Do you have a requirement to bring on a senior finance professional however you’re unsure of the seniority of the individual that you may need? Are you stuck between whether you hire a finance manager or a finance director position? To non-finance stakeholders the titles may seem to overlap however when we look at the finer details and the value proposition of both there is a significant difference.
A finance manager is a key financial professional in an organisation, responsible for managing financial activities such as budgeting, forecasting, and analysis. They help develop and implement financial strategies, monitor financial performance, and ensure compliance with financial regulations. A finance manager may also be involved in preparing financial reports, managing financial risks, and working with other departments to ensure that financial goals are met.
A finance director, on the other hand, is a senior financial figure who is responsible for the overall financial management of a company. This includes making strategic financial decisions, overseeing the finance function, and ensuring the company’s financial stability and growth. A finance director may also be involved in developing financial strategies, managing financial risks, and representing the company to stakeholders, such as investors and creditors.
In summary, while a finance manager is responsible for specific financial activities, the finance director has a broader scope of responsibilities, including both the tactical and strategic aspects of the company’s financial management. Both are great options to help with the overall day-to-day running of a finance function however when it comes to the more so strategic and commercial elements of a companies finances the Finance Director may be a better fit where as if a company need someone to keep on top of their day-to-day finances ensuring they are on the right track and not needing an input into the operational decision making a Finance Manager may be a better fit. Finance Directors often demand a higher salary compared to Finance Managers however it is very much down to the companies goals & targets which will suit their needs better.
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