A Job Analysis of a Senior Finance Manager - Assignment Example

BBUS 381 A2 A. Assessing a job In the contemporary competitive business environment, a company’s subsistence relies on itsaptitude to attract and keep the right people. An organization requires highly skilled and competent personnel to survive the high competition (Dessler et al, 2011). It is, therefore, significant that human resource manager carryout procedures to determine the duties, purpose, and tasks of jobs within the organization and the knowledge, skills, and capabilities required in performing them (Dessler et al, 2011). This is referred as a job analysis. Below is a job analysis of a senior finance manager. Job Analysis Job Title: Senior Finance Manager Purpose of the Job A finance manager is mandated with the task of administering the generation and preservation of financial records and finance-associated stratagems. Additionally, a senior finance manager works towards attaining the objectives of the organization by serving as the leader of the finance team (Baker and Powell, 2005). A senior finance manager is responsible for issuing monthly reports on income and expenditure and ensuring that the information obtained is accurate. A senior finance manager is responsible for assisting the finance officers in developing Cash Releasing Efficiency Schemes (CRES). A senior finance manager is responsible for the institution of finance officers and assistant finance officers in the organization (Baker and Powell, 2005). Another purpose of this position is to offer support to the finance officers and their assistants in the delivery of their corporate tasks and objectives. Key Responsibilities A senior finance manager is responsible for leading and managing a team of accountants and assistant accountants in the generation of accurate information on income and expenditure of the organization (Baker and Powell, 2005). The senior finance manager is responsible for setting apposite objectives within the finance department. Additionally, he is responsible for pinpointing breaches in the knowledge of the team members and instituting training systems and procedures to guarantee the closure of the gaps and that the team functions effectively (Baker and Powell, 2005). The senior finance manager is also responsible for pinpointing opportunities for quality enhancements within the broad financial team. He is also responsible for offering superior financial management reporting service with emphasis on risks, trends, and opportunities, and conveying this to the Managing Director (Baker and Powell, 2005). He is also responsible for chairing or leading all the finance related projects. A senior finance manager is responsible for attending significant meetings to guide debates on the financial performance of the organization. He is also responsible for leading the development and evaluation of corporate wide cost enhancement structures. Knowledge and Skills Required a) Education Qualifications A senior finance manager should have a master’s degree in Finance, Accounting or an equivalent field of study, a CPA finalist or a qualified CCA accountant and should have in depth knowledge in financial software applications such as Access, Excel and other accounting reporting packages. A degree in business is an added advantage. b) Skills A senior finance manager should have excellent verbal and written communication skills, strong interpersonal skills, report writing skills, presentation skills, and ability to work under pressure, ability to give attention to details, change management skills, ability to think analytically, excellent leadership skills, persuasion and influence skills, and problem solving skills. Working Conditions A senior finance manager works in an office environment where he can monitor the other financial officers. The financial officers’ office setting is open office with the senior financial manager’s office in an elevated position where he can observe the officers. Much of the work of a senior finance manager necessitates adept knowledge of the use of computers and a wide range of software applications (Dunham-Taylor & Pinczuk, 2006). B. Job Description La Canada Care Center Job Description Job Title: Senior Finance Manager Department: Finance and Accounting Reports to: The Managing Director Prepared By: Prepared Date: Approved By: Summary A senior finance manager is mandated to carryout financial projections and shares the findings with the company’s senior management. He takes part in conducting review meetings to deliberate on the risks and challenges facing the organization. He is also responsible for designing primary financial assessments and models. Essential Duties and Responsibilities, Include the following, other roles may be assigned: Take part in the delivery of effective strategic financial resources planning and information, research, prepare and submit monthly reports and budgets to the organization. Offer support to the finance managers and officers in the simulation of activities, income and expenditure compared to multifaceted business case developments and aid applications, both internal and external to the organization’s Trust. Work closely with the capital team to guarantee that the effect of capital costs are entirely considered in the income business cases. Additionally, challenge suppositions with appropriate people and be accountable for guaranteeing that financial simulation is vast, precise and in proportion to the overall organization’s objectives, evaluating risks and pinpointing threat extenuating actions as required (Dunham-Taylor & Pinczuk, 2006). Supervisory Responsibilities Manage a total of 21 financial managers and officers in the finance and accounting department. Execute supervisory responsibilities according to the organization’s policies and applicable regulations. Responsibilities include planning, allocating, directing work, and leading financial elements of clinical service and corporate department stratagem. A senior financial manager is also responsible for selection and recruitment of accounting and finance personnel. Qualifications In order to carry out these duties effectively and successfully, a person must satisfactorily carry out each of the responsibilities and duties. The qualifications listed below are illustrative of the knowledge, skills, ability and experience needed. Practical accommodations may be made to permit disabled people carry out the fundamental roles. Education and Experience A senior finance manager should have a master’s degree in Finance, Accounting or an equivalent field of study, a CPA finalist or a qualified CCA accountant with post qualification experience. He or she should be well acquainted to financial software programs and applications such as Hyperion and PeopleSoft, Access, and Excel. The individual should also have a far-reaching experience in financial and cost management and at least 4 years senior level experience in worldwide program expansion processes. An individual should also possess knowledge in cost accounting techniques and procedures appropriate for running and controlling of private funds. Language Skills The individual should have excellent verbal and written communication skills. He or she should be able to read and interpret financial documents and presentations. Additionally, the individually should effectively talk before a huge number of customers, employees and shareholders. Reasoning Skills The individual should be able to resolve practical problems and address numerous tangible elements in circumstances where only incomplete normalization subsists. Physical Demands and Effort In executing these duties and responsibilities, the employee is required to sit, stand, stroll, use fingers to point, and talk and hear. The individual is expected to be physically fit. Working Environment The employee works in an office environment where he can monitor the other financial officers. The financial officers’ office setting is open office with his or her office in an elevated position where he can observe the officers. Much of the work of a senior finance manager necessitates adept knowledge of the use of computers and a wide range of software applications. C. Labor Market Assessment With an up surging attention on expenditure and income management and regulatory change, there is a high demand for financial personnel and accountants in organizations across the world. The previous joblessness sentiments, for instance, those at UBS, are an ugly aide-mémoire that the economy rests delicate and is yet a businesses’ market. Nonetheless, there are a multitude of opportunities for accountants and financial personnel (Bureau of Labor, 2010). Organizations seem to emphasize on their cost management, looking for ways on how to increase income, and optimizing on efficiencies as ways of surviving in the competitive business environment. This has made the role of an accountant and financial personnel particularly imperative and vital in commercial decisions (Baker and Powell, 2005). The demand for accounting services varies to a great extent according to the prevailing economic condition, computerization of accounting and prolongation of the accountant’s role. Since accounting and financial services are present in all organizations and businesses, the prevailing economic condition is the primary factor that affects its demand and growth. Whenever economic operations are on the increase, the demand for the accounting and financial personnel also increase (Bureau of Labor, 2010). For instance, after a difficult and challenging year due to depression in 2009, accounting and financial services benefited somehow from the uncertain development anticipated over the projection period. Generally, the employment viewpoint in this profession has profited from the prolongation of the accountant’s responsibilities. According to Baker and Powell (2005), accountants are no longer involved in auditing and providing accounting and financial records, but their scope has increased to encompass strategy development, supervision, selection and recruitment, training and corporate restructuring. However, the technological developments in accounting and finance have greatly attributed to a decline in the demand for accounting and finance services. The development of accounting software and applications has made it possible to carry out traditional accounting errands quickly (Baker and Powell, 2005). These applications and software allow inexperienced personnel such as an accounting clerk and bookkeepers carry out numerous activities that were only carried out by accountants and finance personnel. Since computers produce accurate documents, investors have relied software and applications more than the accountants, contributing to a decrease in the demand for accounting personnel. Because of an increase in the number of universities offering accounting courses, the number of accounting graduates and accountants has also increased. Though there is no known exact number of accountants, a report by the Government of Canada (2012) estimates that 30 percent of all graduates graduate with an accounting course. This shows that the number of accountants is increasing with more graduates and time. If the organization was to replace the current senior finance manager, it would be significant to look for an individual conversant with technology developments in accounting and with a huge knowledge and expertise in accounting. This is because institutions have continuously produced graduates who have gone back to study to enhance and expound their knowledge on accounting and finance. This is seen by the high number of people with graduate and post-graduate qualifications seeking for accounting and finance jobs (Government of Canada, 2012). References Baker, H. K., & Powell, G. E. (2005). Understanding financial management: A practical guide. Malden, MA: Blackwell Pub. Bureau of Labor (2010). Occupational outlook handbook. Bureau of Labor Statistics. Dessler, G., Rekar Munro, C., & Cole, N. D. (2011). Management of human resources - In-class edition (3rd ed.). Toronto, ON: Pearson Education Canada. Dunham-Taylor, J., & Pinczuk, J. Z. (2006). Health care financial management for nurse managers. Sudbury, Mass: Jones and Bartlett Publishers. Government of Canada (2012, July 6). Financial Auditors and Accountants - Service Canada. Retrieved October 2013, from http://www.servicecanada.gc.ca/eng/qc/job_futures/statistics/1111.shtml Read More