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Financial managers and directors plan, organise, direct and co-ordinate the financial information of companies, the activities and resources of financial institutions, such as banks and insurance companies, and advise on company financial policy.

Main tasks

  • Ensures compliance with accounting, recording and information storage, retrieval procedures and the statutory regulatory framework.
  • Plans, organises, directs and co-ordinates the activities of financial institutions .
  • Assesses and advises on factors affecting business performance.
  • Determines staffing levels appropriate for accounting activities.
  • Plans external and internal audit programmes, arranges for the collection and analysis of accounting, budgetary and related information, and manages the company’s financial systems.
  • Participates in the formulation of strategic and long-term business plans, assesses the implications for the organisation financial mechanisms and oversees their implementation.

Source: Office for National Statistics.

Salary and earnings

Potential earnings

£132,298.98

Average earnings

£53,306.99

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.

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.

Monitoring

Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.

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.

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.

English Language

Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.

Mathematics

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

Personnel and Human Resources

Knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labour relations and negotiation, and personnel information systems.

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 4%
Level 2 13%
Level 3 16%
Level 4-5 (Higher Education) 6%
Level 6 (Bachelors) 45%
Level 7 (Masters or equivalent) 13%
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.