A financial executive holds a position of responsibility within an organization. He or she is typically provided with access to department budgets, expense approvals and project budgets. It is important to note that there are two types of financial executive positions: an executive position in the financial industry and a financial management position in a different industry.
In the financial industry, a financial executive can be responsible for a range of departments from marketing to sales. The qualifications required to hold this type of position include post-secondary education and significant experience in management and the subject matter. An executive position often is the culmination of a long, successful career.
A financial executive in another industry is responsible for the management of a division of a department. He or she is responsible for budgetary authorization, controls revenue and is charged with controlling the financial activities of the department. Many people who are in this position hold a degree in accounting, finance or commerce.
Financial reports are typically required to be given to senior managers on a monthly, quarterly and annual basis. The purpose of this type of reporting is to manage the performance of the division, increase revenue and minimize losses. The vast majority of firms that have a financial executive position are large, multinational organizations that generate significant revenue streams.
The financial executive is the ultimate authority within his or her division. Depending on the industry and the area of responsibility, he or she reports directly to a person at the managerial level. It is the responsibility of the executive to manage the financial position of the division, support the overall corporate mission and ensure that all tools are utilized to guarantee success.
People who are successful as a financial executive possess excellent interpersonal skills, are skilled leaders and can manage conflicting priorities. In addition to these skills, he or she must be able to inspire dedication in others, resolve problems and communicate with people throughout the organization. People who do not work well under pressure or do not enjoy dealing with multiple challenges are not suitable for this role.
In addition to providing leadership and communication expertise, most financial executives are expected to have intermediate to expert-level computer skills. He or she might have a team of financial analysts and managers but must be able to use the various financial and planning systems to create reports and investigate the potential outcome of various financial decisions.