Financial Management Specialist (Government)

Industry:
Public Sector
Last Updated:
September 19, 2023

Job Description Overview

A Financial Management Specialist (Government) has an essential role in the Public Sector industry. These professionals have expertise in maintaining and evaluating financial records, dealing with issues related to budgeting, revenue, expenditure, and all other financial-related tasks. They assist in preparing financial reports and ensure that all financial data is accurate and up-to-date. They provide advice to senior management regarding budget development, financial planning, and budget execution processes.

As a Financial Management Specialist (Government), you must be knowledgeable about accounting principles, financial regulations, and government laws. You must be proficient in using financial software and other related tools. This role involves working under tight deadlines and dealing with high-pressure situations. Strong analytical and problem-solving skills are essential in this job.

To become a Financial Management Specialist (Government), you must have at least a bachelor's degree in accounting or a related field, along with relevant experience in financial management or accounting. With proper education and training, you can build a rewarding career in the Public Sector industry.

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Job Duties and Responsibilities

  • Helping government agencies manage their finances
  • Creating budgets for specific programs or initiatives
  • Tracking expenses and revenues to ensure financial compliance
  • Developing financial reports and presentations
  • Advising agencies on financial matters and potential areas of concern
  • Analyzing data to identify trends and make financial recommendations
  • Providing support during audits and evaluations
  • Conducting financial planning and forecasting to inform decision-making

Experience and Education Requirements

To become a Financial Management Specialist for the government, you usually need a bachelor’s degree in finance, accounting, or a related field. If you don't have a degree, other relevant work experience can sometimes be substituted. You'll also need experience in financial management, cost accounting, or auditing, and possibly certification such as a CPA or CMA. Excellent math, communication, and analytical skills are essential in this job. As a Financial Management Specialist, you'll work with budgets for government programs and manage funds. You'll also ensure compliance with laws and regulations, analyze financial data, and help plan financial decisions. It's a responsible job with the chance to make a real difference in people's lives.

Salary Range

The Financial Management Specialist (Government) salary range in the United States varies based on level of experience and location. The average salary for this position is $77,000 per year, according to Glassdoor. However, depending on the agency and level of responsibility, salaries can range from $55,000 to $130,000 per year. For example, the average salary for a Financial Management Specialist in the Department of Defense is $81,548 to $106,012 per year, according to USAJOBS. In Canada, the average salary for a Financial Management Advisor in the public sector is $90,000 per year, according to Neuvoo. In Australia, the average salary is around AUD 91,000 per year, according to Job Outlook.

Sources:

  • Glassdoor: https://www.glassdoor.com/Salaries/financial-management-specialist-salary-SRCH_KO0,31.htm 
  • USAJOBS: https://www.usajobs.gov/GetJob/ViewDetails/581545500 
  • Neuvoo: https://neuvoo.ca/salary/?job=Financial+Management+Advisor&location=&k=financial+management+advisor 
  • Job Outlook: https://www.joboutlook.gov.au/occupation.aspx?search=alpha&code=2211

Career Outlook

A career as a Financial Management Specialist in the government sector is expected to grow in the next five years. According to the United States Bureau of Labor Statistics, employment of financial managers in the federal government is projected to grow 11% from 2020 to 2030, faster than the average for all occupations. This growth is due to the government's need for financial management experts to handle budgeting, accounting, and financial reporting.

Financial Management Specialists' role involves managing financial records, analyzing data, preparing budgets, forecasting financial outcomes, and ensuring compliance with regulations. The position requires a bachelor's degree in accounting, finance, or a related field, along with relevant work experience. Government agencies, such as the Department of Defense or the Internal Revenue Service, typically hire financial management specialists.

In summary, the career outlook for Financial Management Specialists in the government sector is growing steadily. There is an increasing demand for qualified professionals who can help the government manage its finances effectively. Therefore, this profession can be a secure and rewarding career path for individuals who have an aptitude for finance and a passion for public service.

Frequently Asked Questions (FAQ)

Q: What does a Financial Management Specialist in the Government do? 

A: A financial management specialist in the government plans and evaluates financial activities, creates budgets, manages financial reports, and oversees disbursement and procurement activities. 

Q: What are the qualifications for this job position? 

A: A bachelor's degree in accounting, finance or a related field is required. Some positions may require certification such as Certified Government Financial Manager or Certified Public Accountant. 

Q: What are the common tasks performed by a Financial Management Specialist in the Government? 

A: The common tasks performed by a Financial Management Specialist include analyzing financial data, creating financial reports, developing budget proposals, and managing accounting systems. 

Q: What kind of environment does a Financial Management Specialist work in? 

A: Financial Management Specialists usually work in government offices or departments in various settings such as local, state, or federal government entities. 

Q: What skills does a Financial Management Specialist need to have? 

A: A Financial Management Specialist should have strong analytical and mathematical skills, computer proficiency, communication skills, attention to detail, and the ability to work well both independently and in a team environment.


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