Plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment.Number of Jobs in 2010: 2,833
Number of Jobs in 2020: 2,874
Yearly Job Growth Rate: 1.5
Annual Openings: 56
Entry Wage: $23.46
Median Wage: $35.37
Education Requirement: Bachelor's degree
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- Supervise employees performing financial reporting, accounting, billing, collections, payroll, and budgeting duties.
- Coordinate and direct the financial planning, budgeting, procurement, or investment activities of all or part of an organization.
- Develop internal control policies, guidelines, and procedures for activities such as budget administration, cash and credit management, and accounting.
- Maintain current knowledge of organizational policies and procedures, federal and state policies and directives, and current accounting standards.
- Prepare or direct preparation of financial statements, business activity reports, financial position forecasts, annual budgets, or reports required by regulatory agencies.
- Provide direction and assistance to other organizational units regarding accounting and budgeting policies and procedures and efficient control and utilization of financial resources.
- Analyze the financial details of past, present, and expected operations to identify development opportunities and areas where improvement is needed.
- Advise management on short-term and long-term financial objectives, policies, and actions.
- Monitor financial activities and details, such as cash flow and reserve levels, to ensure that all legal and regulatory requirements are met.
- Evaluate needs for procurement of funds and investment of surpluses and make appropriate recommendations.
- Monitor and evaluate the performance of accounting and other financial staff, recommending and implementing personnel actions, such as promotions and dismissals.
- Develop and maintain relationships with banking, insurance, and nonorganizational accounting personnel to facilitate financial activities.
- Receive, record, and authorize requests for disbursements in accordance with company policies and procedures.
- Delegate authority for the receipt, disbursement, banking, protection, and custody of funds, securities, and financial instruments.
- Conduct or coordinate audits of company accounts and financial transactions to ensure compliance with state and federal requirements and statutes.
- Lead staff training and development in budgeting and financial management areas.
- Prepare and file annual tax returns or prepare financial information so that outside accountants can complete tax returns.
- Compute, withhold, and account for all payroll deductions.
- Handle all aspects of employee insurance, benefits, and casualty programs, including monitoring changes in health insurance regulations and creating budgets for benefits and worker's compensation.
- Receive cash and checks and make deposits.
- Perform tax planning work.
- Determine depreciation rates to apply to capitalized items and advise management on actions regarding the purchase, lease, or disposal of such items.
- Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter.
- Examine, evaluate, or process loan applications.
- Plan, direct, or coordinate the activities of workers in branches, offices, or departments of establishments, such as branch banks, brokerage firms, risk and insurance departments, or credit departments.
- Oversee the flow of cash or financial instruments.
- Recruit staff members and oversee training programs.
- Network within communities to find and attract new business.
- Approve, reject, or coordinate the approval or rejection of lines of credit or commercial, real estate, or personal loans.
- Prepare financial or regulatory reports required by laws, regulations, or boards of directors.
- Establish procedures for custody or control of assets, records, loan collateral, or securities to ensure safekeeping.
- Review collection reports to determine the status of collections and the amounts of outstanding balances.
- Prepare operational or risk reports for management analysis.
- Evaluate financial reporting systems, accounting or collection procedures, or investment activities and make recommendations for changes to procedures, operating systems, budgets, or other financial control functions.
- Plan, direct, and coordinate risk and insurance programs of establishments to control risks and losses.
- Submit delinquent accounts to attorneys or outside agencies for collection.
- Communicate with stockholders or other investors to provide information or to raise capital.
- Evaluate data pertaining to costs to plan budgets.
- Analyze and classify risks and investments to determine their potential impacts on companies.
- Review reports of securities transactions or price lists to analyze market conditions.
- Develop or analyze information to assess the current or future financial status of firms.
- Direct insurance negotiations, select insurance brokers or carriers, and place insurance.
Indivduals currently working as Financial Managers can easily transition into any of the occupations lisated below.
- Compensation and Benefits Managers
- Budget Analysts
- Risk Management Specialists
- Compensation, Benefits, and Job Analysis Specialists
- Financial Analysts
- Financial Managers, Branch or Department*
- Chief Executives*
- Public Relations and Fundraising Managers*
- Sales Agents, Financial Services*
- Sales Agents, Securities and Commodities*
- Sales Managers*
- Marketing Managers*
- First-Line Supervisors of Non-Retail Sales Workers*
- Financial Examiners
- Human Resources Specialists
- Compensation and Benefits Managers
* The occupation mentioned is in demand in the state of Maine, and is projected to employ new workers each year.
Occupational data obtained from the Maine Department of Labor and O*NET
Last updated on January 29, 2013