Financial Managers

(NOC 0111)

in All Management

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 Outlook

Average

Read more

  • Estimate Stable employment change, 2019-2021
  • Estimate 105 openings due to growth and retirements, 2018-2020
  • Estimate Moderate rate of unemployment in 2019

Compared to: All Management

  • Estimate -245 employment change, 2019-2021
  • Estimate 3210 openings due to growth and retirements, 2018-2020
  • Estimate rate of unemployment not available for these occupation.

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

Maximum

Annual Pay

$32,920

Minimum

$69,903

Median

$130,264

Maximum

Compared to: All Management

Hourly Pay

$16.70

Minimum

$45.17

Median

$58.17

Maximum

Annual Pay

$10,632

Minimum

$55,002

Median

$124,014

Maximum

About 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

1,495

employed in 2016

94.3%

employed full-time

5.7%

self employed

65.2%
Icons/female Created with Sketch.
34.8%
Icons/male Created with Sketch.
48.5

median age

Compared to: All Management

44,250

employed in 2016

91.2%

employed full-time

18.9%

self employed

40.5%
Icons/female Created with Sketch.
59.5%
Icons/male Created with Sketch.
48.7

median age

Where will I likely work?

65.3%

Halifax

10.7%

North Shore

8.7%

Annapolis Valley

8.3%

Cape Breton

7.0%

Southern

Compared to: All NS Occupations

47.0%

Halifax

15.6%

North Shore

12.9%

Annapolis Valley

12.7%

Cape Breton

11.8%

Southern

Top Industries of Employment

16.4%

Finance and insurance

11.8%

Public administration

11.4%

Professional, scientific and technical services

10.7%

Retail trade

6.4%

Health care and social assistance

What is the age of Employment?

33.0%

45-54

25.0%

35-44

22.0%

55-64

15.0%

25-34

5.0%

65+

1.0%

15-24

Compared to: All Management

30.7%

45-54

23.1%

35-44

21.7%

55-64

14.0%

25-34

7.8%

65+

Top levels of education

40.5%

Bachelor

$76,524 median annual income
23.7%

College Diploma

$54,218 median annual income
11.0%

High school

$64,904 median annual income
11.0%

Master

$88,483 median annual income
7.4%

Diploma Above Bachelor

$79,502 median annual income

Compared to: All Management

27.2%

Bachelor

$71,875 median annual income
23.8%

High school

$42,294 median annual income
20.4%

College Diploma

$50,256 median annual income
9.1%

Master

$93,261 median annual income
7.2%

Apprenticeship

$44,396 median annual income

Education & training

Business Administration and Management

College, Trades, or University Program

These 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

Maritime Business College

Lower Sackville, NS

Academy of Learning Career College - Halifax

Halifax, NS

Acadia University

Wolfville, NS

Dalhousie University

Halifax, NS

Mount Saint Vincent University

Halifax, NS

Universite Sainte-Anne

Pointe-de-l'Église, NS

St. Francis Xavier University

Antigonish, NS

Saint Mary's University

Halifax, NS

Cape Breton University

Sydney, NS

Dalhousie University Faculty of Agriculture

Truro, NS

Nova Scotia Community College - Annapolis Valley Campus

Middleton, NS

Nova Scotia Community College - Cumberland Campus

Springhill, NS

Nova Scotia Community College - Burridge Campus

Yarmouth, NS

Nova Scotia Community College - Kingstec Campus

Kentville, NS

Nova Scotia Community College - Lunenburg Campus

Bridgewater, NS

Nova Scotia Community College - Pictou Campus & School of Fisheries

Stellarton, NS

Nova Scotia Community College - Strait Area Campus & Nautical Institute

Port Hawkesbury, NS

Nova Scotia Community College - Marconi Campus

Sydney, NS

Nova Scotia Community College - Truro Campus

Truro, NS

Nova Scotia Community College - Ivany Campus

Dartmouth, NS

Nova Scotia Community College - Online Learning

Various, NS

Business/Commerce

College, Trades, or University Program

These 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

Dalhousie University

Halifax, NS

University of King's College

Halifax, NS

Universite Sainte-Anne

Pointe-de-l'Église, NS

Saint Mary's University

Halifax, NS

Economics

College or University Program

These 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

Acadia University

Wolfville, NS

Dalhousie University

Halifax, NS

University of King's College

Halifax, NS

Mount Saint Vincent University

Halifax, NS

St. Francis Xavier University

Antigonish, NS

Saint Mary's University

Halifax, NS

Cape Breton University

Sydney, NS

Finance

College or University Program

These 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

Acadia University

Wolfville, NS

Dalhousie University

Halifax, NS

Mount Saint Vincent University

Halifax, NS

St. Francis Xavier University

Antigonish, NS

Saint Mary's University

Halifax, NS

Cape Breton University

Sydney, NS

Nova Scotia Community College - Akerley Campus

Dartmouth, NS

Employment requirements & contacts

Regulations

Public Accountants

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.

Regulating body:
Public Accountants Board of Nova Scotia
PO Box 8
Tatamagouche, NS B0K 1V0
Chartered Professional Accountant

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.

Regulating body:
Chartered Professional Accountants of Nova Scotia
1871 Hollis Street, Suite 300
Halifax, NS B3J 0C3
(902) 425-7273

Contacts

Canadian Institute of Management - Maritimes
Various, NS
Chartered Professional Accountants of Nova Scotia
Halifax, NS

Additional resources

There are no additional resources for this occupation.