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Financial managers

Financial managers plan, organize, direct and control the operations of accounting, audit and other financial departments in the private sector and government.

[ 2002-11-27 ]

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Their duties require them to: develop and implement financial policies, systems and procedures; prepare or co-ordinate the preparation of financial statements, estimates, summaries and other financial analyses and management reports; take part in strategic decision making, including the setting of long-term goals, development of organizational and financing strategies, and decisions regarding products, services or programs as well as mergers and acquisitions; evaluate financial reporting, accounting and investing systems and make recommendations for changes to senior management; and participate in teams involved in marketing, design, development, procurement, process engineering, manufacturing and accounting.

Education, Training and Experience

People in this group usually have a university degree, an accounting designation or a college diploma in business administration, economics, commerce or a related field.

Most recent entrants have an undergraduate university degree or a community college diploma.

They may also be required to complete a company or other management training program. They also need several years' experience in accounting, auditing, budgeting, financial planning and analysis, or another financial activity.

They may require a recognized accounting designation such as CGA (Certified General Accountant), CA (Chartered Accountant) or CMA (Certified Management Accountant). With experience, they may advance to senior management positions in financial management.

In These Occupations

56,000 people were employed in 1998, an increase of 31.5% from 1988. This reflects an increase of 14.9% from 1988 to 1993 and 14.4% from 1993 to 1998. In comparison, employment in all occupations grew 12.3% over the same 10 years, and 8.2% over the last five years.

7% work part-time, well below the average of 19% for all occupations.

11% are self-employed, compared to an average of 17% for all occupations.

51% are women, compared to an average of 45% for all occupations. The proportion of women in this occupation has increased significantly over the last 10 years.

The unemployment rate averaged 1.5% from 1996 to 1998, compared to the national average of 6.0%. This rate is among the lowest for management occupations and for occupations in the business, finance and administration sectors.

The average earnings are comparable to those for other management occupations but are among the highest for occupations in the business, finance and administration sectors.

National Outlook to 2004

Currently, chances of finding work in this occupation are rated "good," since employment opportunities and earnings are both well above average.

Over the next two years, this outlook is not expected to change, as the number of job openings for these managers is expected to increase more rapidly than the number of qualified, experienced job seekers. In an era of computerized financial reporting and management systems, financial managers need strong information systems skills.

Employment requirements for this occupation are expected to increase through 2004 across a broad range of industries.