what is a teamlead finance?
As a team lead in finance, you take up a leadership position in a financial company. You manage a team of coworkers and work together to perform financial tasks. You carry out traditional team leadership duties and ensure the company's finances are managed.
As a teamlead finance professional, your role encompasses a variety of responsibilities and duties. For instance, you oversee a team of investment managers and accountants who manage money for large hedge funds. You also work with bookkeepers and accountants to manage a company's cash flow.
A teamlead role is more hands-on than a managerial position. Your job focuses less on the company's big-picture goals. Instead, you prioritize the details, like breaking down company goals into small achievable targets. You delegate work to coworkers, schedule tasks and resolve disputes. Unlike a manager, you are not involved in hiring employees or deciding on business strategies.
Even though you aren't involved in developing business strategies, you require financial acumen to make decisions. Your interpersonal skills help you manage teams effectively by providing clear instructions and listening to your team members' ideas.
Would working as a teamlead finance suit your analytical and leadership skills? Then read on to find out what competencies and qualifications you need to thrive in a teamlead finance role.teamlead finance jobs
average teamlead finance salary
According to Job Bank, the median salary of a teamlead finance professional in Canada is $84,731 per year. This translates to an hourly rate of $43.45. Junior finance team leaders start with a lower salary due to their minimal experience and expertise. Your salary of $59,799 annually increases gradually, and you can take home over $131,182 yearly when you have additional experience and qualifications.
how to increase your earnings as a teamlead finance
Working in a large company has multiple perks, like additional benefits and higher salaries. In a big organization, you work with a large team, which increases your responsibilities and duties. With the complexity of your duties, you earn a higher salary. In a small company, you work with a small team and have minimal duties. Hence, you earn a lower salary due to the less complex duties.
Location can also influence your earnings. For instance, working in large cities improves your earnings due to the high demand for finance team leaders. Large cities also have high costs of living, and companies pay more. Working in small towns reduces your earning potential due to the low demand for the role.
types of teamlead finance
Companies hire different types of teamleads in finance to perform various duties. Some of the types of finance team leaders include:
- controllers: as a financial controller, you guide a team of accounting staff in preparing financial reports and keeping accurate accounting records. You oversee auditing, accounting and budgeting roles in the company.
- treasurers: a treasurer is a finance team leader in charge of managing all the company's financial affairs. You assist with budgeting and investing funds to support the company's growth. You prepare relevant documentation for business operations and investments.
- credit managers: credit managers are finance team leaders who oversee the credit granting process. You work with a team of collection officers to assess customers' creditworthiness and ensure customers pay on time.
- cash managers: cash managers are finance team leaders who work with a team of finance workers to control the cash flow in a company. You also ensure the company meets its financial obligations and prepare cash reports received.
working as a teamlead finance
If you are interested in working as a teamlead finance, read on to find out the duties, responsibilities and work environments associated with the role.
teamlead finance skills and education
Some of the educational requirements for becoming a teamlead finance include:
- bachelor’s degree: pursue a degree in finance or business administration to gain financial planning and management knowledge. Advance your career with a master of business administration to boost your leadership experience.
- work experience: you require a strong background in finance or accounting to excel in the role. Gain experience through accounting and finance roles and improve your leadership skills through supervisory positions. Some teamlead finance jobs require accounting or finance designations. For instance, to lead a team of investment brokers, you may need Chartered Financial Analyst certification.
competencies and characteristics of teamleads finance
These skills and technical proficiencies will help you succeed as a finance team leader:
- leadership abilities: as a teamlead finance, you should be comfortable delegating tasks to others and speaking from a position of authority. Your leadership skills help you motivate and inspire team members.
- technological skills: finance teamleads usually perform their work from computers. Knowledge of software like Microsoft Excel and Quickbooks is important for your role.
- technical skills: you need industry-specific knowledge, such as understanding loans, tax preparation or investing. If you work in healthcare, knowledge in processing insurance claims and reporting expenses in healthcare is important.
- organizational abilities: it is important to be highly organized to keep your team running smoothly. In addition to organizational skills, you should pay attention to details and have data entry skills to keep accurate records.
- critical thinking skills: your job requires you to be both logical and flexible. Good finance teamleads can easily solve problems and analyze tasks to find the most efficient way of addressing the situation.
- mathematical skills: anyone in the finance industry needs to be good with numbers. Though you probably don't need knowledge of advanced calculus, you should at least know standard algebra.
- communication skills: explaining financial concepts is an essential skill for this job. Great finance team leaders speak professionally to clients and create a great rapport with their team.
FAQs about teamlead finance
Here, you will find the answers to the most frequently asked questions about the profession of a teamlead finance professional.
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