How to Be Military Financial Manager - Job Description, Skills, and Interview Questions

Sep 4, 2020 / 5 Minutes Read / By Albert

How to Become

Professional Organizations

FAQ

Links

The role of a Military Financial Manager is vital for the success of a military organization. Their primary responsibility is to ensure that financial resources are used in a manner that meets the mission requirements and organizational goals. As a result, their decisions have a direct impact on the operational efficiency and effectiveness of the organization.

They must coordinate with multiple departments to ensure that financial objectives are met, and provide timely and accurate financial reporting. they must maintain accountability for funds, manage budgets and resources, and ensure compliance with regulations. In short, Military Financial Managers are key to ensuring the success of the military organization by providing sound financial guidance and management.

Steps How to Become

Earn a Bachelor's Degree. You'll need to have a bachelor's degree in accounting, finance, business administration or a related field in order to become a military financial manager. You may be able to find a program that has a specialty track in military finance.
Obtain Professional Certification. Becoming certified as a financial manager is another way to demonstrate your knowledge and skills that are necessary for a successful career in military finance. The Association of Government Accountants offers the Certified Government Financial Manager (CGFM) credential.
Gain Experience. After getting your degree and credential, you'll need to gain experience in the field. Many employers prefer candidates who have at least two years of experience in financial management or accounting.
Apply for a Job. Once you are qualified with your education, experience, and credentials, you can apply for a job as a military financial manager. You can search for jobs through the Department of Defense or other government agencies.
Maintain Certification. In order to remain certified, you'll need to complete continuing education requirements every three years. You can take classes or seminars offered through professional organizations like the Association of Government Accountants or the American Institute of Certified Public Accountants.

A reliable and competent military Financial Manager must have a comprehensive understanding of the relevant laws and regulations, excellent organizational, communication and interpersonal skills, and the ability to manage complex budgets. they must have a strong working knowledge of accounting principles, financial analysis, accounting software, and internal control systems. Furthermore, they should be able to develop and implement financial strategies, prepare financial reports for management, and provide advice on budgeting and cost-saving measures.

Lastly, they must be able to evaluate the effectiveness of the organization's financial systems, identify potential problems, and suggest solutions. In summary, these are the essential qualities of a reliable and competent military Financial Manager.

You may want to check Military Technical Expert, Military Training Manager, and Military Pilot for alternative.

Job Description

Analyze financial data and provide financial reports.
Monitor and review budget performance.
Prepare financial plans and forecasts.
Develop, implement, and manage financial policies, procedures, systems, and controls.
Oversee financial operations, including accounts payable and receivable, payroll, and cash management.
Ensure compliance with applicable laws and regulations.
Provide guidance and training to staff on financial policies and procedures.
Prepare annual budget reports and monthly financial statements.
Analyze risk in investment strategies and recommend adjustments.
Develop strategies to improve military financial operations.
Review and audit contracts, purchase orders, and other financial documents.
Negotiate with vendors and suppliers to get the best prices.
Generate summary reports for management regarding the financial status of the organization.
Evaluate financial systems for efficiency and accuracy.
Coordinate audits of internal systems and processes.

Skills and Competencies to Have

Understanding of military financial regulations, policies, and procedures.
Knowledge of budgeting principles, accounting practices, and auditing techniques.
Proficiency in using financial management software and other related applications.
Ability to analyze financial data and develop comprehensive reports.
Excellent communication and interpersonal skills.
Ability to anticipate and resolve conflicts and problems.
Ability to provide sound financial advice to commanders and other military personnel.
Ability to establish and maintain effective working relationships with military personnel and civilian personnel.
Ability to manage multiple projects simultaneously and prioritize tasks.
Knowledge of federal laws pertaining to military finance and accounting.

Financial management for military personnel is a complex task that requires a skill set that includes a thorough understanding of financial regulations and budgeting principles. Being an effective financial manager in the military requires more than just a basic knowledge of finance - it requires the ability to analyze and evaluate data, make decisions quickly, and effectively manage multiple tasks. The ability to analyze and interpret the data helps to ensure the most efficient use of resources and that any given budget is adequate for the current mission.

having the capacity to make quick decisions can help prevent any delays in mission-critical operations. Financial managers must also be able to effectively manage multiple tasks, such as tracking financial records and meeting deadlines. Having strong organizational skills is also essential in order to ensure that all financial records are accurate and up-to-date.

With these skills, military financial managers are able to effectively manage finances and ensure that all personnel are provided with the necessary resources to accomplish their mission.

Military Intelligence Systems Operator, Military Electronics Engineer, and Military Surveillance Operator are related jobs you may like.

Frequent Interview Questions

What experience do you have managing military financial resources?
How would you handle a challenging budget shortfall?
What strategies would you use to ensure compliance with government regulations?
What processes would you employ to ensure responsible stewardship of funds?
How do you stay current on changes in defense finance and accounting policies?
Can you explain the key elements of an effective financial management system?
How do you evaluate and manage financial risk?
What experience do you have in developing and managing military financial systems?
How do you ensure accuracy and accountability in your financial reporting?
How do you interact with other departments to ensure proper and timely financial performance?

Common Tools in Industry

Accounting Software. Used to manage and track financial transactions (eg: QuickBooks).
Budgeting Software. Used to create and manage budgets (eg: YNAB).
Financial Planning Software. Used to create comprehensive financial plans (eg: MoneyGuidePro).
Tax Preparation Software. Used to prepare and file tax returns (eg: TurboTax).
Investment Tracking Software. Used to track and manage investments (eg: Personal Capital).
Reporting Software. Used to generate financial reports (eg: Tableau).
Payroll Software. Used to manage payroll processes (eg: ADP).
Expense Tracking Software. Used to track business expenses (eg: Expensify).
Collections Management Software. Used to manage customer collections (eg: Zoho Books).
Anti-Fraud Software. Used to detect and prevent fraud (eg: AppZen).

Professional Organizations to Know

Association of Government Accountants (AGA)
Financial Management Association International (FMA)
National Association of Military Financial Managers (NAMFM)
American Society of Military Comptrollers (ASMC)
Defense Financial Management and Audit Association (DFMAA)
Institute of Financial Operations (IFO)
Association for Financial Professionals (AFP)
Military Officers Association of America (MOAA)
Society of Military CPAs (SMCPAs)
National Defense Industrial Association (NDIA)

We also have Military Recruiter, Military Logistics Officer, and Military Intelligence Officer jobs reports.

Common Important Terms

Budgeting. The process of creating a plan to spend money in order to achieve a financial goal.
Financial Planning. The process of creating and managing a long-term strategy for achieving financial objectives.
Accounting. The practice of systematically recording, analyzing, and reporting financial transactions.
Auditing. The process of examining financial records to ensure they are accurate and comply with regulations.
Taxation. The practice of levying taxes on individuals, businesses, or transactions.
Investment Management. The process of managing investments to meet financial goals.
Cash Flow Management. The practice of controlling the flow of funds in and out of an organization.
Insurance. A form of risk management used to protect against the potential loss of assets or income.
Retirement Planning. The process of setting aside funds for retirement and managing them over time to maximize returns.

Frequently Asked Questions

What is a Military Financial Manager?

A Military Financial Manager is a professional who is responsible for managing the financial resources of an organization within the Department of Defense. They are responsible for budgeting, forecasting, and analyzing financial data to ensure that the organization is running efficiently and effectively.

What skills are required to be a Military Financial Manager?

A successful Military Financial Manager should possess strong analytical, problem-solving, and communication skills. They must also be highly organized and have an understanding of accounting principles and financial regulations. Additionally, they should have knowledge of the Department of Defense's financial systems and procedures.

What is the primary role of a Military Financial Manager?

The primary role of a Military Financial Manager is to provide financial oversight and ensure that the organization's financial resources are managed in an effective and efficient manner. This includes budgeting, forecasting, and analyzing financial data. They must also ensure compliance with applicable financial regulations.

What is the average salary for a Military Financial Manager?

According to PayScale, the average salary for a Military Financial Manager is $76,816 per year. This salary can vary depending on experience, location, and other factors.

What is the job outlook for Military Financial Managers?

The job outlook for Military Financial Managers is expected to remain steady over the next decade as organizations continue to need financial oversight and management. Additionally, with new regulations and technologies emerging, there is an increasing need for qualified professionals in this field.