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What does a
Financial Manager do?

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Other common names for this position: Accounting and Financial Control Chief, Accounting and Financial Control Director, Accounting Department Manager, Accounting Director, Accounting Manager, Assigned Public Accountants Chief, Assistant Accounting Manager, Audit And Compliance Director, Auditing Department Manager, Controller, Corporate Budgeting and Analysis Manager, Corporate Financing Manager, Corporate Risk Department Manager, Finance and Control Manager, Finance Chief, Finance Director, Finance Manager, Financial Administrator, Financial Audit Manager, Financial Controller, Financial Control Manager, Financial Director, Financial Evaluations Director, Financial Planning and Advisory Service Manager, Financial Planning and Analysis Manager, Financial Planning and Reporting Director, Financial Planning and Reporting Manager, Financial Resources Service Co-Ordinator, Financing and Administration Director, Internal Audit Manager, Internal Audit Services Manager, Investments Research Director, Treasurer


Financial Managers are responsible for the financial health of a company or organization. They provide advice on a variety of financial issues, from tax and estate planning to retirement, risk management, and insurance planning. Financial Managers also develop and implement the financial policies and systems of different organizations, establish performance standards, and prepare various financial reports for senior management. They are employed in all kinds of organizations, from public, private, commercial, and educational, to non-profit entities and government authorities and agencies.[1]

The term “financial management” is extremely generic. It implies various responsibilities, tasks, and activities, which may or may not be performed by only one professional. The Financial Manager role must be interpreted in the context of the size and type of any given organization, industry segment, or profession.

Primary Responsibilities

Here’s a non-exhaustive list of common tasks Financial Managers are required to complete.

  • Managing finances and budgets, collecting financial data, and assessing past performance, anticipating trends and developments, and planning policies accordingly for a company or organization.
  • Planning, organizing, directing, controlling, overseeing, and evaluating the operation of an accounting, audit, or other financial departments:
  • Developing and implementing the financial policies, systems, and procedures of a company or organization;
  • overseeing the collection and analysis of financial data;
  • coordinating the financial planning and budget process to meet their financial goals, as well as analyzing and correcting estimates;
  • supervising the development and implementation of financial simulation models;
  • evaluating financial reporting systems, accounting procedures, and investment activities in order to make recommendations for changes to procedures, operating systems, budgets, and other financial control functions to senior management;
  • advising senior management on ideas on how to maximize the company’s profits;
  • recruiting, organizing, training, and managing staff;
  • establishing profitability standards for investment activities and handling mergers and/or acquisitions;
  • supporting treasury management and cash flow forecasting;
  • preparing consolidated monthly, quarterly, and annual accounting closes;
  • assisting in tax compliance, transfer pricing analysis, cross-border tax items, and tax filings; and
  • notifying and reporting to senior management about any trends that are critical to the organization’s financial performance.
  • Acting as a liaison between the organization and its internal and external shareholders, the investing public, and both internal and external Financial Analysts.
  • Directing the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses:
  • Preparing special reports required by governmental agencies that regulate businesses; and
  • analyzing and articulating business trends for stakeholders.

Daily Tasks

  • Preparing and presenting financial statements and forecasts, as well as business activity reports.
  • Monitoring financial details to ensure that legal requirements are met.
  • Supervising employees in charge of carrying out financial reporting and budgeting.
  • Reviewing existing financial reports and seeking new ways to reduce costs.
  • Analyzing market trends to find opportunities for expansion or for acquiring other companies.
  • Assisting management in making financial decisions.

The average Financial Manager salary is $94,497 per year or $48 per hour. This is around 2.9 times more than the Median wage of the country. Entry level positions start at $66,000 while most experienced workers make up to $132,000. These results are based on 200 salaries extracted from job descriptions.

Gross Salary111,907.41 $
CPP- 2,479.95 $
EI- 930.60 $
Federal Tax- 20,008.45 $
Provincial Tax- 11,084.04 $
Total Tax- 34,503.04 $
Net Pay*77,404.37 $
In Ontario, Canada, if you make 111,907.41 $ a year, you will be taxed 34,503.04 $. That means that your take home pay will be 77,404.37 $ per year, or 6,450.36 $ per month. Your average tax rate is 30.83% and your marginal tax rate is 43.41%.
* Deductions are calculated based on the tables of Ontario, Canada income tax.
Job Offers
There are currently 16773 available job offers for the Financial Manager position on Below is a list of available jobs, based on Canada's most populated metropolitan areas.
Education is key ! Over [number] graduates attended one or more of these schools prior to becoming a Financial Manager. These Schools usually offer specialized courses and programs that impart the necessary knowledge and skills required by most employers.
Top 5 Schools in Canada
to become Financial Manager
  • 1
    Montreal, Quebec
  • 2
    Montreal, Quebec
Required Skills and Qualifications
  • Interpersonal and communication skills:
  • Communicating clearly, both in writing and verbally, to effectively explain and justify complex financial transactions, using non-technical language when necessary;
  • acting with transparency, keeping executives informed about the decisions to be made and transactions to be executed; and
  • establishing and maintaining supportive working relationships.
  • Organizational and time management skills:
  • Prioritizing and planning work activities in order to manage time efficiently while handling a high volume of work; and
  • multitasking; being able to work in a dynamic, fast-paced environment.
  • Analytical, problem-solving, and decision-making skills:
  • Effectively analyzing numerical data, drawing logical inferences, and providing reasonable recommendations;
  • being able to assist executives in making financial decisions that affect their organization;
  • identifying issues and resolving problems in a timely manner; and
  • being able to exercise strategical thinking and mature judgment.
  • Strong attention to detail:
  • Being precise and accurate when preparing and analyzing reports, such as balance sheets and income statements.
  • Accounting, mathematical, and computer skills:
  • Being able to use mathematical principles, including algebra, and having an understanding of international finance and complex financial documents; and
  • being proficient in database management, spreadsheets, and other computer software.
  • Deadline-driven, reliable, flexible, and a true leader:
  • Being able to lead and supervise a group of professionals; and
  • being able to work independently and collaborate with a team.

The minimum education needed for Financial Managers is generally a bachelor's degree in Finance, Accounting, Economics, or Business Administration. However, nowadays, many employers seek candidates with a master’s degree, preferably in Business Administration, Finance, or Economics. Financial Managers tend to have experience in other business or financial occupations, such as Loan Officer, Accountant, Auditor, Securities Sales Agent, or Financial Analyst—experience that gives these professionals an advantage over other potential candidates.

In addition to the skills listed above, Financial Managers must excel in communication, people management, analytical and quantitative reasoning, teamwork, and attention to detail. Being able to focus on results and have high levels of commercial awareness are other important requirements for these financial professionals.

Career progression for Financial Managers depends on various factors, such as qualifications, experience, and performance, with the latter being the most significant aspect. Becoming the VP of Finance or even of the whole organization is the most common path after spending some years in the Financial Manager position. On the other hand, they can move into general management roles or specialist areas such as research, consultancy, or academia.

The initial years of career for a Financial Manager may include 12-hour days, commonly working on weekends and holidays as well. However, with enough experience (5 to 10 years), their work schedule turns into normal working office hours, with the frequency of travel, both domestic and international, possibly increasing.