager job roles include: – Finance Controller – Finance Director – Senior Finance Manager

      Partham Barot is an ACCA-certified professional. showcasing his expertise in finance and accountancy. he’s revolutionising education by focusing on practical, real-world skills. Partham’s achievements underscore his commitment to elevating educational standards and empowering the next generation of professionals.

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