Financial reporting managers oversee the preparation of SEC filings, proxy statements, and other financial reports. They require knowledge of GAAP, SEC rules, and tax strategy. They typically have four or more years of experience and may hold an accounting degree, CPA, and MBA. The job involves many tasks and requires staying up-to-date with accounting laws and handling stress.
Financial reporting managers are accountants who manage the preparation of proxy statements, Securities and Exchange Commission (SEC) filings, and other filings as needed. As such, the financial reporting manager must have knowledge and experience of generally accepted accounting principles (GAAP), knowledge of SEC rules, knowledge of accounting research, and must be able to make recommendations on the company’s tax strategy. Additional examples of the specific type of work a financial reporting manager performs include preparing quarterly results, coordinating the annual audit or quarterly review efforts performed by external auditors, month-end or year-end closings, or even helping preparing press releases concerning a company’s financial position.
Early in their careers, these accounting professionals are hired for positions that require their supervision. If they perform well, they are typically given additional work assignments, which can be more complex and may involve more interaction with individuals in various departments across the company. This is an opportunity for the accountant to demonstrate knowledge of the complexities of accounting and also demonstrate the ability to interact well with colleagues. If they are able to handle increasing levels of responsibility, promotions and increases in pay usually ensue. This will usually result in a person eventually becoming a financial reporting manager.
By the time they start working as a financial reporting manager, these accounting professionals usually already have four or more years of professional experience with a well-known accounting firm. Usually, as a result, they are heavily exposed to SEC and financial reports. This heavy exposure allows them to become experts.
Individuals interested in becoming a financial reporting manager often pursue an accounting degree in college, which results in earning a bachelor’s degree. Upon completion of college, individuals must pass the certified public accountant (CPA) exam. Then, after obtaining the CPA designation, individuals will generally work for a few years before continuing on to accounting training, where they will typically earn a Master of Business Administration (MBA) degree. In some cases, they may also choose to pursue a Doctor of Philosophy (PhD) degree in accounting if they are interested in teaching college-level accounting classes someday.
In fact, this particular job includes a lot of tasks. Indeed, in some ways, a financial reporting manager’s job is never done because there are always upcoming fiscal deadlines. Thus, individuals who become financial reporting managers must stay abreast of the latest accounting laws, as well as be able to tolerate the stress and keep up with the demands of this job.
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