DETAILED OCCUPATION DATA
11-3031 Financial Managers
Occupational Description:
Plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment. Excludes "Financial Risk Specialists" (13-2054).| Percentiles | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Geography | Employment | Emp SE* | Mean | Mean SE* | 10th | 25th | Median | 75th | 90th |
| Southwest Minnesota | 550 | 38 | $51.51/hr | $1.17/hr | $30.61/hr | $37.88/hr | $48.05/hr | $60.32/hr | $78.65/hr |
| Minnesota | 15,750 | 425 | $66.54/hr | $0.73/hr | $36.70/hr | $46.74/hr | $60.42/hr | $78.95/hr | $81.00/hr |
| U S | 654,790 | 3,929 | $71.60/hr | $0.21/hr | $33.18/hr | $44.80/hr | $63.04/hr | $88.31/hr | $81.00/hr |
| *SE = Standard error, a measure of the statistical reliability of the estimate. | |||||||||
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| Occupation (click title for details) | OES | Projections | |
|---|---|---|---|
| Employment | Median Wage | % Change 2022 - 2032 | |
| Accountants and Auditors | 970 | $29.79/hr | 4.4% |
| Purchasing Managers | 90 | $48.73/hr | 4.0% |
| Financial Examiners | 60 | $41.80/hr | 23.3% |
Tasks for Financial Managers
- Coordinates and directs financial planning, budgeting, procurement, and investment activities of organization.
- Prepares reports or directs preparation of reports summarizing organization's current and forecasted financial position, business activity, and reports required by regulatory agencies.
- Delegates authority for receipt, disbursement, banking, protection and custody of funds, securities, and financial instruments.
- Analyzes past, present, and expected operations.
- Interprets current policies and practices and plans and implements new operating procedures to improve efficiency and reduce costs.
- Ensures that institution reserves meet legal requirements.
- Arranges audits of company accounts.
- Advises management on economic objectives and policies, investments, and loans for short- and long- range financial plans.
- Evaluates need for procurement of funds and investment of surplus.
- Directs and coordinates activities of workers engaged in conducting credit investigations and collecting delinquent accounts of customers.
- Plans, directs, and coordinates risk and insurance programs of establishment to control risks and losses.
- Manages branch or office of financial institution.
- Directs and coordinates activities to implement institution policies, procedures, and practices concerning granting or extending lines of credit and loans.
- Prepares financial and regulatory reports required by law, regulations, and board of directors.
- Analyzes and classifies risks as to frequency and financial impact of risk on company.
- Selects appropriate technique to minimize loss, such as avoidance and loss prevention and reduction.
- Prepares operational and risk reports for management analysis.
- Directs floor operations of brokerage firm engaged in buying and selling securities at exchange.
- Establishes procedures for custody and control of assets, records, loan collateral, and securities to ensure safekeeping.
- Evaluates effectiveness of current collection policies and procedures.
- Directs insurance negotiations, selects insurance brokers and carriers, and places insurance.
- Evaluates data pertaining to costs to plan budget.
- Reviews collection reports to ascertain status of collections and balances outstanding.
- Monitors order flow and transactions that brokerage firm executes on floor of exchange.
- Reviews reports of securities transactions and price lists to analyze market conditions.
- Establishes credit limitations on customer account.
- Examines, evaluates, and processes loan applications.
- Submits delinquent accounts to attorney or outside agency for collection.
