Definition of a Financial Reporting Manager
A Financial Reporting Manager holds the responsibility of creating, maintaining, and proofreading the financial reports of any business for external or internal use. This kind of manager handles the financial record keeping and supporting staff. They may work with external adjudicators to give requested information.
Responsibilities of a Financial Reporting Manager
A financial reporting manager must work with extreme efficiency, especially when handling finances. An employee in any field is required to exhibit specific characteristics that would make the working environment pleasant for themselves and their colleagues. These characteristics are known as soft skills. Soft skills at any workplace include things such as friendly behavior, being highly motivated, exhibiting passion and drive, good attention to detail, and most of all, respect towards other co-workers.
However, the core responsibilities are also mandatory to be fulfilled, but any negligence in fulfilling these soft skills and obligations can also have a heavy impact on the job. A Financial Reporting Manager handles various things, as mentioned below. Keep in mind that the position of a reporting manager is much more complex, as they have to deal with all the numbers as cash flow. So, a manager is responsible for things such as:
- Preparing the financial reports and file them with the SEC
- Reviewing and post journal entries
- Checking financial statements, coordinating with external adjudicators as necessary
- Ensuring regulatory compliance
- Maintaining confidentiality of financial data
Education and Training
A Bachelor’s degree is compulsory to become a financial reporting manager. It’s helpful to have classes in Finance, Statistics, Business Administration, Economics or related fields. Many financial managers get ahead with a Master’s degree in Finance, Business Administration or Economics. A master will help scholars learn more about financial analysis and business administration.
The certificate is available, although not needed for financial reporting managers. The CFA Institute offers the Chartered Financial Analyst instrument that allows investment professionals with a Bachelor’s degree and four years of experience to gain a certificate — which can help with finding employment as a financial reporting director. Work experience for those going into financial reporting includes the financial analyst field as a loan officer, accountant, auditor, or as an economic agent or trades representative.
Qualifications and Skills
This job requires a lot of certifications and skills. As the financial reporting managers are concerned with the cash flow of a business, any slight mistake can cause a disaster for the company. So, a manager has to be highly qualified to do his job. Along with the academic qualifications, these are the different things a manager needs, such as:
- Bachelor’s degree in accounting or finance
- Certified public accountant (CPA) license
- Professional accounting or fiscal management expertise needed
- Excellent analytical and communication experience
- Skills with Microsoft Office, QuickBooks, and other industry software.
Being at the critical point of the business and performing an excruciating job, financial reporting managers earn more than any other employee in this field. So, the annual average salary of a financial reporting manager is about $125,000. This can vary depending on the financial capacity and growth of the company. However, the basic annual salary makes up $10,500 monthly.
The Rise of the Industry
Without the help of financial reporting managers, businesses cannot survive on their own. What’s more, every organization needs its financial statements and cash flow details to figure out profit or loss. A reporting manager is concerned with these crucial elements as well. So, as long as there are businesses, there will always be scope for financial managers.
You can get employed at any business that is in need of a financial reporting manager. All you need are relevant skills and years of experience. We can guide you through this, but keep in mind that finding your first job can be difficult. This is because you need to acquire the relevant skills and training and gain first-hand experience first. It can also take a while to score your first position in the field. But, we recommend you to start with even the lowest possible field salary if you get the chance.
Now, the question may arise: where will you find your first opportunity? Here are the steps that you can try out to get your first designation in the field. Firstly, you have to build up a strong LinkedIn profile to be recognized by companies on the site. Secondly, you can check out job search platforms such as Indeed and Jooble. Thirdly, we recommend you check out our site and look for finance-related jobs. Because we always have the best offers and opportunities for people like you. Click here to Apply!