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 Good for financial managers (NOC 10010) in Prince Edward Island for the 2025-2027 period.
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 moderate number of unemployed workers with recent experience in this occupation.
Financial managers play a vital role in overseeing financial operations across a wide range of industries, including banking, investment firms, insurance, government, and corporate sectors. While many employers prefer candidates with a master’s degree in finance, accounting, or business administration, professional designations such as Chartered Professional Accountant (CPA), Chartered Financial Analyst (CFA), and completion of the Canadian Securities Course (CSC) are often required or strongly recommended depending on the specialization. Increasingly, financial managers are expected to bring expertise in financial software, data analytics, and emerging areas and cybersecurity risk. As financial operations become more complex and technology-driven, the role of financial managers continues to evolve.
The demand for workers in this occupation is influenced by economic conditions and business activity. Prince Edward Island’s economy is projected to expand at a modest pace over the forecast horizon, constrained by slower population growth and ongoing trade uncertainties. Growth will be supported by strong export performance—particularly in processed foods and seafood, aerospace, pharmaceuticals, and chemicals—alongside sustained construction activity and a resilient tourism sector. Declining interest rates are expected to further support domestic spending and housing demand. However, the federal reduction in immigration targets has led to a marked decline in international arrivals, a slowdown that is anticipated to moderate consumer demand and labour force growth. Over the longer term, reduced immigration presents a key risk to the province’s economic outlook.
Here are some key facts about Financial managers in Prince Edward Island:
- Approximately 200 people work in this occupation.
- Financial managers mainly work in the following sectors:
- Federal government public administration (NAICS 911): 14%
- Hospitals (NAICS 622): 13%
- Accounting, tax preparation, bookkeeping and payroll services (NAICS 5412): 12%
- Social assistance (NAICS 624): 9%
- Other services (except public administration) (NAICS 81): 9%
- Full-time workers: 94% compared to 84% for all occupations
- 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 | $25.00 | $51.23 | $65.13 |
| Canada | $38.50 | $59.48 | $91.76 |
Training
There are no known training programs for this occupation in PEI. If you are aware of a local training program, please contact us.