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Financial managers

OaSIS code 10010.00

Financial managers plan, organize, direct, control and evaluate the operation of financial and accounting departments. They develop and implement the financial policies and systems of establishments. Financial managers establish performance standards and prepare various financial reports for senior management.

Overview

Also known as

  • Controller - financial services
  • Director - financial services
  • Director of accounting
  • Finance director
  • Financial administrator
  • Financial control manager
  • Financial planning and analysis manager
  • Internal audit services manager
  • Treasurer

Main duties

This group performs some or all of the following duties:

  • Plan, organize, direct, control and evaluate the operation of an accounting, audit or other financial department
  • Develop and implement the financial policies, systems and procedures of an establishment
  • Prepare or coordinate the preparation of financial statements, summaries, and other cost-benefit analyses and financial management reports
  • Coordinate the financial planning and budget process, and analyze and correct estimates
  • Supervise the development and implementation of financial simulation models
  • Evaluate financial reporting systems, accounting procedures and investment activities and make recommendations for changes to procedures, operating systems, budgets and other financial control functions to senior managers and other department or regional managers
  • Recruit, organize, train and manage staff
  • Act as liaison between the organization and its shareholders, the investing public and external financial analysts
  • Establish profitability standards for investment activities and handle mergers and/or acquisitions
  • Notify and report to senior management concerning any trends that are critical to the organization's financial performance.

Additional information

  • Progression to senior management positions, such as vice-president of finance, is possible with experience.

Similar occupations classified elsewhere

Exclusions:

  • Accounting firm manager; Audit firm manager (in 10029.00 Other business services managers)

Work characteristics

Work characteristics gathers the various components describing the work environment of each occupation, such as employers, work activities, and the work context. Each category displays up to 10 descriptors in descending order based, firstly, on their attributed ratings by the level of complexity (for Work Activities) or other measurement dimensions (for Work Context), and secondly, in alphabetical order. The whole list of descriptors and their ratings can be expanded at the bottom of each page.

Work Activities

Work Context

Workplaces/employers

  • Financial and accounting departments in companies throughout the private sector
  • Financial and accounting units throughout the public sector

Skills and abilities

This section displays the various competencies required for an occupation. Each category displays up to 10 descriptors in descending order based, firstly, on their attributed ratings by the level of proficiency (for Skills and Abilities) or importance (for Personal Attributes) and secondly, in alphabetical order. The whole list of descriptors and their ratings can be expanded at the bottom of each page.

Abilities

Proficiency or complexity level
Mathematical Reasoning
5 - Highest Level
Numerical Ability
5 - Highest Level
Categorization Flexibility
4 - High Level
Deductive Reasoning
4 - High Level
Fluency of Ideas
4 - High Level
Information Ordering
4 - High Level
Memorizing
4 - High Level
Pattern Identification
4 - High Level
Problem Identification
4 - High Level
Speech Recognition
4 - High Level

Skills

Proficiency or complexity level
Evaluation
5 - Highest Level
Management of Financial Resources
5 - Highest Level
Management of Personnel Resources
5 - Highest Level
Monitoring
5 - Highest Level
Numeracy
5 - Highest Level
Systems Analysis
5 - Highest Level
Time Management
5 - Highest Level
Coordinating
4 - High Level
Critical Thinking
4 - High Level
Decision Making
4 - High Level

Personal Attributes

Importance
Analytical Thinking
5 - Extremely important
Attention to Detail
5 - Extremely important
Leadership
5 - Extremely important
Active Learning
4 - Highly important
Adaptability
4 - Highly important
Collaboration
4 - Highly important
Independence
4 - Highly important
Service Orientation
4 - Highly important
Stress Tolerance
4 - Highly important
Concern for Others
3 - Important

Interests

The OaSIS uses the Holland Codes to describe the work-related interests. According to the Holland model, people work best in work environments that match their preferences, which means that people and work environments can be matched for a best fit. Occupational environments in Holland’s theory are described according to a combination of main interests and the activities they represent. There are six interests in the Holland typology: Realistic, Investigative, Artistic, Social, Enterprising and Conventional. All occupations in OaSIS have up to three interests assigned to them.

Interests

Preferences for work environments and outcomes.

Interests profile: ECI

Enterprising (E)

Enterprising occupations are characterized by the dominance of activities that entail the interaction with others to attain organizational or self-interest goals. They frequently involve starting up and carrying out projects, influencing, leading or mobilizing people and making decisions, and sometimes require risk taking and dealing with business. They foster enterprising competencies and achievements. Workers in those occupations are audacious, popular, self-confident, sociable, and possess leadership and speaking abilities. They see the world in terms of power, status, responsibility, and in stereotyped, dependent, and simple terms. They are rewarded in their work environment for the display of enterprising values and goals: money, power and status.

Conventional (C)

Conventional occupations are characterized by the dominance of activities that entail the explicit, ordered, and systematic manipulation of data, such as keeping records, filing materials, reproducing materials, organizing written and numerical data according to a prescribed plan, and operating business and data processing machines. They often require following a clear line of authority or set procedures and routines, and usually involve working with data and details more than with ideas. They foster clerical competencies and achievements. Workers in those occupations are conforming, orderly, and methodical. They see the world in conventional, stereotypical, constricted, simple, and dependent terms. They are rewarded in their work environment for the display of conventional values: money, dependability, conformity.

Investigative (I)

Investigative occupations are characterized by the dominance of activities that entail the observation and symbolic, systematic, and creative investigation of physical, biological, or cultural phenomena. These occupations require an extensive amount of thinking and frequently involve working with ideas, searching for facts, and figuring out problems mentally. They encourage scientific competencies and achievements. Workers in those occupations are erudite, have mathematical and scientific abilities, and see the world in complex, abstract, independent, and original terms. They are rewarded in their work environment for the display of scientific values.

Employment requirements

Employment requirements includes the education, training, certifications and the knowledge required to work in each occupation. The Knowledge category displays up to 10 descriptors in descending order based, firstly, on their attributed ratings by the level of proficiency, and secondly, in alphabetical order. The whole list of Knowledge descriptors and their ratings can be expanded at the bottom of each page.

Education, certification and licensing

  • A bachelor's degree in business administration, economics, commerce or a related field is required.
  • A master's degree in business administration (concentration in finance), or another master's level management program may be required.
  • Several years of experience in accounting, auditing, budgeting, financial planning and analysis or other financial activities are required.
  • Accounting and audit managers may require a recognized accounting designation (CPA, CA, CPA, CMA or CPA, CGA).
  • Investment, treasury, or corporate finance managers may require a recognized financial designation (CFA, CFP, CIM or others).

Skills for success

 
Skills for Success Model
 
Skills for Success are skills that help you in a quickly changing world. Everyone benefits from having these skills. They can help you to get a job, progress at your current job or even change jobs. The skills also help you become an active member of your community and succeed in learning.
 
 
Linkages Between ESDC Skills Models and Frameworks
 
ESDC makes available a dictionary of over 300 terms (or descriptors) and definitions, known as the Skills and Competencies Taxonomy (SCT). Descriptor information from the Taxonomy is used in the Occupational and Skills Information System (OaSIS).
 
While there is general commonality of meaning between the descriptors in the SCT and the Skills for Success model, there are some differences in their definitions due to their distinct purposes. The Skills for Success Model [9 broadly defined skills] identifies the skills that are universally applicable. The SCT displays specific skills and competency requirements for 900 occupations. Users of the Skills for Success Model and Essential Skills content may find competency information from the Taxonomy and the OaSIS to be complementary.
 
Stay tuned to this section for more information and updates regarding linkages between the Skills for Success model and the OaSIS.

O*NET in-it

This page includes information from the O*NET 27.2 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA. Employment and Social Development Canada has modified all or some of this information. USDOL/ETA has not approved, endorsed, or tested these modifications.

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