WHAT IS AN manager external reporting jobs
A manager in external reporting plays a pivotal role in ensuring accurate and timely financial information is provided to external stakeholders, such as investors, regulatory bodies, and the general public. This position is crucial for organizations as it involves preparing and presenting financial statements, disclosures, and other relevant information that adhere to accounting standards and regulatory requirements. The manager external reporting is responsible for overseeing the entire external reporting process, ensuring compliance, and providing valuable insights to support decision-making.
WHAT USUALLY DO IN THIS POSITION
In this position, the manager of external reporting is responsible for a variety of tasks. They gather financial data from different departments within the organization, ensuring the accuracy and completeness of the information. They analyze the financial data, identify any discrepancies or trends, and prepare financial statements, including balance sheets, income statements, and cash flow statements.
The manager external reporting also ensures that the financial statements comply with relevant accounting standards and regulatory requirements, such as Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). They stay updated with any changes in these standards and make necessary adjustments to the financial reporting process.
Additionally, the manager of external reporting coordinates with auditors during the external audit process. They provide auditors with all the required documentation and support, addressing any queries or concerns raised during the audit. They also assist in preparing and reviewing the financial disclosures in the annual report, ensuring transparency and accuracy of information.
TOP 5 SKILLS FOR POSITION
To excel in a manager external reporting role, certain skills are essential. Here are the top five skills required for this position:
1. Strong Financial Acumen: A deep understanding of financial concepts, accounting principles, and financial analysis is crucial to interpret and analyze complex financial data accurately.
2. Attention to Detail: The manager external reporting must have an eye for detail to identify any errors or inconsistencies in financial statements and ensure compliance with accounting standards.
3. Regulatory Knowledge: Knowledge of relevant regulatory requirements, such as GAAP or IFRS, is essential to ensure accurate and compliant financial reporting.
4. Communication Skills: Effective communication skills, both written and verbal, are necessary to convey financial information to stakeholders clearly. The manager external reporting must be able to explain complex financial concepts in a concise and understandable manner.
5. Analytical Thinking: The ability to analyze financial data, identify trends, and provide meaningful insights is crucial for decision-making and strategic planning.
HOW TO BECOME THIS TYPE OF SPECIALIST
To become a specialist in external reporting, several steps can be taken:
1. Education: Obtain a bachelor's degree in accounting, finance, or a related field. Consider pursuing a master's degree or obtaining a professional certification, such as Certified Public Accountant (CPA) or Chartered Financial Analyst (CFA), to enhance your knowledge and credibility.
2. Gain Experience: Start your career in a relevant role, such as financial accounting or auditing, to gain practical experience in financial reporting processes and regulations. This experience will provide a strong foundation for a role in external reporting.
3. Develop Technical Skills: Familiarize yourself with accounting software and tools commonly used in external reporting, such as ERP systems and financial reporting software. Stay updated with changes in accounting standards and regulatory requirements.
4. Network: Build a professional network by connecting with professionals in the field through industry events, online platforms, and professional organizations. Networking can provide valuable insights, mentorship, and career opportunities.
5. Continuous Learning: Stay updated with industry trends, attend workshops or training sessions, and pursue professional development opportunities to enhance your knowledge and skills in external reporting.
AVERAGE SALARY
The average salary for a manager in external reporting varies depending on factors such as experience, location, and the size of the organization. According to data from the Bureau of Labor Statistics, the median annual wage for financial managers, which includes external reporting managers, was $134,180 as of May 2020. However, it is important to note that salaries can range significantly higher or lower based on individual circumstances.
ROLES AND TYPES
The role of a manager in external reporting can vary across industries and organizations. Some common job titles and types of roles in this field include:
1. External Reporting Manager: Responsible for overseeing the entire external reporting process, ensuring compliance with accounting standards, and providing accurate financial information to external stakeholders.
2. Financial Reporting Analyst: Involved in the preparation and analysis of financial statements, supporting the external reporting manager in gathering and interpreting financial data.
3. SEC Reporting Manager: Focuses specifically on ensuring compliance with the regulations set by the Securities and Exchange Commission (SEC) for publicly traded companies.
4. Regulatory Reporting Manager: Handles the reporting requirements mandated by regulatory bodies, such as the Federal Reserve or the Office of the Comptroller of the Currency.
5. Consolidation Manager: Manages the consolidation of financial data from multiple entities within a group, ensuring accurate and consistent financial reporting for the entire organization.
LOCATIONS WITH THE MOST POPULAR JOBS IN USA
Manager external reporting positions are in demand across various locations in the United States. However, some cities are known for having a higher concentration of job opportunities in this field. These include:
1. New York City, NY: As a major financial hub, New York City offers numerous opportunities in external reporting, with many large corporations and financial institutions based there.
2. San Francisco, CA: Known for its thriving technology and finance sectors, San Francisco provides ample opportunities for professionals in external reporting roles.
3. Chicago, IL: With a strong presence of accounting firms and corporate headquarters, Chicago offers a favorable job market for managers in external reporting.
4. Houston, TX: Houston, as a hub for energy and oil companies, has a demand for professionals skilled in external reporting to comply with industry-specific regulations.
5. Atlanta, GA: Atlanta has a growing financial services industry, making it a favorable location for external reporting jobs.
WHAT ARE THE TYPICAL TOOLS
In the field of external reporting, professionals commonly use various tools and software to streamline the reporting process and ensure accuracy. Some typical tools include:
1. Enterprise Resource Planning (ERP) Systems: ERP systems, such as SAP or Oracle, are used to manage financial data, facilitate data integration, and generate standardized financial reports.
2. Data Visualization Tools: Tools like Tableau or Power BI help in visualizing financial data and creating interactive dashboards for better understanding and analysis.
3. Financial Reporting Software: Specialized software, such as Workiva or Certent, is used for financial reporting automation, document management, and collaboration among team members.
4. Spreadsheet Software: Microsoft Excel is widely used for data analysis, financial modeling, and preparing financial statements.
5. Regulatory Compliance Software: To ensure compliance with regulatory requirements, professionals may use software specifically designed to track and manage regulatory reporting obligations.
IN CONCLUSION
A manager in external reporting plays a crucial role in providing accurate and compliant financial information to external stakeholders. This position requires a strong understanding of financial concepts, attention to detail, and knowledge of accounting standards and regulatory requirements. By pursuing the necessary education, gaining practical experience, and developing the required skills, individuals can become specialists in external reporting. With job opportunities available in various locations and the use of specialized tools and software, professionals in this field can contribute to the transparency and reliability of financial reporting in organizations.