What Does a Finance Project Manager do? (With Skills)
Updated 11 March 2023
If you like handling finances and managing resources to complete a project within budget, consider a career as a finance project manager. A finance project manager typically analyses the account transactions and financial statements of a company. Learning more about the roles and responsibilities of a finance project manager is crucial for planning for success in this job. In this article, we discuss what a finance project manager does, explore the skills required to become one and explain the requirements for this position.
What does a finance project manager do?
Learning about the responsibilities of a finance project manager can help you decide whether you want to pursue this career. This position is a new role within the finance industry. A finance project manager's primary responsibility is to manage the activities of finance tasks, create financial reports and identify business opportunities in a company. They usually implement ways to generate more resources and improve the revenue of an organisation. Here are the duties of a finance project manager:
Manages financial budget
A finance project manager ensures that employees execute projects on a stipulated budget. They assign a cost to several areas of the project and balance a company's budget to suit its long and short-term goals. They also monitor the cash inflow of several projects and ensure that resources are managed adequately. An effective finance project manager often oversees a company's expenditure and revenue to provide business opportunities. Their primary responsibility includes analysing the project's budget to ensure that departments use funds according to the funding contracts.
Implements ways to improve a project's revenue
A project's finance manager ensures that a project brings profit to the company. They often introduce methods that can improve the overall performance and efficiency of the product. Finance project managers typically develop cost-saving opportunities at the enterprise level. The job requires that they implement financial regulations under the state. These individuals clearly define the process by which additional work may be approved and billed from the start. By doing this, finance project managers can track any extra work that may not improve the profitability of a project.
Monitors and manage the quality of work
Finance project managers manage all project audits, budgetary control and accounting. They motivate employees to become involved in the project. They also assign responsibilities and roles to teams to optimise the use of a company's resources. A good project manager actively monitors the project to ensure quality work and identify potential risks. The field of financial management requires that they use new systems and processes to produce accurate accounting information for the organisation.
Oversees the financial planning of a project
Planning and supervising a project's finances are essential roles of a finance project manager. They ensure that the company's departments use cost-effective methods to execute projects. These individuals also collaborate with several departments employees to work together and build cross-functional teams. By doing this, they can improve a company's performance by delivering an excellent project completion. Finance project managers usually ensure that departments submit their balance sheets and reports according to the state's finance procedures.
Creates deadlines for projects
Finance project managers often collaborate with other project stakeholders to ensure that employees meet their project's deadlines. They estimate the time required to complete the project and set milestones so departments can adequately use the money planned for the project. By drafting a timeline, finance project managers can actively monitor the project's life cycle. The finance project manager job also usually requires that they develop solutions to keep the project on time.
Performs financial evaluation and communication
Managing finance projects is another core responsibility of a finance project manager. They communicate the financial requirements of a project to the management. They also specify the needs of each project in the company and ensure that employees meet the company's objectives. This job requires that they clearly communicate the goals of a project between departments and team members.
Conducts post-implementation work
Finance project managers conduct post-implementation work, such as evaluating and monitoring customer behaviour to improve the organisation's marketing strategy. It is also essential that they analyse current market trends in equity capital markets and fix income to identify potential business trends. This enables them to develop the company's cost accounting policies.
Maintains payroll records
It is crucial that they allow the salaries of employees in the company and ensure that their payrolls are up-to-date. Finance project managers ensure they keep the payroll record separate from other documents because it contains confidential information like the security number and addresses of employees. Maintaining payroll records enables them to view payroll history and employee information easily.
Average salary of a finance project manager
The national average salary of a finance project manager is $8,963 per month, which some individuals may consider as a competitive base salary. This salary can vary on the type of employer and location. As a finance project manager, you may typically work in a comfortable office. They spend most of their time developing financial data. These individuals typically work long hours, often 40 or 50 hours per week.
What skills are essential to becoming a finance project manager?
The following are important skills you can develop to become a finance project manager:
This skill involves understanding an issue and providing a thoughtful solution. Having financial analysis skills enables you to devise solutions that can improve the organisation's revenue. With this skill, finance project managers can forecast, prioritise, plan and recognise financial problems.
Having strong calculative skills can benefit you as a finance project manager. From financial analysis and risk management to data analysis and accounting, there are several areas that you can use your knowledge of mathematics in this profession. You can develop this skill by reviewing maths concepts and playing maths games.
Because you are working with several departments and teams, it's essential you know how to convey technical details. A finance project manager creates finance reports that employees can easily understand. They know how to explain financial patterns and trends in coherent ways. With this skill, you can share ideas and collaborate with other departments.
Organisational skills are essential in helping you manage projects efficiently. Being organised means you can manage your time, workspace and energy to accomplish tasks successfully. Having this skill can enable you to set achievable financial goals for the company. An organised finance project manager sets daily and weekly finance goals to keep employees focused on the company's objectives.
Finance project managers play an important role in helping companies make smart decisions. They know how to predict future sales and inventory. These professionals are proficient in utilising enterprise resource planning software (ERP). You can improve your business intelligence skill by using analytics software that can enable you to convey data-based information to employees.
Industrial tools for finance project managers
The following are industrial tools that can help you become a successful business and financial project manager:
A grant chart is a bar chart that provides a visual view of project tasks scheduled over time. This chart is useful for finance project planning because it typically shows the work that is scheduled for employees to perform on specific days. It also illustrates the completion rate of each project milestone. With a grant chart, finance project managers can simultaneously track the progress of a project, allocate resources and view start and end dates.
CPM and PERT charts
Critical Path Method (CPM) and Programme Evaluation Review Technique (PERT) charts enable finance project managers to determine the maximum and minimum timing of activities in a project. They usually include a list of tasks and the time each task can take to complete. Finance project managers use these tools to determine areas where delays may occur in the project. With this, they can organise tasks and ensure that team members manage time and cost appropriately at each stage of the project.
Financial and budgetary controls
Most individuals in the financial services field use financial and budget control to ensure project success. Some tools that you can use to control finances and budgeting include financial forecasting calculations and techniques like variance analysis. As a finance project manager, this tool can help you determine the cost of a project and the timeframe for spending the money.
Project management audit
In financial services, finance project managers often use this tool to audit the steps of a project to ensure that it meets the estimated completion and quality standard. This tool typically assesses a project and implements actions that can increase its success. With project management auditing, you can collect the performance and financial data of any project.
Salary figures reflect data listed on Indeed salaries at time of writing. Salaries may vary depending on the hiring organisation and a candidate's experience, academic background and location.
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