Description
Financial managers plan, organize, direct, control and evaluate the operation of financial and accounting departments. They develop and implement the financial policies and systems of establishments. Financial managers establish performance standards and prepare various financial reports for senior management. They are employed in financial and accounting departments in companies throughout the private sector and in government.
Job Titles
- Controller – financial services
- Director – financial services
- Director of accounting
- Finance director
- Financial administrator
- Financial control manager
- Financial planning and analysis manager
- Internal audit services manager
- Treasurer
Main Duties
- Plan, organize, direct, control and evaluate the operation of an accounting, audit or other financial department
- Develop and implement the financial policies, systems and procedures of an establishment
- Prepare or coordinate the preparation of 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 and make recommendations for changes to procedures, operating systems, budgets and other financial control functions to senior managers and other department or regional managers
- Recruit, organize, train and manage staff
- Act as liaison between the organization and its shareholders, the investing public and external financial analysts
- Establish profitability standards for investment activities and handle mergers and/or acquisitions
- Notify and report to senior management concerning any trends that are critical to the organization’s financial performance.
Workplaces
- Financial and accounting departments in companies throughout the private sector
- Financial and accounting units throughout the public sector
Skills
- Evaluation
- Management of Financial Resources
- Management of Personnel Resources
- Monitoring
- Numeracy
- Systems Analysis
- Time Management
- Coordinating
- Critical Thinking
- Decision Making
Abilities
- Mathematical Reasoning
- Numerical Ability
- Categorization Flexibility
- Deductive Reasoning
- Fluency of Ideas
- Information Ordering
- Memorizing
- Pattern Identification
- Problem Identification
- Speech Recognition
Personal Attributes
- Analytical Thinking
- Attention to Detail
- Leadership
- Active Learning
- Adaptability
- Collaboration
- Independence
- Service Orientation
- Stress Tolerance
- Concern for Others
Similar Occupations
- Accounting firm manager; Audit firm manager (in 10029.00 Other business services managers)
Source: OaSIS
Employment Outlook
The employment outlook will be moderate for Financial Managers (10010) in Prince Edward Island for the 2022-2024 period.
Over the past few years (2020-2022), the labour market was balanced for Financial managers near Charlottetown (PE). The number of job openings was about the same as the number of workers available in this occupation.
The following factors contributed to this outlook:
- Employment growth will lead to a moderate number of new positions.
- A moderate number of positions will become available due to retirements.
- There are a small number of unemployed workers with recent experience in this occupation.
The demand for workers in this occupation is influenced by economic conditions and business activity. The Island economy is projected to moderate over the forecast period which may affect job opportunities to some degree. Economic risk factors that may affect employment demand over the forecast period include elevated prices and high interest rates, which in turn has put upward pressure on wages and operating costs.
These managers are employed across various industries, but are mostly employed by banks, credit agencies, and investment firms. Many employers prefer individuals with a master’s degree in a related discipline and/or with a financial professional designation, depending on the type of financial service operation; examples include Chartered Professional Accountant (CPA), Certified Financial Analyst (CFA), Certified Insurance Consultant, and the Canadian Securities Course.
Here are some key facts about Financial managers in Prince Edward Island:
- Approximately 250 people worked in this occupation in May 2021.
- Financial managers mainly work in the following sectors:
- Federal government public administration (NAICS 911): 14%
- Accounting, tax preparation, bookkeeping and payroll services (NAICS 5412): 13%
- Social assistance (NAICS 624): 10%
- Hospitals (NAICS 622): 9%
- Other services (except public administration) (NAICS 81): 9%
- The distribution of full-time and part-time workers in this occupation is:
- Full-time workers: 94% compared to 84% for all occupations
- Part-time workers: 6% compared to 16% for all occupations
- 81% of financial managers work all year, while 19% work only part of the year, compared to 59% and 41% respectively among all occupations. Those who worked only part of the year did so for an average of 47 weeks compared to 41 weeks for all occupations.
- The gender distribution of people in this occupation is:
- Men: 34% compared to 51% for all occupations
- Women: 66% compared to 49% for all occupations
- The educational attainment of workers in this occupation is:
- no high school diploma: less than 5% compared to 11% for all occupations
- high school diploma or equivalent: less than 5% compared to 28% for all occupations
- apprenticeship or trades certificate or diploma: less than 5% compared to 11% for all occupations
- college certificate or diploma or university certificate below bachelor’s: 31% compared to 25% for all occupations
- bachelor’s degree: 31% compared to 17% for all occupations
- university certificate, degree or diploma above bachelor level: 28% compared to 8% for all occupations
Source: Job Bank
Prevailing Wages
| AREA | LOW | MEDIAN | HIGH |
|---|---|---|---|
| PEI | $43.27 | $56.41 | $79.49 |
| Canada | $33.62 | $55.29 | $87.91 |
Training
There are no known training programs for this occupation in PEI. If you are aware of a local training program, please contact us.