All companies want to earn as much income as possible, spend as little as possible, and have a good amount of money left over in order to keep the company out of debt’s way. A financial manager allows a company to develop financial strategies, and implements an organization’s long-term goals through correct drawing up of financial reports, among other budgetary requirements.

The term “financial manager” actually covers various titles, which have differing duties. A controller will direct the writing of financial reports, which can include statements of income, balance sheets, and budget plans. The finance officer or treasurer directs the financial goals, budgets, and objectives of an organization. They can also deal with acquisitions and mergers. Credit managers monitor all aspects of a firm’s credit. Cash managers deal with disbursements and cash receipts. Lastly, risk insurance managers oversee and implement programs that can lessen the impact of prospective risks or losses arising from transactions and operations.

If you are about to hire a financial manager, then take note of these top characteristics of a financial manager that you should look for:

People Person

1. A financial manager needs to have excellent communication skills. Many financial managers work on a team, and have to be able to interact with other financial managers without causing civil war or mutiny to break out in an important part of your company or organization. Financial managers, as per their name, supervise people, and therefore need to be people persons. They need to be team players as well as leaders.

2. A financial manager also needs to have marketing or sales skills, as these skills are evidence of inclination toward earning income. To test these, you can ask your prospective employees during their interviews to sell you a product or service that your company deals in. Watch how this person deals with you, and use your gut feeling to judge how this person’s behavior and attitude will affect his or her peers.

Updated and Savvy

3. A financial manager must be computer-savvy, what with increasingly popular financial instruments that are computer based.

4. A financial manager must be adaptable. The duties of financial managers change as technology evolves, and today’s managers need to be well-versed in data analysis.

5. Financial managers must always be updated with the newest trends in their specific industries. For instance, financial managers for insurance companies must know the movements of the stock market in order to guide them in making effective insurance and investment decisions.

6. They also have to be aware of tax laws governing your industry in order to work such laws into their reports.

7. Financial managers should be completely aware of their duties as a member of your industry, but they must also be flexible enough to know and implement duties that they may need to face in other industries.

To test these qualifications, you can quiz your prospective employees on the behavior of important stocks in the market. You can also give them hypothetical cases that can test their knowledge of tax laws and industry duties.

Education and Experience

9. Find a financial manager with experience; and

10. Look for financial managers with advanced degrees in economics, finance, risk management, or business administration. Advanced degrees can develop analysis skills, while experience can put these skills to the test.

11. Lastly, find a financial manager who is willing to learn more and be better. You can search for such information by consulting your prospective employees’ resumes on what seminars and training they have attended.

Consult with various groups and associations that deal with financial managers in order to get a better sense of the employment market. The Financial Management Association International of the University of South Florida, as well as the Institute of Management Accountants all offer courses in financial management, and may have contacts from whom you might need assistance. The Association for Financial Professionals is also a known group that confers certificate degrees. Such groups can also be a good source of background information about your applicants, so take note of them as you go through your hiring process.

[image from Rotterdam Business School]