Posted on November 21st, 2025 in Blog, Business

How to Become a Financial Manager

Financial managers play a critical role in ensuring their organizations remain financially healthy. They oversee budgets, guide investment strategies, and provide the insights executives need to make informed decisions.

In addition to being essential to an organization’s success, financial managers are well compensated and enjoy one of the strongest long-term job outlooks in business. Financial managers’ significant projected employment growth is expected to be driven by the increasing complexity of global financial markets and the prioritization of data-driven decision-making in most organizations.

For those interested in how to become a financial manager, the journey involves formal education in business administration, accounting, or a related field, along with hands-on experience and a commitment to developing the required technical and leadership skills.

What Does a Financial Manager Do?

Financial managers are responsible for maintaining the stability, growth, and strategic direction of their organization’s finances. Financial managers are employed in organizations across industries, including in banking, insurance, healthcare, government, and corporate enterprises.

While financial managers’ responsibilities vary by employer, they typically include:

Preparing financial statements, business activity reports, and forecasts
Monitoring financial details to ensure compliance with laws and regulations
Directing investment activities and developing long-term financial strategies
Supervising employees in accounting, budgeting, and financial reporting
Reviewing reports to identify cost-saving opportunities and improve efficiency
Analyzing market trends to maximize profits and identify expansion opportunities
Advising senior executives on financial decisions and risk management strategies

In today’s data-driven business environment, financial managers play an increasingly strategic role. Beyond managing budgets and reports, they help organizations navigate challenges such as inflation, digital transformations, and environmental or social governance (ESG) initiatives.

By integrating financial analytics reporting with operational insights, financial managers enable leaders to make evidence-based decisions that drive efficiency, profitability, and long-term growth.

Most financial managers work full time in office settings. It’s not uncommon for them to exceed 40 hours per week to keep up with the demands of the job, especially during reporting periods or major financial planning cycles.

How to Become a Financial Manager in 6 Steps

For those exploring how to become a financial manager, the process typically involves the following key steps.

1) Earn a Bachelor’s Degree

Most employers require candidates to hold at least a bachelor’s degree in finance, accounting, economics, business administration, or a related field to qualify for a financial manager position. Helpful coursework often includes financial analysis, corporate finance, economics, and statistics — establishing the foundational knowledge needed for advanced study and entry-level experience.

2) Gain Professional Experience

Before moving into management, candidates usually spend several years in entry-level and midlevel roles such as accountant, auditor, financial analyst, or securities sales agent roles. Gaining hands-on experience in financial reporting, budgeting, and investment analysis is essential for advancing into a leadership position.

3) Consider a Master’s Degree

Although not always required, many financial managers pursue a Master of Business Administration (MBA) or a master’s degree in finance. Programs for these degrees often enable individuals to improve their advancement opportunities by preparing them for executive or specialized roles, particularly those in large organizations or financial institutions.

4) Obtain a Professional Certification

Holding a relevant certification demonstrates a professional’s expertise and verifies their skills. Common options include:

Chartered financial analyst (CFA)
Certified public accountant (CPA)
Certified treasury professional (CTP)

These credentials typically require a combination of education, professional experience, and passing rigorous exams. Candidates without a master’s degree are especially encouraged to pursue a certification to validate their expertise to employers.

5) Build Leadership and Analytical Skills

Financial managers do more than interpret numbers — they lead teams, communicate clearly with stakeholders, and turn complex data into actionable insights. They need strong analytical and leadership skills to be able to align their organization’s financial strategies with its long-term business goals.

6) Network, and Seek Advancement

Building meaningful professional relationships helps financial managers stay informed and uncover new job opportunities. Being able to demonstrate their proven results and leadership can open doors to senior or high-profile roles and higher compensation.

Financial Manager Salary and Job Outlook

One reason many people research how to become a financial manager is the strong earning potential and job security the role offers. According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for financial managers was $161,700 in 2024, with the top 10% of earners making more than $239,000.

Individual financial managers’ salaries vary based on factors such as their education, experience, certification, region, and industry. For example, financial managers in professional services and information technology typically earn the highest wages.

The BLS projects employment of financial managers will grow 15% from 2024 to 2034, much faster than the average growth rate of 3% projected for all occupations. This strong outlook reflects expected continued demand for skilled professionals who can guide organizations through increasingly complex financial environments.

Leverage Your Education Into a Rewarding Career in Finance

Becoming a financial manager requires dedication, education, and well-developed financial acumen, but the rewards are substantial. By choosing the right degree program, gaining relevant experience, and pursuing a respected certification, you can position yourself for a career that offers both financial stability and professional growth.

Financial managers have a strong long-term job outlook and competitive salaries, making now an ideal time to explore how to become a financial manager and take the first steps toward working in this dynamic role. Start by evaluating degree programs that can help you build the foundational skills and knowledge needed for advancement, such as the undergraduate business administration and accounting programs from Warner Pacific University Online. If you’ve already earned a bachelor’s degree, WPU Online offers an accelerated MBA program as well.

Designed for career-oriented adults, WPU Online’s programs provide flexible 100% online and hybrid options, enabling you to learn in the format that best fits your schedule. Graduates go on to pursue careers as financial managers, financial analysts, human resources specialists, and other in-demand business professionals.

Learn more about WPU’s business and accounting programs to determine which path best supports your professional goals.

Sources:
Becker, “What Is a CPA? What Does a Certified Public Accountant Do?”
Certified Treasury Professionals, CTP at-a-Glance
CFA Institute, CFA Program
Indeed, “How to Become a Financial Manager”
Indeed, “What Does a Financial Manager Do? (Plus Requirements)”
U.S. Bureau of Labor Statistics, Financial Managers