FinOps Financial Control Manager

Last Updated:
September 19, 2023

Job Description Overview

A FinOps Financial Control Manager job description typically involves overseeing the financial operations and control management in the Information Technology (IT) industry. This crucial role ensures efficient financial performance and proper utilization of budgets and resources in a company.

Key responsibilities of a FinOps Financial Control Manager include developing and implementing financial strategies, analyzing and forecasting financial trends, and ensuring compliance with financial regulations. They closely monitor budgets, manage financial risks, and work to improve the financial health of the organization. They also communicate with various stakeholders, such as management, investors, and regulatory authorities, to provide necessary financial insights and updates.

To be successful in this role, a strong understanding of financial operations, effective communication skills, and an analytical mindset are essential. Proficiency in IT and relevant experience in financial management are also vital for this position. Ultimately, a FinOps Financial Control Manager ensures the company's financial efficiency, growth, and sustainability in the competitive IT industry.

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Job Duties and Responsibilities

  • Overseeing and managing the company's financial operations, including budget planning and monitoring expenses to ensure financial stability and growth.
  • Ensuring compliance with financial regulations, laws, and accounting standards, safeguarding the company's financial integrity and minimizing risk.
  • Developing and implementing strategies for financial control, such as internal controls, financial reporting mechanisms, and risk assessment tools.
  • Analyzing financial performance and preparing financial statements, reports, and forecasts to support data-driven decision-making by the organization's leadership.
  • Collaborating with various departments, team members, and stakeholders to identify and resolve financial issues and increase operational efficiency.
  • Evaluating and recommending cost-saving measures, streamlining processes, and driving financial optimization across the organization.
  • Supervising and supporting the financial operations team, providing guidance, training, and mentoring to ensure employee growth and development.
  • Participating in the development and execution of financial projects and initiatives that support the organization's strategic goals and objectives.
  • Facilitating effective communication and collaboration between the finance department and other departments within the organization to promote financial transparency and accountability.

Experience and Education Requirements

To become a FinOps Financial Control Manager in the IT industry, you will need to have a strong background in finance. Typically, a bachelor's degree in finance, accounting, or business is required. Some roles may prefer a master's degree or higher education. Additionally, experience is important. Most companies look for candidates with at least 5 years of experience in financial management or a similar area. Having a solid understanding of technology and the IT industry is essential. You can gain this knowledge by working in IT or through relevant certifications. Developing the skills to analyze and optimize financial processes will help you succeed in this role.

Salary Range

The FinOps Financial Control Manager salary range varies depending on factors such as location, experience, and company size. In the United States, the average salary falls between $80,000 to $120,000 per year. In some cases, highly experienced professionals can earn up to $150,000 annually. Comparatively, in countries like the United Kingdom and Canada, the salary range typically falls between £50,000 to £80,000 and CAD 70,000 to CAD 110,000, respectively. It is important to note that these figures may differ based on industry-specific factors and regional economic conditions.

Sources:

  1. https://www.payscale.com/
  2. https://www.glassdoor.com/
  3. https://www.roberthalf.com/

Career Outlook

The FinOps Financial Control Manager job in the Information Technology industry is expected to grow over the next 5 years. As businesses continue to shift online, finance and technology need to work together. Companies rely on skilled professionals to measure and manage technology costs. This role ensures businesses make smart decisions with their tech spending. FinOps Financial Control Managers are in high demand because they help control costs and boost efficiency. With technology advances and a strong focus on digital transformation, the future looks bright for this career.

Sources:

  1. https://www.finops.org/articles/
  2. https://www.gartner.com/smarterwithgartner/finance-technology-it-work-together/

Frequently Asked Questions (FAQ)

Q: What does a FinOps Financial Control Manager do?

A: They oversee financial operations, implement controls, and ensure company compliance with financial regulations in the IT industry.

Q: What skills are needed for this job?

A: Strong financial knowledge, analytical thinking, problem-solving, and good communication skills.

Q: Do I need a degree to be a FinOps Financial Control Manager?

A: Typically, a bachelor's degree in finance, accounting, or a related field is required.

Q: What industries do FinOps Financial Control Managers work in?

A: They mainly work in the IT industry, but also in other technology-based industries.

Q: What is the average salary for this job?

A: Salaries vary depending on experience and location, but the average is around $95,000 per year.


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