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's degree

$76,524 median annual income
23.7%

College certificate or diploma

$54,218 median annual income
11.0%

High school

$64,904 median annual income
11.0%

Master's degree

$88,483 median annual income
7.4%

University advanced certificate or diploma

$79,502 median annual income

Compared to: All Management

27.2%

Bachelor's degree

$71,875 median annual income
23.8%

High school

$42,294 median annual income
20.4%

College certificate or diploma

$50,256 median annual income
9.1%

Master's degree

$93,261 median annual income
7.2%

Trades certificate

$44,396 median annual income

Education & training

Business administration and management - General

This program may be offered at the college, trades, or university level.

This instructional program class includes any program that generally prepares individuals to plan, organize, direct, and control the functions and processes of a firm or organization. These programs 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

800 Sackville Drive

Lower Sackville, NS B4E 1R8

(902) 463-6700

Academy of Learning Career College - Halifax

6960 Mumford Road, Suite 155-1st Floor Mumford Professional Centre

Halifax, NS B3L 4P1

(902) 455-3395

Acadia University

15 University Avenue

Wolfville, NS B4P 2R6

(902) 542-2201

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

Mount Saint Vincent University

166 Bedford Highway

Halifax, NS B3M 2J6

(902) 457-6117

Universite Sainte-Anne

Siège Social: 1695, Route 1

Pointe-de-l'Église, NS B0W 1M0

(902) 769-2114

St. Francis Xavier University

PO Box 5000

Antigonish, NS B2G 2W5

(902) 867-2219

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Cape Breton University

PO Box 5300 1250 Grand Lake Road

Sydney, NS B1P 6L2

(888) 959-9995

Nova Scotia Community College - Cumberland Campus

PO Box 550, 1 Main Street

Springhill, NS B0M 1X0

(902) 597-3737

Nova Scotia Community College - Burridge Campus

372 Pleasant Street

Yarmouth, NS B5A 2L2

(902) 742-3501

Nova Scotia Community College - Kingstec Campus

236 Belcher Street

Kentville, NS B4N 0A6

(902) 678-7341

Nova Scotia Community College - Lunenburg Campus

75 High Street

Bridgewater, NS B4V 1V8

(902) 543-4608

Nova Scotia Community College - Pictou Campus & School of Fisheries

PO Box 820, 39 Acadia Avenue

Stellarton, NS B0K 1S0

(902) 752-2002

Nova Scotia Community College - Strait Area Campus & Nautical Institute

226 Reeves Street

Port Hawkesbury, NS B9A 2A2

(902) 625-2380

Nova Scotia Community College - Marconi Campus

PO Box 1042, 1240 Grand Lake Road

Sydney, NS B1P 6J7

(902) 563-2450

Nova Scotia Community College - Truro Campus

36 Arthur Street

Truro, NS B2N 1X5

(902) 893-5385

Nova Scotia Community College - Ivany Campus

80 Mawiomi Place

Dartmouth, NS B2Y 0A5

(902) 491-1100

Nova Scotia Community College - Online Learning

Unit 37, 115 Chain Lake Drive

Halifax, NS B3S 1B3

(877) 491-6774

Business/commerce - General

This program may be offered at the college, trades, or university level.

This instructional program class includes any program that focuses 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. The program prepares individuals to apply business principles and techniques in various occupational settings.

Institutions providing this program

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

University of King's College

6350 Coburg Road

Halifax, NS B3H 2A1

(902) 422-1271

Universite Sainte-Anne

Siège Social: 1695, Route 1

Pointe-de-l'Église, NS B0W 1M0

(902) 769-2114

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Cape Breton University

PO Box 5300 1250 Grand Lake Road

Sydney, NS B1P 6L2

(888) 959-9995

Economics - General

This program is typically offered at the college or university level.

This instructional program class includes any general program that focuses 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. These programs 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

15 University Avenue

Wolfville, NS B4P 2R6

(902) 542-2201

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

University of King's College

6350 Coburg Road

Halifax, NS B3H 2A1

(902) 422-1271

Mount Saint Vincent University

166 Bedford Highway

Halifax, NS B3M 2J6

(902) 457-6117

St. Francis Xavier University

PO Box 5000

Antigonish, NS B2G 2W5

(902) 867-2219

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Cape Breton University

PO Box 5300 1250 Grand Lake Road

Sydney, NS B1P 6L2

(888) 959-9995

Finance - General

This program is typically offered at the college or university level.

This instructional program class includes any program that generally prepares individuals to plan, manage, and analyse the financial and monetary aspects and performance of business enterprises, banking institutions, or other organizations. These programs 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

15 University Avenue

Wolfville, NS B4P 2R6

(902) 542-2201

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

Mount Saint Vincent University

166 Bedford Highway

Halifax, NS B3M 2J6

(902) 457-6117

St. Francis Xavier University

PO Box 5000

Antigonish, NS B2G 2W5

(902) 867-2219

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Cape Breton University

PO Box 5300 1250 Grand Lake Road

Sydney, NS B1P 6L2

(888) 959-9995

Nova Scotia Community College - Kingstec Campus

236 Belcher Street

Kentville, NS B4N 0A6

(902) 678-7341

Nova Scotia Community College - Ivany Campus

80 Mawiomi Place

Dartmouth, NS B2Y 0A5

(902) 491-1100

Employment requirements & contacts

Regulations

Public Accountants

Right to Title and Practice: This job is regulated, and the job title is protected in Nova Scotia (you may not use this job title without holding a provincial licence). A licence shows that the holder has met provincial requirements and is required to work in this job.

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 (you may not use this job title without a professional designation). Professional designation shows that the holder has met provincial requirements for the job. Employers may require professional designation; however, you do not need professional designation to legally work in this job.

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
PO Box 463
Port Williams, NS B0P 1T0
Tel: (902) 670-0746 
Chartered Professional Accountants of Nova Scotia
1871 Hollis Street, Suite 300
Halifax, NS B3J 0C3
Tel: (902) 425-7273

Additional resources

There are no additional resources for this occupation.

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