Financial managers are very important to almost every industry imaginable as they are responsible for all of the financial aspects of any organization. It is their job to help analyze current situations, create goals, and then create plans to reach financial goals in the long term. Here are the top five industries that are in need of these individuals’ expertise according to the Bureau of Labor Statistics:
Finance and Insurance Companies
Finance and insurance companies are responsible for some 28% of the financial manager jobs in the country, and for good reason. Both of these industries face huge amounts of financial risk, and this demands individuals who have a very specific type of expertise. In the finance sector, being able to keep up with swift economic changes – and perhaps even predict them – is one of the keys to the organizations’ overall success. In the insurance sector, on the other hand, the financial manager plays an important role in assessing risk.
Management of Companies and Enterprises
Another 10% of all of the financial manager jobs in the country involve the management of all different types of companies and enterprises. No matter how large or small a business may be, it all comes down to profits and losses. Financial managers who work for these companies have many different titles which may include treasurer, finance officer, or controller. In many cases, they are not only responsible for keeping track of money, making predictions and creating budgets, but also for finding new sources of funding and perhaps even acquiring new assets.
Professional, Scientific and Technical Services
Essentially, this is a sector in which highly specialized services are provided to businesses and households. It includes such industries as legal representation, architecture, engineering, bookkeeping, accounting, veterinary services, and more. Another 10% of all financial managers are employed in industries like this, and their primary purpose is to serve as an expert in the best ways to generate revenue and keep up with the changing economy.
Manufacturing organizations employ another 8% of financial managers. The expertise of these individuals is needed here in order to help companies succeed. They may oversee the production of products to ensure that goals are being met, they may analyze shipping and transportation methods in order to find a more economical solution, and they may also search for ways to obtain the components used in the manufacturing process for a lower price in an effort to help increase an organization’s revenue.
Of course, the government is always in need of financial managers at the federal, state, county and even city levels. Every branch of the government must stick to a budget, and this is especially true in today’s trying economy. In this sector, another 8% of all of the financial managers in the country work to help secure funding from higher levels of government, to allocate funding appropriately, to ensure that taxes and appropriations are being carefully calculated, and to make sure that employers on their level are receiving adequate, fair pay.
Some other industries in which these individuals work include depository credit intermediation, tax preparation, payroll services, securities and commodities intermediation and brokerage, and as agents for various musicians, actors, and other artists.