Education and Training: Degree in finance, Masters in finance, and relevant experience
Average Salary: $50,000 per year
Job Outlook: Very Good
A finance director plays a vital role in the functioning and progress of the company since they hold the responsibility of managing finances of an organization. They form the foundation stone in shaping the financial position of the company in the market and their job responsibilities involve major workloads that need to be managed in collaboration with other employees; primarily the finance manager and adviser.
The core job responsibility of a finance director is to manage the finances of the company. Apart from that there are many other things that come under the job description and responsibilities of finance director of an organization. Some of the key job responsibilities of a finance director are mentioned below:
- Managing the financial resources of an organization and planning resources for the future is the main task of a finance director.
- Strategic planning for the ongoing financial year based on the market analysis and also forming strategies for giving tough competition to the counterparts in the market.
- Monitor the budget proceedings of the company and also submit budget report to the higher authorities of the company.
- Analyzing company’s performance from the previous financial year and also working on steps of improvement for the coming year.
- Forming cordial co-ordinations with the junior level as well as senior level managements of the company and also making sure that all the departments are linked together.
- Monitoring the accounts of the company while keeping track of the accounts of every department in the organization.
- Motivating team members to work more effectively and also improving their performance.
Education and Training Requirements
To become a successful finance director having only a bachelor’s degree is not enough as it is a very basic criterion for hiring even a finance trainee. To attain the high position of finance director in any company’s finance department one must have completed their master’s in finance with at least 4 years of experience in this field. However, specialized diploma programs and training courses can be substituted in lieu of a master’s degree as they are considered it’s equivalent if it is obtained from a credible institution.
Getting the Job
A wide list of academic, as well as professional accomplishments, is your key for getting the top level position of finance director in a reputed organization of your choice. Graduation in finance with training at some finance firm will open the gates for this option once you finish off your master’s in finance or even MBA. Your qualification bundled with your vast experience will surely help you in striking a well paying reputable finance director job.
Job Prospects, Employment Outlook and Career Development
Once you clear the interview, there is no limit of success for you in this field. Your growth with become simultaneous to the growth of the company you work with because every company hires finance directors to increase their revenue share. According to recent market surveys the hiring of finance directors at top level management will see tremendous rise in coming years.
Working Conditions and Environment
There are very few companies that don’t need a finance director as almost every company in today’s tough economic conditions needs to increase their revenue share and also cut their costs. Even the government enterprises are looking forward to appointing finance directors so they can use money for the benefit of the people. As a finance director, a person has to spend most of his/her time in the comfort of their office.
Salary and Benefits
The basic pay scale for a finance director can start from $50,000 per year and you can only imagine how high it can go. Although, once you reach there you cannot think of promotion because it is the highest position in the finance department, but one can always hope for the entry into the board of directors as a career advancement.
Where to Go for More Information
560 Ray C. Hunt Dr
Charlottesville, VA 22903
Somaly Mam Foundation
PO Box 4569
New York, NY 10163
Securities Industry and Financial Markets Association
120 Broadway, 35th Fl.
New York, NY 10271