Financial Services Manager Job Description

Financial services managers create financial reports, develop long-term financial goals, and direct and coordinate financial staff. Banks, brokerage firms, risk and insurance departments, and credit departments hire financial services managers. Though financial services managers ultimately answer to a manager, they work with very little supervision and are responsible for managing the financial staff. Some travel may be required, but usually, financial services managers work daytime hours and receive all federal bank holidays off work.

 

Financial Services Manager Duties and Responsibilities

Financial services managers may work in a variety of different financial institutions and deal in various types of money matters, but no matter where the job may be, all financial service managers are expected to fulfill the following duties:

Hire and Train Financial Staff
In this management position, a financial services manager is responsible for both hiring and training financial staff, such as financial advisors and loan officers.

Monitor Staff Financial Goals
Because financial services managers are responsible for supervising the entire financial staff, it’s necessary to monitor their financial goals and provide assistance to staff who aren’t meeting these goals.

Write Risk Reports
Financial services managers identify potential problems that are keeping the company from meeting its financial goals, clearly explaining these issues in detailed financial reports that are reviewed by the manager in charge of the branch or business.

Establish Business Relationships
Maintaining strong relationships with businesses and customers keeps money coming into the business, so it’s important for the financial services manager to establish and cultivate these relationships.

Analyze Financial Records
Detailed daily, weekly, and monthly financial reports must be carefully analyzed by the financial services manager, who is responsible for making sure that more money is flowing into the business than going out.

Develop Annual Budget Plans
Financial services managers create an annual budget plan for the business to maximize profits and prevent too much money from leaving the financial institution.

Recoup Delinquent Payments
Financial services managers are also responsible for recouping delinquent payments from customers, as well as negotiating agreements in order to recover money that has been loaned out.

 

Financial Services Manager Skills and Qualifications

Financial services managers work equally with money and people on a daily basis, which requires a strong skill set in multiple disciplines. In addition to strong leadership skills and a background in finance, companies hiring financial services managers look for candidates who possess the following:

  • Time management – financial services managers juggle many tasks on a daily basis, requiring good time management and organization
  • Leadership – because the financial services manager for any financial institution is a supervisor, professionals in this field need a background in management
  • Sales – having a strong background in sales is essential because financial services managers must bring in new clients who want to invest their money
  • Customer service – smoothing over customer problems and working with delinquent customers is a necessary part of the job
  • Mathematics – financial services managers work with numbers every day
  • Independence – financial services managers do report to the branch or business manager, but people in this position must be able to work independently with little supervision

 

Financial Services Manager Tools of the Trade

In addition to the software used by the financial institution, financial services managers work regularly with the following:

  • Accounting software (QuickBooks, accounts receivable software)
  • Microsoft software (Word, Excel)

 

Financial Services Manager Education and Training

Financial services managers usually need to have a bachelor’s degree in accounting, auditing, business administration, or finance, though having a lot of experience in finance can make up for the lack of a degree. For most companies, financial services managers must have at least five years of experience in finance in addition to a degree.

In order to become a financial services manager, candidates must be able to pass a full background security check. Most companies also require professionals to have a Series 6 license and pass the Series 26 exam. A Series 6 license allows the licensee to sell mutual funds, insurance premiums, and variable annuities on behalf of a financial institution. The Series 26 exam is used to assess potential candidates in the financial field. This exam consists of 110 questions, which must be answered within two hours and forty-five minutes. To pass, candidates must receive a score of 70 percent or higher on the exam.

 

Financial Services Manager Salary and Outlook

Financial services managers earn around $58.54 per hour. In 2016, the median pay for these professionals was $121,750 per year, and there were 580,400 jobs available in this field. The Bureau of Statistics estimates that through 2026, this career path will grow at a rate of 19 percent, much faster than the current national average.

Financial services managers receive full life and health insurance benefits in addition to their regular salary. Retirement plans, continuing education reimbursement, and other financial perks, such as bonuses for meeting financial goals, are regularly offered to people in this career field.

 

Financial Services Manager Helpful Resources

Learn the skills it takes to be a financial services manager, get accreditation, and master all the tricks with these useful resources:

North America Financial Services and Management Association – NAFSMA provides information about financial accreditation programs and financial news.

Financial Intelligence, Revised Edition: A Manager’s Guide to Knowing What the Numbers Really Mean – This book covers all the basics of financial management. It’s written in a straightforward language without confusing jargon.

Association for Financial Professionals – The AFP is a professional society that provides networking conferences for people in the financial industry, information about certification programs, and forums.

Financial Analysis Tools and Techniques: A Guide for Managers – Use this book to learn all the techniques and tricks it takes to be a successful financial services manager, whether managing others or establishing new relationships with clients.

 

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