Tap to Read ➤

Finance Director Job Description

Ujwal Deshmukh
A finance director is responsible for the higher level management of the financial domain of an organization. Read more to know the job description of this profile, the salary range and educational requirements.
A finance director looks after the overall management of the financial operations of the organization, and is mainly involved in planning, organizing and controlling the financial resources.
Although these are huge tasks within themselves, the work of the finance director is not confined to these tasks alone. Let us have a closer look at the job description of a finance director, and some other aspects associated with this job.

Job Description

Managing the finance department of an organization remains the core responsibility of the finance director. However, there are many more things that come under his governance and control. Here are some important responsibilities of a finance director -
  • The most significant task of the finance director is to manage financial resources of a┬ácompany and conduct resource planning for future needs.
  • A finance director is responsible for the strategic planning of an organization.
  • He monitors preparation of the financial budget and sends the report to the other board of directors of the organization.
  • He supervises business performance and takes steps to improve the performance of the organization.
  • He coordinates with the senior and junior management of other departments as well, as every department in the organization is directly or indirectly associated with the finance department.
  • A finance director designs the company's financial policies, rules and regulations, and makes sure that every department adheres to them.
  • He is responsible for account monitoring and control of all the departments of the organization.
  • He is a person who motivates the immediate reporting staff for better performance and effective service.
  • He prepares and supervises the financial reports in discussion with all the other departments in the company, and then presents it before the board of directors.

Educational Requirements

After getting an overview of the finance director job description, let us move on to what it takes to become a finance director in the first place. Finance directors need to be well-qualified for the tasks, duties and responsibilities they are going to handle in the organization. Financial management and controlling the entire finance domain is no mean task.
You need to be careful while planning and utilizing the organization's financial resources. A small mistake could result in a big loss, which might impact the entire organization. Most of the employers prefer qualified chartered accountants or other candidates with equivalent qualification.
Some organizations also insist on having a master's degree in financial management, planning and strategic planning. To become a finance director, you need to have some years of working experience with a financial management team or at the senior management level in a finance department.

Salary Range

Finance directors are highly paid, as their job involves a lot of intellectual and management skills. Finance directors with an experience of anything under 5 years can earn somewhere around US $41,741 - $136,496, while those with 5 - 10 years of working experience earn somewhere around US $57,041 - $167,825.
The most experienced in the industry usually earn in the range of US $62,648 - $193,116. The salary of a finance director is subject to variance depending upon the employer, educational qualifications, and work experience.
There is ample scope in the financial sector, as every organization needs people specialized in finance. However, you cannot expect to become a finance director right at the initial stage of your career. You need to undertake tough challenges, gain a lot of practical knowledge on the job, and then apply for the post of a finance director.
Hope this discussion on the finance director job description, qualifications, and salary range strengthens your determination to work in the finance stream and helps you become a successful finance director in the years to come.