what is a change manager finance?
As a change manager finance professional, you are responsible for planning, leading and coordinating the change process in the company. Every business needs to adapt to survive. Sometimes, companies make changes to jump ahead of trends. Other times, they roll out changes in slow increments or make plans to address emergencies, such as a recession. You plan ahead and work with colleagues to create a seamless transition.
Your role as a change manager in finance is to supervise and manage the change management steps. You create a plan for the change and determine the scope and impact of the change in the organization. As a change manager, you create the change management team, develop a strategy to implement the changes, and ensure employees adopt them.
As the finance change manager, you facilitate this process. You create training programs that meet employees at their skill level. Alongside in-person courses and online modules, you offer personalized assistance so that colleagues know what to expect every step of the way. Monitoring the schedule and budget ensures that the project stays on track.
If you hit a roadblock, you quickly find a solution with your problem-solving skills. Sometimes, you make last-minute adjustments or adapt to new situations. Your colleagues count on your level-headed leadership to continue their progress and move to the next phase.
Change manager finance executives possess strong communication and collaborative skills. A strong financial background reduces your training period, allowing you to jump in and effect the changes.
Would working as a change manager in finance suit your strong financial background and collaborative skills? Then read on to find out what competencies and qualifications you need to thrive in a change manager finance role.
available jobsaverage change manager finance salary
According to Job Bank, the average salary of a change manager in finance is $110,000 per year. When starting your role as a change manager, you start with a lower salary of $99,938 per year due to minimal experience. When you have extensive experience in the role, your take-home salary increases to over $125,475 annually.
what factors influence the salary of a change manager in finance?
Your salary depends on various factors. For instance, your experience and qualifications increase your earning potential. Having extensive experience shows your expertise and proves to your employers that you can handle complex duties.
The company you work for and the size of projects you handle determine your earnings. As a change manager in finance, you handle transition during mergers and acquisitions, which involves complex duties and managing larger teams. These large projects attract higher salaries. Change managers in finance working on smaller projects, like internal changes to the financial procedures or business systems, are likely to earn lower salaries. Working in large companies also has additional perks. The unlimited financial resources and complexity of your duties improve your salary prospects.
types of change managers finance
Finance change managers specialize in different areas. Events that require a change manager could involve taxes, payroll, bookkeeping, data entry, cash flow, financial reporting, forecasting or risk mitigation. Possible updates include new technology, department restructuring and tax filing adjustments.
For example, a company could introduce new accounting software that takes employees out of their comfort zone. With your accounting and technology knowledge, you make a specific plan and guide employees through training. They can quickly resume their work, and the new technology improves their efficiency.
working as a change manager finance
As a change manager in finance, you lead your company into the future. Learn more about your responsibilities, work environments and career prospects.
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what does a change manager finance do?
Change managers in finance have the following duties:
- developing a management plan: as a change manager in finance, you develop the change management plan to guide the change process. Having a good plan helps change managers keep track of the progress and solve any problems that arise. As a change manager in finance, you estimate the budget required to implement the changes and use the financial plan to keep track of the changes.
- formulating change management teams: you are responsible for creating a team to supervise the change management process. The team is responsible for analyzing the current situation, creating policies and training other employees. You pick a team from various departments in the company with the expertise to carry out the tasks.
- developing change management policies: as a change manager in finance, you work with the change management team to create policies that govern the entire process. The policies should be aligned with the company culture and well-defined to provide guidelines on dealing with various aspects of the changes.
- identifying and managing risks: changes bring several risks, and you are responsible for tackling them. You identify potential problems that could arise with implementing the change management process. You assess the impact of the risks to the project and come up with strategies to mitigate them.
- training workers: as a change manager in finance, you support training efforts that promote the successful implementation of the changes. The training improves awareness of the changes and informs employees of their roles and responsibilities.
- monitoring the change process: as a change manager in finance, you monitor the changes implemented and take corrective actions when necessary. You keep track of changes by using software to avoid cost and time overruns or missed deadlines.
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work environment of a change manager finance
Finance change managers work in an office environment, sometimes in their own office. High-end companies offer on-site amenities, such as gyms and cafeterias. As a change manager in finance, you have diverse work environments depending on the industry and the change management project you are working on. While you work from the office most of the time, you also go for on-site visits to familiarize yourself with various departments in the company.
Most change manager positions require you to work in the company's facilities. However, you can check if your employer offers remote work positions or hybrid work environments.
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who are your colleagues?
Depending on the industry you work in, you work alongside operations managers, finance managers and project managers. You also collaborate with financial analysts, business analysts and financial risk compliance officers. Other professionals you are likely to interact with include accounting managers and data analysts.
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change manager finance work schedule
Most managers work full-time during regular business hours. You work up to 40 hours a week from Monday to Friday. Occasionally, you stay late or arrive early if a project experiences setbacks. Your employer might ask you to attend conferences and networking events outside business hours. While part-time positions are rare, you can work on a contract basis to effect changes in the company or assist in transition after a merger.
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career opportunities as a change manager finance
Change managers have strong job security because every company undergoes transitions. Adjusting to the times results in growth, increased profits and more customers instead of stagnation. A rocky transition causes disruptions, bad press and employee dissatisfaction, which could cost the company money. Businesses value your skills in minimizing risk during financial transitions.
In particular, you bring tools that meet the finance department's needs. If you worked as an accountant or have financial or accounting designations, like Chartered Professional Accountant (CPA) or Chartered Financial Analyst (CFA), you know how to make this department succeed. However, change managers without an accounting background can still learn skills for their specialty.
If you want to try something different, similar roles include employee relations director, learning and development director, human resources assistant, learning coordinator, and director of talent management.
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advantages of finding a job as a change manager finance through randstad
Working with Randstad offers you a range of benefits:
- always a contact person you can fall back on and ask for help from
- many training opportunities
- a range of jobs in your area
change manager finance skills and education
To become a change manager in finance, the following educational requirements are necessary:
- bachelor’s degree: pursue a bachelor's degree in finance, accounting or business administration to start your career as a change manager in finance. The role equips you with the relevant knowledge in financial planning and management. You also need in-depth knowledge of the change management process, which you can gain through online courses.
- work experience: you require work experience in finance to work as a change manager. Start with a career in accounting or finance to build your work experience in financial management.
competencies and characteristics of change manager finances
Some of the skills and qualities of a finance change manager include:
- communication skills: as a change manager in finance, you require exceptional communication skills to explain the change management process. You rely on your communication skills to convince the management of the necessity of the changes and also train team members on how to monitor the change management process.
- research skills: as a change manager in finance, you require exceptional research skills to identify the requirements of a department and develop strategies to implement changes. You also research the best change management techniques and use case studies to determine the viability of a project.
- leadership skills: as a change manager in finance, you require good leadership skills to coordinate the change teams. You motivate and inspire workers to achieve their duties. You also use your management skills to delegate tasks and monitor progress.
- strategic thinking: as a change manager in finance, you rely on your critical mind to determine the changes that a company needs. Your strategic thinking skills also help you solve problems that may arise.
FAQs about change managers finance
Here, you will find the answers to the most frequently asked questions about the profession of a change manager finance.
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what are the responsibilities of a change manager?
As a change manager in finance, you lead and execute change management in finance. The change management process involves planning and executing changes to the company. You also monitor the progress of the process and ensure successful implementation.
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what is change management in finance?
Change management in finance is the process of implementing changes to the finance department of a company after a merger or adoption of new financial systems. A change manager in finance ensures the process is seamless with minimal disruptions and also trains employees on how to use the new systems.
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how much does a change manager in finance make in Canada?
The average salary of a change manager in finance is $110,000 per year. When you are starting out in the role, you earn $99,938 per year. The most experienced change managers in finance make up to $125,475 per year.
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what makes a good change manager in finance?
A good change manager in finance is a strategic thinker with a critical mind to analyze the best change management strategy for the business. You also require good communication skills to communicate the goals and change processes clearly.
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is change manager in finance a good career?
Being a change manager in finance is a good career with lucrative earnings. You facilitate effective changes that improve efficiency in the company.
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how do I find a job as a change manager finance?
Finding a job near you as a change manager in finance is easy. Search our job offers. Have you found what you're looking for? Then submit your application using the ‘Apply’ button top right on the page. No jobs available right now? Send us your resume and we'll pass it on to a recruiter who will contact you if an opportunity opens up for you.
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