Financial Manager Job Description

Direct and coordinate financial activities of workers in a branch, office, or department of an establishment, such as branch bank, brokerage firm, risk and insurance department, or credit department.

Tasks Performed

  • Adjust reserves and provide reserve recommendations to ensure reserving activities consistent with corporate policies.
  • Communicate with reinsurance brokers to obtain information necessary for processing claims.
  • Conduct detailed bill reviews to implement sound litigation management and expense control.
  • Confer with legal counsel on claims requiring litigation.
  • Contact and/or interview claimants, doctors, medical specialists, or employers to get additional information.
  • Analyze and classify risks and investments to determine their potential impacts on companies.
  • Approve or reject, or coordinate the approval and rejection of, lines of credit and commercial, real estate, and personal loans.
  • Communicate with stockholders and other investors to provide information, and to raise capital.
  • Develop and analyze information to assess the current and future financial status of firms.
  • Direct floor operations of brokerage firm engaged in buying and selling securities at exchange.
  • Direct insurance negotiations, select insurance brokers and carriers, and place insurance.
  • Establish and maintain relationships with individual and business customers, and provide assistance with problems these customers may encounter.
  • Establish procedures for custody and control of assets, records, loan collateral, and securities, in order to ensure safekeeping.
  • Evaluate data pertaining to costs in order to plan budgets.
  • Evaluate financial reporting systems, accounting and collection procedures, and investment activities, and make recommendations for changes to procedures, operating systems, budgets, and other financial control functions.
  • Examine, evaluate, and process loan applications.
  • Monitor order flow and transactions that brokerage firm executes on the floor of exchange.
  • Network within communities to find and attract new business.
  • Oversee the flow of cash and financial instruments.
  • Plan, direct, and coordinate risk and insurance programs of establishments to control risks and losses.
  • Plan, direct, and coordinate the activities of workers in branches, offices, or departments of such establishments as branch banks, brokerage firms, risk and insurance departments, or credit departments.
  • Prepare financial and regulatory reports required by laws, regulations, and boards of directors.
  • Prepare operational and risk reports for management analysis.
  • Recruit staff members, and oversee training programs.
  • Review collection reports to determine the status of collections and the amounts of outstanding balances.
  • Review reports of securities transactions and price lists in order to analyze market conditions.
  • Submit delinquent accounts to attorneys or outside agencies for collection.

Work Activities

  • analyze financial data
  • analyze market conditions
  • analyze operational or management reports or records
  • approve or deny credit applications
  • approve or deny loans
  • assign work to staff or employees
  • compile data for financial reports
  • conduct financial investigations
  • conduct or attend staff meetings
  • develop budgets
  • develop management control systems
  • develop policies, procedures, methods, or standards
  • direct and coordinate financial activities
  • identify financial risks to company
  • monitor credit extension decisions
  • oversee execution of organizational or program policies
  • prepare reports for management
  • prepare required government reports
  • review loan applications
  • use government regulations
  • use negotiation techniques

Information Provided by O*NET

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