Summary Guide forFinancial Managers in California
May also be called: Account Managers; Banking Center Managers; Consumer Loan Managers; Finance Directors; Financial Administrators; Fiscal Managers; and Investment Officers
Specialties within this occupation include: Cash Managers; Controllers; Credit Managers; Risk and Insurance Managers; Treasurers and Finance Officers
What Would I Do?
Financial Managers oversee the preparation of financial reports, direct investment activities, and implement cash management policies. They also coordinate the financial transactions of employees in a branch or office that include bank branches, brokerage firms, or credit departments. Financial Managers respond to executive management requests for financial information including special reports, analyses, and ad hoc requests.
Financial Managers work in comfortable climate-controlled offices. They usually work long hours, often up to 50 or 60 per week. Financial Managers may travel to visit subsidiary firms or to meet with customers.
Will This Job Fit Me?
Financial management occupations will appeal to individuals who enjoy starting up and carrying out projects. These occupations sometimes involve risk taking and often deal with business.
What Wages and Benefits Can I Expect?
Salary levels vary depending on the type of industry and location. Large organizations often pay higher salaries than small ones. Many Financial Managers are paid bonuses in addition to their regular salary.
The median wage in 2016 for Financial Managers in California was $132,575 annually, or $63.73 hourly. The median is the point at which half of the workers earn more and half earn less.
Benefit packages vary widely from company to company. Financial Managers generally receive health and dental insurance, vacation, holidays, sick leave, and pension plans. Deferred compensation in the form of stock options is becoming more common, especially for senior-level executives. Self-employed consultants are responsible for purchasing their own benefits.
What is the Job Outlook?
As with other managerial occupations, job seekers 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 certification, should enjoy better job prospects.
How Do I Qualify?
A bachelor's degree in finance, accounting, economics, or business administration is usually the minimum entrance requirement for Financial Managers. However, employers increasingly prefer to hire candidates with a master's degree. Participation in an internship program with a financial institution can also provide valuable experience and another pathway into the financial industry.
Finding a Job
Direct application to employers remains one of the most effective job search methods. Jobs may also be found through college placement centers, classified advertisements in local and financial newspapers, trade publications, and Internet job listings. Online job opening systems include JobCentral at www.jobcentral.com and CalJOBSSM at www.caljobs.ca.gov.
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