Who’s A Finance Manager? What’s The Minimum & Maximum Income Level?

The head of the finance department – Finance Manager is an indispensable position in organizations and businesses. If you are looking to conquer this position to receive a “huge” salary, let’s find out the scope of work and the requirements of a Finance Manager position in the article below.

1. Who is a Finance Manager?

The Finance Manager is the head of the finance department, responsible for the financial affairs of that business. Depending on the size of the operation and the personnel structure, there will be a Chief Financial Officer (CFO) or not in the Finance Department.

A Finance manager manages human resources including financial staff/specialists, approves financial statements, makes decisions on direct investment activities and develops strategies and plans to serve long-term financial goals of the enterprise.

Today, this position also regularly assists the Chief Executive Officer (CEO) in making decisions that affect the business operation. A Finance Manager can be employed in a variety of environments such as multinational corporations, retailers, financial institutions, manufacturing companies, schools, businesses and more.

2. Main duties of a Finance Manager

Depending on the industry or the size of the business, the specific duties of this position can vary greatly. For example, in large enterprises, their role is heavily focused on strategic analysis. In smaller organizations, they have to handle small tasks to ensure efficient financial operations.

Essentially, however, implementation responsibilities include:

• Provide and analyze financial information.
• Monitor the direction of cash flow, predict future trends and analyze financial changes to advise accordingly.
• Develop short-term and long-term financial strategic plans.
• Research and report on factors affecting business performance.
• Analyze competitors and market trends.
• Develop a financial management mechanism to help reduce financial risks.
• Conduct a financial cost-cutting opportunity assessment.
• Manage accounting and financial reporting systems.
• Develop external relationships such as auditors, lawyers, bankers, etc, … to provide financial support for businesses when needed.
• Approve and check accurate financial statements according to deadlines for submission to management.
• Manage budgets, arrange new finance sources and handle business debts.
• Supervise staff in the finance department.
• Keep abreast of changes in financial regulations and laws.
• Conduct other tasks assigned by the CFO.

3. What is the income level?

According to a salary survey from Navigos Group, Finance is in the Top 5 professions with the highest popular salary range. Specifically, 25% of people in the position of Manager/Head of Department are receiving a salary of 70 million VND/month or more.

The most common minimum wages of this industry for positions are: Fresh graduate: 5 million VND/month; Experienced: 7,175 million VND/month; Team Leader/Supervisor: 12.5 million VND/month; Manager/Head of Department: 25 million VND/month.

It is said that the salary range of this profession are admirable figures, partly reflecting the great responsibility they have to shoulder. Their work and decisions will directly affect the cash flow, sustainability and financial stability of the business. Therefore, the person holding the position of Finance Manager must ensure professional qualifications and certain requirements.

4. How to win the position of a Finance Manager?

Becoming the head of the finance department is the dream of many people in this industry, from inexperienced professionals to those who have worked for many years. To be promoted to this position is not easy, it takes a process of continuous effort and striving.

Professional qualifications, expertise and experience

All positions in the financial sector require professional qualifications, through formal school training to complete the job well. To progress up to this management level position, you must have at least a Bachelor’s degree in Finance, Accounting – Auditing or another related field.

Candidates can also study for a Master’s degree or take postgraduate courses because the specialized knowledge gained through the training program will give you a great competitive advantage. After that, you can continue to train as a professional accountant and prove yourself.

Besides, specialized certifications also contribute to the success of this position. Some popular certifications you should own are: CFA, CPA, CIMA,… In addition, becoming a financial expert of a professional organization or large enterprise is a plus for you compared to other applicants.

Understanding that finance is not just about working with numbers but also about working with people

You will not be able to stand in a management position if you do not understand the nature and actual responsibilities of the job. As a Finance Manager, you must be able to inspire and lead everyone in the department to increase productivity.

At the same time, you need to get support from your department to conduct all tasks smoothly. Therefore, you must understand that finance is not just numbers but also dealing with people.

Therefore, you need to try to show people a good image, have the ability to spread positive energy and have good leadership skills. That will be a solid foundation for you to develop a better career later.

Strategic vision

A Finance Manager must consider general and specific factors to have the most accurate view of the business, its potential for growth, the problems the business is facing,… Remember that once taking this position, it means that you must always think about the big picture, not just financial constraints. However, even though the management position is about strategy and vision, you still must not take your eyes off the daily assigned work.

Develop sustainable relationships with related parties

The importance of developing relationships in business is enormous. The finance department will need to work with the sales department to push each other forward. At the same time, it is necessary to develop good relationships with parties that affect the capital resources of enterprises such as banks, investors,…

Maybe from the very beginning of your career in the financial industry, you have made those connections thanks to your tact and sophistication in communication. However, working capacity and sincerity are still the core premise for you to build credibility with stakeholders.

Practice and hone important skills

Analytical skills: This position is increasingly important in assisting the CFO in making decisions that affect the organization. This requires you to have logical and critical thinking skills at work, deep strategic analysis.

Detail-oriented: When performing analysis of balance sheet or income statements, you need to pay attention to pre-planned orientations to avoid making mistakes in the process.

Math skills: Financial management is about working with numbers. Possessing calculation skills will help the work to take place accurately and fully to submit to the business board of directors.

Task organization skills: Because of the nature of the job, often facing information and documents, knowing how to organize workflow and workload will be an effective solution to help you organize your job in a scientific way without missing out on any small task.

 

Cre: Navigossearch.com