Financial Managers
(NOC 0111)
in All ManagementFinancial managers oversee the operation of financial and accounting departments. They create and carry out the financial policies and systems of businesses. Financial managers create performance standards and prepare financial reports for senior management. They work in financial and accounting departments in companies throughout the private sector and in government.
Job Outlook
Average
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Compared to: All Management
The employment outlook over the next few years for this occupational group is “average”, which indicates the chances of a qualified individual finding work is comparable to the average for all occupations in Nova Scotia. This is a fairly large occupation in Nova Scotia so job opportunities occur fairly regularly. The number employed in this occupation is expected to remain largely the same over the next few years. With a moderate percent of workers being 55 years of age and older, retirements are expected to contribute somewhat to employment opportunities over the coming years. Financial Managers most commonly work full-time hours.
The median employment income for 80% of Financial Managers who worked full-time, year-round in 2015 was $73,568. Across all occupations in Nova Scotia, 59% of those who worked full-time year round had a median employment income of $43,600.
(Source: 2016 Census)
Hourly Pay
$28.00
Minimum$46.70
Median$61.54
MaximumAnnual Pay
$32,920
Minimum$69,903
Median$130,264
MaximumCompared to: All Management
Hourly Pay
$16.70
Minimum$45.17
Median$58.17
MaximumAnnual Pay
$10,632
Minimum$55,002
Median$124,014
MaximumAbout the job
Nature of work
Financial managers oversee the operation of financial and accounting departments. They create and carry out the financial policies and systems of businesses. Financial managers create performance standards and prepare financial reports for senior management. They work in financial and accounting departments in companies throughout the private sector and in government.
Job duties
Financial managers:
- Manage the operations of an accounting, audit or other financial department.
- Create and implement the financial policies, systems and procedures of an organization.
- Prepare 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.
- Make recommendations for changes to procedures, operating systems, budgets and other financial control functions.
- Recruit, organize, train and manage staff.
- Act as contact between the organization and its shareholders, the investing public and external financial analysts.
- Determine profitability standards for investment activities and handle mergers and/or acquisitions.
- Report any trends that are critical to the organization's financial performance to senior management.
Sample job titles
- accounting manager
- controller
- corporate risk manager
- director of accounting
- financial administrator
- financial control manager
- financial planning and analyst manager
- internal audit manager
- pension plans administrator
- treasurer
Skills
You need to be organized and able to meet deadlines. You must be analytical, flexible, pay attention to detail, and able to make decisions. You need good written and oral communication skills, and you must be able to establish effective working relationships with a variety of people.
Job requirements
- A bachelor's degree in business administration, economics, commerce or a related field.
- A master's degree in business administration (concentration in finance), or another master's level management program may be needed.
- Several years of experience in accounting, auditing, budgeting, financial planning and analysis or other financial activities.
- Accounting and audit managers may need a recognized accounting designation (CPA, PA).
Other considerations
Advancement to senior management positions like vice-president of finance is possible with experience.
By the numbers
Quick look
employed in 2016
employed full-time
self employed
median age
Compared to: All Management
employed in 2016
employed full-time
self employed
median age
Where will I likely work?
Halifax
North Shore
Annapolis Valley
Cape Breton
Southern
Compared to: All NS Occupations
Halifax
North Shore
Annapolis Valley
Cape Breton
Southern
Top Industries of Employment
Finance and insurance
Public administration
Professional, scientific and technical services
Retail trade
Health care and social assistance
What is the age of Employment?
45-54
35-44
55-64
25-34
65+
15-24
Compared to: All Management
45-54
35-44
55-64
25-34
65+
Top levels of education
Bachelor
$76,524 median annual incomeCollege Diploma
$54,218 median annual incomeHigh school
$64,904 median annual incomeMaster
$88,483 median annual incomeDiploma Above Bachelor
$79,502 median annual incomeCompared to: All Management
Bachelor
$71,875 median annual incomeHigh school
$42,294 median annual incomeCollege Diploma
$50,256 median annual incomeMaster
$93,261 median annual incomeTrade Certification
$44,396 median annual incomeEducation & training
Business Administration and Management
College, Trades, or University ProgramThese programs prepare students to plan, organize, direct, and control the functions and processes of a firm or organization. They include courses in management theory, human resources management and behaviour, accounting and other quantitative methods, purchasing and logistics, organization and production, marketing, and business decision-making.
Institutions providing this program
Lower Sackville, NS
Halifax, NS
Wolfville, NS
Sydney, NS
Truro, NS
Stellarton, NS
Port Hawkesbury, NS
Business/Commerce
College, Trades, or University ProgramThese programs focus on the general study of business, including the processes of interchanging goods and services (buying, selling and producing), business organization, and accounting as used in profit-making and non-profit public and private institutions and agencies. They prepare students to apply business principles and techniques in various occupational settings.
Institutions providing this program
Economics
College or University ProgramThese programs focus on the systematic study of the production, conservation and allocation of resources in conditions of scarcity, together with the organizational frameworks related to these processes. They include courses in economic theory, microeconomics and macroeconomics, comparative economic systems, money and banking systems, international economics, quantitative analytical methods, and applications to specific industries and public policy issues.
Institutions providing this program
Wolfville, NS
Sydney, NS
Finance
College or University ProgramThese programs prepare students to plan, manage, and analyse the financial and monetary aspects and performance of business enterprises, banking institutions, or other organizations. They include courses in principles of accounting, financial instruments, capital planning, funds acquisition, asset and debt management, budgeting, financial analysis, and investments and portfolio management.
Institutions providing this program
Wolfville, NS
Sydney, NS
Employment requirements & contacts
Regulations
Right to Title and Practice: This job is regulated. The job title is protected, and you may not use it without a professional licence. A licence shows that the holder has met provincial requirements and is required to legally do this work.
Right to Title: This job is regulated in Nova Scotia. The job title is protected, and you may not use it without a professional designation. Professional designation shows that the holder has met provincial standards for the job. Employers may require professional designation, but professional designation is not necessary to do this work.
Contacts
Additional resources
There are no additional resources for this occupation.