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Financial accounts managers manage client accounts or departments within financial institutions (such as banks and insurance companies) or manage a variety of financial accounts within other organisations.

Main tasks

  • Carries out and/or supervises general accounting and administrative work.
  • Establishes terms of credit and ensures timely payment by customer, renegotiates payment terms and initiates legal action to recover debts if necessary.
  • Checks customers’ credit rating with banks and credit reference agencies, and decides whether to offer credit.
  • Manages teams handling insurance claims.
  • Takes responsibility for the efficient and effective operation of several business accounts.
  • Develops and manages business accounts to increase sales of financial products.

Source: Office for National Statistics.

Salary and earnings

Potential earnings

£76,414.88

Average earnings

£38,377.00

Source: Office for National Statistics' Annual Survey of Hours and Earnings (ASHE).

Skills & knowledge

The top 5 most important skills and knowledge requirements relevant to this career.

Critical Thinking

Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

Active Learning

Understanding the implications of new information for both current and future problem-solving and decision-making.

Active Listening

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.

Mathematics

Using mathematics to solve problems.

Reading Comprehension

Understanding written sentences and paragraphs in work related documents.

Economics and Accounting

Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.

Administration and Management

Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modelling, leadership technique, production methods, and coordination of people and resources.

Clerical

Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.

Mathematics

Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.

Computers and Electronics

Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.

What course level do I need to study?

The level of study required will vary with each job, sector and company. The table below shows the level of study achieved by those currently working in this career choice.

Educational requirements: Honours, Bachelor's degree

Source: Office for National Statistics.

Level of study Percentage achieved
Level 0 1%
Level 1 2%
Level 2 12%
Level 3 18%
Level 4-5 (Higher Education) 5%
Level 6 (Bachelors) 50%
Level 7 (Masters or equivalent) 11%
Level 8 (Doctorate) 1%

Source: Labour Force Survey (LFS) data.

Economic data for careers is provided by Lightcast and also available through our Career Coach app. Job postings, employment and earnings information is represented at the regional level for the East Midlands.