Running head: Financial manager

Becoming a Financial Manager

Whitney M. Baird
College of Western Idaho

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Abstract

Becoming a financial manager takes a lot education and work experience. In order to excel faster
at becoming a financial manager there are some certifications you can receive that will be very
beneficial to a successful career. I had the pleasure of interviewing the Chief Financial Officer of
St. Lukes Hospital. He is the CFO for the whole St. Lukes health system. He gave me great
insight in how he became so successful and how to get there.
Keywords: financial manager, chief financial officer, financial management

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Becoming a Financial Manager

There are three important steps to becoming a financial manager, education, exams, and
experience. An usnews article strongly states that a financial manager is someone who is very
good with money (n.d). They are responsible for overseeing finances of major companies. To
become a financial manager you cant simply get a degree and go find a job. You have to have
years of experience and knowledge. To become successful you have to work hard and be patient.
As you work your way up the ladder you will eventually reach the top and develop into a
financial manager. If you can stay determine and put in the time the reward will be very
fulfilling. It is a job you earn not something you just get.
Education is the first step in becoming a financial manager. According to the U.S. Bureau
of Labor Statistics it is important to have bachelors in finance, accounting, economics, or
business administration (2012). Many employers seek candidates who have a masters degree as
well in either business administration, finance, or economics. In a masters program you learn
more analytical skills and learn financial analysis methods and software (BLS, 2012).
Employees with further education have a better understanding then employees who dont
have a masters. You can still be very successful even without a masters. Jeff Taylor, CFO of St.
Lukes health system has proved this. In a recent interview he stated that he didnt have a masters
but only a bachelors and his certified public accountant certification (personal communication,
2013). Jeff was able to clarify that even though he only held a 3.4 gpa he was able to understand
financial statements at a higher level (2013). Throughout the interview Jeff explained that in
order to be a successful CFO you need more that just book smarts. You have to have an
analytical mind (2013). As you can see, getting a good education is the base for becoming a
financial manager.

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There is not a specific exam that you have to pass to become a financial manager. A
financial manager is something you have to work up to through experience. Even though, it is
very helpful to have a strong background in finances. Becoming a Certified Public Accountant is
one step you can take when you first start your financial career. As you develop more experience
and receive higher positions there are more certifications you can obtain. The CFA institute
confers the Chartered Financial Analyst certification to investment professionals who have a
bachelors degree, four years of work experience, and pass three exams (BLS, 2012). This is
certification you can get after you have developed more experience and skills. Another
certification that is offered is from the Association for Financial Professionals. This confers the
Certified Treasury Professional credential to those who pass a computer-based exam and have at
least two years of work experience (BLS, 2013). The more certifications you have the more
discipline you show and knowledge you posses.
Although, there isnt a specific exam that is required discipline and determination is
essential to becoming a financial manager. One thing that was encouraged by Jeff Taylor, CFO of
St. Lukes health system, was to go after your CPA, this shows employers that you have
discipline and understand the material (2013). The biggest test for becoming a financial manager
is if you are able to put in the hard work, long hours, and strength of mind to succeed.
Experience is the most important step in becoming a financial manager. According to the
Neil Johnson, who wrote an article for the business administration information, writes that
getting in the door is important because the financial field really values experience along with
education (2012). Some entry level jobs that can lead to financial management positions could
include an accountant or auditor, loan officer, or even position at a bank. These are important
because it starts to build up your experience and you can begin to develop a network. Jeff Taylor

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started his career working as an auditor (2013). Coincidentally his first job was to be an auitor
for St. Lukes as an external auditor (2013). When he began this career he was still unsure if this
was for him or not (2013). He stuck with the job and eventually moved to Portland for a better
job opportunity. In 1996 he ended up back in Boise as the Director of Finance for St. Lukes. For
Jeff he quickly began to move up the latter. He was even offered the job to be CFO of St.
Alphonsus but declined it. Jeff is responsible for crafting a financial plan that works and
connects the Treasure Valley to Woodriver to Magic Valley. He has been able to create large
margins so money stays with St. Lukes (2013). By 2006 Jeff Taylor was the CFO of St. Lukes.
As you develop more experience you have the ability to earn a larger salary. In 2011 the
median annual wages were $107,160 listed on usnews (n.d). For a financial manager the highestpaid 10 percent earning more than $187,199 and the lowest-paid 10 percent earning less than
$58,120 (n.d). For this profession the U.S. Bureau of Labor Statistics
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References

Last Name, F. M. (Year). Article Title. Journal Title, Pages From - To.
Last Name, F. M. (Year). Book Title. City Name: Publisher Name.
Interviews are not supported in bibliographies by APA. Please cite it as an in-text citation.
Financial Manager. (n.d.). Job Overview. Retrieved November 15, 2013, from
http://money.usnews.com/careers/best-jobs/financial-manager
Financial Managers. (2012, March 29). U.S. Bureau of Labor Statistics. Retrieved from
http://www.bls.gov/ooh/Management/Financial-managers.htm
Johnson, N. (2012, November 15). How to Become a Financial Manager. Business Administration
Information RSS. Retrieved November 13, 2013, from
http://www.businessadministrationinformation.com/careers/how-to-become-a-financial-manager

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