Financial Managers

NOC 0111

Description

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. They are employed in financial and accounting departments in companies throughout the private sector and in government.

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 co-ordinate the preparation of financial statements, summaries, and other cost-benefit analyses and financial management reports
  • Co-ordinate 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.

Other Titles

  • controller – financial services
  • director – financial services
  • finance director
  • treasurer
  • internal audit services manager
  • financial administrator
  • financial control manager
  • financial planning and analysis manager
  • director of accounting
  • pension plans administrator
  • pension services manager
  • corporate risk department manager

(Government of Canada National Occupation Classification)

Skills

  • Communication
  • Numeracy
  • Computer skills
  • Attention to detail
  • Coordination
  • Decision making
  • Organization
  • Time management

Education/Training Requirements

Ontario Secondary School Diploma (OSSD)

  • Most university programs in Ontario require an OSSD or Mature Student Status

Post-secondary diploma/degree

  • 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

Certification

  • 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, CMA or CGA).

Potential Earnings in Durham Region

The average and median wages and salaries for individuals employed as financial managers are as follows. Place of Residence (POR) is defined as individuals who reside within the Durham Region. Place of Work (POW) is defined as individuals who are employed within the Durham Region.

Median Wages and Salaries (POR) Average Wages and Salaries (POR) Median Wages and Salaries (POW) Average Wages and Salaries (POW)
$60,315 $94,736 $77,884 $77,175

Employment Prospects

Industry (NAICS) Jobs in Durham Region (POW) Durham Region Residents Employed (POR)
9112 Other federal services 210 175

(Ministry of Advanced Education and Skills Development 2016 data in Durham Workforce Authority’s 2017 Sector Report)

Additional Resources

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