Financial managers
High opportunity occupation
Career Overview
Financial managers plan, manage and evaluate the operations of financial and accounting departments. They put in place the financial policies and systems for a company and make sure they run well. People in this job work in private, not-for-profit and public sector organizations.
Job Titles
Duties
In general, financial managers:
- Prepare a range of financial reports, including trends, statements, summaries and cost/benefit analyses to senior management
- Co-ordinate a company’s financial planning and budget process
- Analyze and adjust the spending and income estimates
- Supervise others in developing and implementing financial simulation models
- Review the company’s financial reporting systems, accounting procedures, and investment activities
- Recommend procedure and system changes to senior managers and other department or regional managers
- Recruit, train and manage staff
- Communicate and engage with shareholders, investors and external financial analysts
- Set profitability standards for investment activities
- Assist in mergers and acquisitions
Earnings
Earnings is income that workers receive in exchange for their labour. Depending on the type of employment, earnings can be in the form of wages (hourly), salaries (fixed monthly or annual) or self-employed earnings.
Work Environment
# Workers Employed
8,255% Employed Full Time
79%Financial managers work in office environments within the public sector, for-profit businesses and not-for-profit organizations. Widespread use of technology means that some financial managers can work from a home office and go into their company’s office for specific meetings and events.
Financial managers generally work regular business hours. In some cases, they may need to work evenings and weekends during busy times such as during budget preparations, tax season, audit, or for other financial projects.
Career Pathways
Most people in this job become senior managers after five to 10 years of work experience in management or assistant management roles, depending on the difficulty of work and size of the business.
With additional experience or education, financial managers can advance to senior management positions, such as senior financial manager, director of finance, vice-president of finance or chief financial officer.
Related Careers
Occupational Interests
It’s important to understand what kinds of occupations align with your interests.
For more about occupational interests visit Skills for the Future Workforce > Characteristics.
Here are the top occupational interest(s) for this career profile:
Education, Training and Skills
A financial manager should have a bachelor's degree in business administration, economics, commerce, accounting or a related field. They may also need several years of experience in accounting, auditing, budgeting, financial planning, financial analysis or other financial activities. In addition, a master's degree in a management program or in business administration (MBA) with a concentration in finance would be an asset. For some positions, a Chartered Professional Accountant (CPA) designation may be required, especially if the person wants to be promoted to a more senior role.
Education programs in B.C.
The following program areas are related to this occupation:
- Accounting
- Finance
- Economics (Arts)
- Economics (Science)
- Economics
Skills
Every job calls for a certain set of skills. Knowing those skills is the first step in finding a good career fit.
Here, you will find the 10 most relevant workplace skills. Some are more important to achieving success in a certain career than others. These skills may come naturally to you or you may need to gain them through education, training and experience.
See the list of work-related skills below, ranked in order of importance for this career. Check out the list and see if this career matches your skills—take that first step!
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Understanding written sentences and paragraphs in work-related documents.
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Talking to others to share information effectively.
Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Being able to solve novel, ill-defined problems in complex, real-world settings.
Keeping track of and assessing your performance, other individuals, or organizations to make improvements or take corrective action.
Communicating effectively in writing as appropriate for the needs of the audience.
Understanding how new information could be used to solve current and future problems in making decisions.
Using mathematics to solve problems.
Labour Market Statistics
Discover data, facts and information that have been gathered and analyzed. Learn about the characteristics of the economy and labour market in B.C.
Employment
Find out about employment types and trends by region and industry.
Employment
8,255Employment by Region
| Region | Employment | % Employment of this Occupation |
|---|---|---|
| Cariboo | 185 | 2.2% |
| Kootenay | 190 | 2.3% |
| Mainland/Southwest | 5,820 | 70.5% |
| North Coast and Nechako | 105 | 1.3% |
| Northeast | 60 | 0.7% |
| Thompson-Okanagan | 655 | 7.9% |
| Vancouver Island/Coast | 1,235 | 15.0% |
Labour Market Outlook
The B.C. Labour Market Outlook is a 10-year forecast of the expected supply and demand for labour in the province. It’s usually updated every year. The purpose is to provide British Columbians with the knowledge to make informed decisions on careers, skills training, education and hiring.
Forecasted Job Openings (2024-2034)
4,250Forecasted Job Openings
Forecasted Employment Growth Rate
Composition of Job Openings
Job Openings by Region (2024-2034)
| Region | Job Openings | Avg. Annual Employment Growth |
|---|---|---|
| Cariboo | 50 | -0.3% |
| Kootenay | 50 | -0.1% |
| Mainland/Southwest | 3,180 | 1.6% |
| North Coast and Nechako | 20 | -0.2% |
| Northeast | 10 | -0.2% |
| Thompson-Okanagan | 350 | 1.3% |
| Vancouver Island/Coast | 590 | 0.9% |
Industry Highlights
Learn about the opportunities in B.C.'s major industries, including employment trends, earning potential, locations of work and more.
Forecasted Job Openings by Industry
| Industry | Job Openings (2024-2034) |
|---|---|
| Professional, Scientific and Technical Services | 1,070 |
| Finance, Insurance and Real Estate | 740 |
| Public Administration | 430 |
| Retail Trade | 290 |
| Health Care and Social Assistance | 250 |
Insights from Industry
In addition to having excellent financial skills, good communication and people skills are equally important. A financial manager may be called to speak to people throughout the company from the most junior employee to the chief executive officer, and they need to do that in a way that makes people feel comfortable. Financial managers frequently make presentations to a board of directors, to investors or at conferences. They may also be required to attend networking events with senior executives.
Resources
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Chartered Professional Accountants of British Columbiawww.bccpa.ca
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Chartered Professional Accountants of Canadawww.cpacanada.ca
