Financial managers are the driving force behind successful businesses, ensuring resources are allocated wisely, risks are minimised, and long-term investments are sustainable. But how do you actually become a financial manager — and is this the right career path for you?
In this article, we’ll break down everything you need to know — from what the role involves and the qualifications required, to the career outlook and earning potential. Whether you’re a student exploring your options or a professional looking to transition into finance, this guide will help you understand the pathway to becoming a financial manager.
What is a Financial Manager
A financial manager is a professional responsible for overseeing the financial health of an organisation. With a good understanding of financial systems and strong analytical and modelling skills, they direct financial activities to help organisations make prosperous decisions.
They analyse markets and financial data, prepare reports, develop strategies, and provide actionable guidance on important financial decisions. Some of the key tasks of a financial manager include:
- Analysing markets to identify opportunities and risks
- Monitoring and interpreting financial data (e.g., cash flows) to spot patterns and forecast trends
- Preparing financial reports and statements that highlight areas for growth and investment
- Managing budgets and ensuring financial efficiency
- Developing risk management strategies to minimise financial exposure
- Ensuring compliance with financial regulations and reporting requirements
- Staying up to date with changes in legislation and financial standards
- Leading finance teams, such as accountants and analysts, to deliver accurate reporting and insights
Your actual, day-to-day duties as a financial manager will largely depend on the size of the organisation. In larger companies, you’re likely to focus on specialised tasks such as research and analysis aligned with broader business goals (e.g., sustainability). In smaller organisations, however, you may take on a wider range of responsibilities, often with greater management involvement.
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What Skills Are Needed To Become A Financial Manager?
To succeed as a financial manager, you need a combination of technical knowledge, analytical ability, and leadership skills. The role requires both a strong command of financial systems and the soft skills needed to communicate effectively with stakeholders and lead teams.
Hard Skills
- Financial analysis and forecasting – the ability to interpret complex financial data, build forecasts, and model different business scenarios.
- Investment Management – an understanding of investment vehicles, their returns potential, and the risks they may come with.
- Technical proficiency – working confidently with accounting and financial management systems (FMS), spreadsheets, and enterprise resource planning (ERP) systems.
- Knowledge of regulations – keeping up to date with financial laws, compliance requirements, and industry standards.
Soft Skills
- Strategic thinking – understanding the bigger picture and aligning financial planning with long-term business goals.
- Attention to detail – ensuring accuracy in financial reports, statements, and compliance documentation.
- Leadership and management – guiding finance teams, delegating tasks effectively, and motivating staff to achieve results.
- Communication skills – presenting financial insights in a clear, actionable way to non-finance stakeholders, including senior executives.
- Problem-solving – identifying risks, spotting opportunities, and developing innovative solutions to financial challenges.
How To Become a Financial Manager
Becoming a financial manager usually requires a combination of formal education, professional experience, and the right skills. We’ll break down the pathway into four simple steps to give you a better understanding of what is typically required to become a financial manager:
Step 1: Gain The Right Education
A bachelor’s degree in accounting, economics, business management, or a related field such as maths is typically the minimum requirement. That being said, it’s not impossible for graduates from other academic disciplines to enter the profession but they might need to take additional professional qualifications later on to improve their chances of landing an offer for the role of financial manager.
Step 2: Build Key Hard Skills
As mentioned earlier, becoming a financial manager requires a combination of technical knowledge. Start by building the technical expertise – Financial analysis and forecasting, Investment Management, Knowledge of financial regulations and financial systems – early on to improve your competency and confidence.
Here are some examples of how you can do this:
- Take online courses in finance, investment, and accounting.
- Read financial reports from public companies to familiarise yourself with real-world data analysis and forecasting.
- Join finance-related forums or groups (online or local professional networks) to exchange knowledge and learn from others.
- Explore our Economics Wider Reading List for recommended books and online publications. Originally designed for students preparing for Oxbridge Economics, it offers a well-rounded foundation of high-quality resources that cover key areas of economics — perfect for anyone looking to strengthen their financial knowledge.
Step 3: Consider Professional Certifications
Earning certifications can demonstrate your expertise and commitment to the profession. It’s also a way to break into the profession if you come from non-traditional academic backgrounds.
Examples include:
- CFA (Chartered Financial Analyst)
- ACCA (Association of Chartered Certified Accountants)
- CIMA (Chartered Institute of Management Accountants)
- CPA (Certified Public Accountant) – especially useful if working internationally.
Step 4: Gain Experience
- Start in entry-level finance roles such as financial analyst, accountant, or auditor.Â
- Over time, progress to mid-level positions where you can take on responsibility for budgets, reporting, and strategic planning.
- Employers typically expect 5–10 years of relevant experience before you can step into a financial manager role.
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Career Progression Prospects for Financial Managers
A career as a financial manager offers several progression opportunities. Some of the most common progression opportunities include:
- Senior Finance Roles – Many financial managers progress to positions such as Finance Director, Chief Financial Officer (CFO), or Head of Finance, where they direct long-term business strategy.
- Specialist Roles – You could specialise in areas like risk management, investment strategy, or corporate treasury, depending on your interests and expertise.
- Self-Employment – After building strong experience and professional credibility, many financial managers become independent consultants or advisors. This path allows you to work with multiple clients, set your own rates, and focus on areas you’re most passionate about.
Financial Manager Salary
According to Glassdoor, the salary for financial managers in the UK falls under the range of £43,000-£66,000 per year (across all years of experience and including London). Entry-level positions usually start at around £37,000–£58,000, while more senior roles often begin at £46,000 and above. With significant experience, especially in large organisations or financial hubs such as London, salaries can rise well beyond this — in some cases reaching £100,000 or more.
While the earning potential is strong, it’s important to note that the role is also highly competitive and performance-driven. Progression and salary growth depend not only on years of experience but also on your ability to deliver results, manage risks effectively, and provide strategic financial insights.
Conclusion
Becoming a financial manager requires education, technical skills, and years of hands-on experience. While the pathway is competitive, the role offers excellent earning potential, global opportunities, and the chance to make a real impact on business strategy and success.
If you’re a student considering this career path, building a solid academic foundation and developing analytical and leadership skills early will give you a significant advantage. For professionals looking to transition into finance, certifications and continuous learning can help bridge the gap.
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FAQs
1. What degree do I need to become a financial manager?
2. How long does it take to become a financial manager?
Typically, it takes 5–10 years of experience in finance-related roles before you can move into a financial manager position. This includes time spent gaining education, entry-level experience, and progressing into mid-level finance roles.
3. What Skills Should Students Develop For This Role?
Students interested in the role of financial manager should develop a set of technical and soft skills, including Financial analysis and forecasting, Investment Management, FMS proficiency, Knowledge of financial regulations, Strategic Thinking, Effective communication, and leadership. Business and specific sector awareness are also important.
4. Is financial management a good career choice?
Yes. It’s a well-respected, high-demand profession with strong earning potential and clear opportunities for career progression. However, it’s also performance-driven and competitive, requiring continuous learning and adaptability, so if you don’t enjoy working in these kinds of environments it might not be the right career path for you.
5. Can financial managers work independently?
Yes. After gaining significant experience and building credibility, many financial managers transition into consultancy or advisory roles, offering services as self-employed professionals. This can provide flexibility, higher earning potential, and exposure to diverse clients and industries.
