Employment growth for financial managers is expected is to be about as fast as the average for all occupations. However, applicants will likely face strong competition for jobs. Those with a masters' degree and a certification will have the best opportunities.
Employment change. Employment of financial managers over the 2006-16 decade is expected to grow by 13 percent, which is about as fast as the average for all occupations. Regulatory reforms and the expansion and globalization of the economy will increase the need for financial expertise and drive job growth. As the economy expands, both the growth of established companies and the creation of new businesses will spur demand for financial managers. Employment of bank branch managers is expected to increase because banks are refocusing on the importance of their existing branches and are creating new branches to service a growing population. However, mergers, acquisitions, and corporate downsizing are likely to restrict the employment growth of financial managers to some extent.
The long-run prospects for financial managers in the securities and commodities industry should be favorable, because more people will be needed to handle increasingly complex financial transactions and manage a growing amount of investments. Financial managers also will be needed to handle mergers and acquisitions, raise capital, and assess global financial transactions. Risk managers, who assess risks for insurance and investment purposes, also will be in demand.
Some companies may hire financial managers on a temporary basis, to see the organization through a short-term crisis or to offer suggestions for boosting profits. Other companies may contract out all accounting and financial operations. Even in these cases, however, financial managers may be needed to oversee the contracts.
Job prospects. As with other managerial occupations, jobseekers are likely to face competition because the number of job openings is expected to be less than the number of applicants. Candidates with expertise in accounting and finance—particularly those with a master's degree and or certification—should enjoy the best job prospects. Strong computer skills and knowledge of international finance are important; as are excellent communication skills because financial management involves working on strategic planning teams.
As banks expand the range of products and services they offer to include insurance and investment products, branch managers with knowledge in these areas will be needed. As a result, candidates who are licensed to sell insurance or securities will have the most favorable prospects.
Financial managers held about 506,000 jobs in 2006. Although they can be found in every industry, approximately 3 out of 10 were employed by finance and insurance establishments, such as banks, savings institutions, finance companies, credit unions, insurance carriers, and securities dealers. About 8 percent worked for Federal, State, or local government.
Job Zone 5 - Extensive preparation
Overall Experience
Extensive skill, knowledge, and experience are needed for these occupations. Many require more than five years of experience. For example, surgeons must complete four years of medical school and up to an additional five to seven years of specialized medical training to do their job.
Education
At a minimum, a bachelor's degree is required for these occupations. However, many also require a graduate school degree such as a Master's, Ph.D., M.D., or J.D. (law degree).
Job Training
Employees may need some on-the-job training, but most of these occupations require that you already have the necessary skills, knowledge, work-related experience, and/or training.
Examples
Lawyers, instrumental musicians, physicists, counseling psychologists, and surgeons.
These occupations often involve coordinating, training, supervising or managing the activities of others. Very advanced communication and organization skills are required.
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For information about careers and certification in financial management, contact:
- Financial Management Association International, College of Business Administration, University of South Florida, Tampa, FL 33620. Internet: http://www.fma.org
For information about careers in financial and treasury management and the Certified Treasury Professional program, contact:
- Association for Financial Professionals, 7315 Wisconsin Ave., Suite 600 West, Bethesda, MD 20814. Internet: http://www.afponline.org
For information about the Chartered Financial Analyst program, contact:
For information on The American Institute of Banking and its programs, contact:
- American Bankers Association, 1120 Connecticut Ave. NW, Washington, DC 20036.
For information about the Certified in Management Accounting designation, contact:
Sources: O*Net data version 12.0
Occupational Outlook Handbook
Department of Labor
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