Hiring a financial manager to oversee your organization’s financial health and well-being is important for thriving in the business landscape, which is why you must be intentional about drafting an excellent job description for the role of a Financial Manager.

This guide will walk you through the process of hiring a finance manager, providing insights into the specific qualifications and steps needed to find the right fit for your organization.

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Responsibilities & Role of a Finance Manager

A financial manager’s managerial skills will help get your organization to financial stability. Before diving into the hiring process, it’s essential to grasp the pivotal responsibilities and roles a finance manager undertakes and how these roles can be beneficial to your company. The finance manager is responsible for:

  • Financial Strategy: Your potential financial manager will participate in strategic planning by providing financial insights and recommendations to support your company’s key decisions, such as expansion, mergers and acquisitions, or diversification.
  • Risk Management: Identifying and assessing financial risks that could impact your organization, such as market volatility or economic fluctuations, is their area of expertise, as is developing strategies to mitigate these risks.
  • Compliance and Reporting: The person working in this role ensures compliance with financial regulations, accounting standards, and tax laws. They will also oversee the preparation and submission of financial reports to regulatory authorities.
  • Financial Planning and Analysis: The financial manager will develop and implement financial plans that align with the organization’s strategic goals, create budgets, set financial targets, and outline the steps needed to achieve them. They will analyze financial data and prepare reports that provide insights into the organization’s financial performance.

How to Hire a Finance Manager

Hiring a finance manager requires a strategic approach. Follow this step-by-step guide to identify the best-suited candidate:

1. Define Your Financial Needs

Before beginning the hiring process, evaluate your major financial needs. Consider these things: 

  • Identify the financial challenges.
  • The strategic goals the finance manager will contribute to.
  • Specify the qualifications needed, such as relevant degrees, certifications, and years of experience.
  • Determine whether a full-time, part-time, or contract finance manager best meets your needs.

By elucidating your needs, you can better communicate the level of expertise and qualifications you are seeking in a financial manager. 

2. Search for Exceptional Candidates

The next step is sourcing and attracting exceptional candidates. Explore various avenues to find top-tier Finance Manager candidates:

  • Online Job Boards and Networking Platforms: Use industry-specific websites like efinancialcareers, FinanceJobs, and CFAInstitute to search for top talents. If you want to hire freelance or part-time financial managers or financial managers on an hourly basis, You can find freelancers on Upwork, Fiverr, or Toptal.
  • Referrals and Recruitment Agencies: The professional network you spent years building will come in handy now, so ask your trusted colleagues, professional associations, and industry contacts for referrals. Collaborate with recruitment agencies like Robert Half, and Michael Page specializing in finance roles to access a wider talent pool.
  • Educational Institutions: Partner with universities known for producing skilled finance graduates to get some recommendations, as they often have access to a wide network of finance professionals.

We have elaborated on the overall expenses linked to these services in greater detail later in this article. 

3. Assess Professional Qualifications

While reviewing the resumes and CVs of prospective candidates, prioritize the evaluation of their professional credentials to gain insights into their expertise, dedication to ethical principles, and continuous professional growth. Prioritize the following qualifications:

Education

Look for candidates with degrees in finance, accounting, and business administration. Advanced degrees like an MBA or CPA are advantageous.

Certifications

  • Certified Public Accountant (CPA): A CPA specializes in adhering to generally accepted accounting principles (GAAP) and U.S. tax regulations. Their expertise encompasses a wide spectrum of services that are beneficial to your company, such as conducting audits, preparing financial reports, providing tax planning guidance, and offering advisory services.
  • Chartered Financial Analyst (CFA): The CFA designation is well-respected globally and particularly beneficial for financial managers in investment management, asset management, or portfolio analysis. Having a financial manager who focuses on investment analysis, portfolio management, and ethics is important for your business.

Evaluate candidates’ experience in finance leadership roles, especially within your industry, to ensure they meet your financial requirements. 

4. Review Their Work Experience and Achievements

Analyze candidates’ work histories for relevant achievements and experience in your industry or businesses with similar complexity using their CVs and resumes. The role of a financial manager varies, so look into the specific expertise you want for your company. 

For example, if you need assistance with investment analysis and management, ensure that the candidate has sufficient experience with portfolio and asset management. Similarly, if you require financial reporting and analysis, search for candidates with experience in financial analysis and report generation. 

Recruiting individuals with specialized industry expertise like financial leadership skills, reporting expertise, and risk management skills can offer valuable insights and customized solutions that align with your company’s specific needs.

In today’s digital era, mastery of accounting software and various technologies is the gateway to achievement. To accelerate your company’s growth, hire candidates with proficiency in Mint, Xero, Quicken, FreshBooks.

Therefore, compile a list of candidates who possess pertinent experience, qualifications, and technical expertise.

5. Conduct In-Depth Interviews

Don’t stick to the usual questions during interviews with your shortlisted candidates. Tailor your interview questions for financial managers to assess their financial expertise and leadership skills, technical skills, problem-solving abilities, and how they handle difficult situations.

Ask about experiences related to their responsibilities, how they managed the finances of past organizations, and their approach to workplace discrepancies. 

Inquire about their approach to developing and executing financial strategies; assess their experience in leading finance teams and fostering collaboration. 

Evaluate their ability to analyze financial challenges, make informed decisions, and ensure that they are proficient in financial software and data analysis. 

Ask for work samples like financial strategies, budgets, and reports they have worked on to determine if they are the perfect match for your company.  

In all, look out for candidates who can handle financial concepts and issues in your company in a professional manner. 

6. Background Checks and References

After interviews, conduct thorough background checks before picking a candidate. Contact provided references to gain insights into candidates’ work ethics and professionalism. Verify their educational credentials and certifications for accuracy because 40% of applicants admit to lying on their resume. 

Here are some questions we recommend you ask:

  • How would you rate the candidate’s financial management skills and ability to handle complex financial tasks?
  • Did the candidate successfully lead or contribute to any significant financial projects or initiatives during their tenure?
  • How well did the candidate work within a team or manage a financial team, if applicable?
  • Was the candidate responsible for budget planning and management?
  • Can you provide examples of how the candidate handled financial challenges or crises during their time with your organization?

A new hire's first day checklist

Finance Manager Job Description

Did you know that shorter job titles attract more job applications? Also, using more than two symbols in your job ad titles can reduce the candidate’s application rate by 30%. Additionally, job descriptions containing 300-800 words tend to perform best with candidates.

Job descriptions encompass lists of requirements and duties; they play a role in impacting the candidate’s perception of the position. 

Create an engaging job description like this that highlights the role’s importance and benefits:

Download the template here

Job Title: Finance Manager

Company: [Your Company Name]

Location: [Location]

Job Type: [Full Time / Part Time / Contract]

Salary: [Competitive Salary / DOE]

 

About Us:

[Provide a brief overview of your company’s values, industry, and financial objectives.]

The Opportunity: 

As a Finance Manager at [Your Company Name], you will play a crucial role in shaping our financial strategies, ensuring compliance, and driving sustainable growth. Here’s what you can expect:

  • Financial leadership: Lead financial planning, reporting, and risk management efforts.
  • Team collaboration: Collaborate with cross-functional teams to achieve our financial goals.
  • Professional growth: Access ongoing training and development opportunities to stay at the forefront of finance trends.
  • Innovation: Leverage cutting-edge financial technologies to optimize financial operations.

What You’ll Do:

  • Develop and execute financial plans aligned with our strategic goals, ensuring alignment with the company’s vision and mission.
  • Ensure accurate and timely financial reporting, including balance sheets, income statements, and cash flow statements.
  • Create, monitor, and adjust budgets that guide our financial decisions and growth, making recommendations for cost savings and revenue enhancements.
  • Work closely with department heads and leaders to ensure that they are on budget and that financial discrepancies are addressed promptly.
  • Ensure adherence to financial regulations and standards, liaising with external auditors and ensuring compliance with all financial regulations and standards.
  • Mentor and manage finance teams for optimal performance, fostering a culture of continuous learning and accountability.
  • Identify and mitigate financial risks to safeguard our financial health, providing regular updates to the executive team.
  • Stay updated with financial market trends and make informed decisions that can benefit the company.
  • Collaborate with stakeholders to streamline and improve financial processes and operations.

What You’ll Bring:

To excel in this role, you should possess:

  • A Bachelor’s degree in finance, accounting, or a related field. Master’s in Business Administration (MBA) or equivalent is a plus.
  • [Specify Years] years of experience in financial leadership roles. Experience in [Specific Industry] is a significant advantage.
  • Relevant certifications like CPA, CFA, or others relevant to your industry.
  • Strong computer skills, particularly with MS Excel, financial modeling software, and enterprise resource planning (ERP) systems.
  • Proficiency in financial analysis, forecasting, and risk assessment.
  • Excellent interpersonal skills and the ability to communicate complex financial data in a clear and concise manner.
  • Strong leadership and team management abilities, including conflict resolution, performance evaluation, and talent development.
  • Analytical mindset with the ability to spot discrepancies and forecast financial trends.
  • Strong ethical judgment and professionalism.
  • Exceptional time management skills and the ability to manage multiple tasks simultaneously.
  • Experience in working with cross-functional teams and departments.
  • Knowledge of global financial markets and regulations, if applicable.

Benefits and Perks:

  • Competitive salary.
  • Health insurance.
  • Retirement plans (e.g., 401(k).
  • Paid time off (PTO).
  • Professional development opportunities.
  • Performance bonuses.
  • Flexible work arrangements.
  • Wellness programs.
  • Gym memberships.
  • Employee discounts.
  • Team-building events.
  • Employee recognition programs.
  • Continuing education support.
  • Relocation assistance.
  • Family-friendly policies (e.g., parental leave)
  • Employee assistance programs (e.g., counseling services).
  • Travel opportunities.
  • Stock options or equity. 
  • Company-provided technology and tools.
  • Commuter benefits (e.g., transportation subsidies).
  • On-site amenities (e.g., cafeteria, fitness center).

You can choose the benefits and perks that align with your company’s offerings and the preferences of your potential candidates.

How to Join Us:

If you’re ready to make a significant impact on our financial success, please send your resume, a cover letter detailing your qualifications, and any other supporting documents to [email address] with the subject line “Application for Finance Manager Position – [Your Name].”

[Your Company Name] values diversity and is an equal opportunity employer. Discrimination based on race, color, religion, gender, sexual orientation, gender identity, national origin, or protected veteran status will not be tolerated.

Closing Date: [Insert closing date for applications]

Kindly note that we will only reach out to candidates who have been shortlisted for further consideration. We appreciate your keen interest in [Your Company Name].

Note: Please remember to adjust this template according to your company’s unique requirements and the specific finance position you want to fill. This template is designed for a general financial manager role, so if you’re looking for a specialized position like a financial analyst, advisor or financial controller, you might need to make some modifications.

How Much Does it Cost to Hire a Finance Manager?

When hiring a finance manager, it’s essential to consider the associated costs to plan your budget effectively. Knowing these costs will help you better plan your hiring process, ensuring you get the best candidate at the most efficient hiring cost. Here are some potential hiring expenses that hiring managers and businesses would likely incur:

Recruitment Costs

Recruitment costs involve advertising job openings, engaging recruitment agencies, and conducting pre-employment background checks. These costs can vary depending on the chosen methods, with external agencies typically charging a percentage of the annual salary.

  • Finance Jobs: Post your job opening on this website for $49 for a single one-day post. You can also pay $299 for 30 days and $2,549 for 180 days.
  • CFA Institute: The cost for posting for 30 days ranges from $435 to $1,335 and $710 to $2,150 for 60 days.

For external agencies and internal HR teams, the expenditure may not cost so much but often entails a substantial time commitment by HR personnel and managers, with the specific amount dependent on factors such as company size and hiring complexity.

On average, hiring financial managers through Upwork costs between $35 and $50 per hour, while freelancers charge between $5 and $995 on Fiverr. Note that extra fees will be charged to clients for processing and premium membership. 

Salary and Benefits

The most substantial cost when hiring a Finance Manager is usually their salary. The average annual salary for Finance Managers can vary widely depending on location, experience, and industry. Ensure that your salary offer is competitive to attract top talent.

For instance, the average annual salary for financial managers is $97,000, with an estimated additional pay of $26,000.

In addition to the base salary, consider the cost of providing employee benefits such as health insurance, paid time off (PTO), retirement plans, and other perks (e.g., flexible work arrangements, gym memberships, wellness programs). These benefits are essential for attracting and retaining top finance professionals. 

Training and Onboarding

If you hire a finance manager who is relatively new to your industry or organization and unfamiliar with the management software and tools, you may need to allocate funds for training and onboarding. This could include providing tools and software necessary for their role or arranging expert training.

On average, the cost of training an employee is $103 per hour, with an employee potentially needing between 32 to 35 hours of training. These costs can vary depending on the complexity of the training program and the resources required.

Equipment and Software

Finance managers often require specialized software and tools to perform their roles effectively. Budget for expenses associated with providing them with essential equipment like laptops, financial software licenses, and any other tools necessary for their role.

Software licenses often require monthly subscriptions, and the costs can vary depending on the tool you choose:

  • Freshbooks has different plans – Lite, Plus, and Premium; choose the one that suits your budget, as it typically ranges from $17 to $660. 
  • Quicken also has different plans – Premier, Home & Business, Simplifi, and Deluxe. You can pay from as low as $3.99 to as high as $9.99.
  • Xero has 3 different plans – Early, Growing, and Established. They range from $11 to $62.