Jump to content

Accessibility: Make adjustments to your contrast and font here

Life as a Finance Manager

In financial management, your role will incorporate managing budgets and deciding on resource allocation.

It will include:

  • management information – gathering and interpreting the financial data required to make day-to-day and strategic management decisions
  • financial planning – forecasting the resource that is required to deliver the contracted activity, using this to set budgets for the organisation and then reporting on this at an organisation level, resulting in a financial plan and a planned financial position for the financial year.
  • financial reporting – reporting actual expenditure against the budget/plan and analysing and reporting on any differences. Agreeing rectifying action to bring expenditure back in line with the plan where possible.
  • activity and costs – understanding the impact of activity fluctuations on income received and costs incurred. This will also be used when assessing whether to start doing a new activity or to stop doing certain activity in agreement with Commissioners.
  • working in partnership – with non-finance professionals within your management team, colleagues within the system as pathways span different organisations and between commissioners and providers.

Roles in Financial Management

Who would I work with?

Working within financial management you will be working with fellow members of the finance team, but will spend equally as much time working with colleagues from outside of finance, as you will be working with budget managers. Budget managers could hold patient facing roles, or provide back office support such as HR, estates, facilities, IT, Clinical Engineering, commissioning, performance or training and development.

 

How much could I earn?

A starting salary within NHS Finance will be dependent upon the skills, experience and professional qualifications that you hold when starting your career within NHS Finance. An entry level position with no experience and secondary education qualifications will provide a salary in line with either nationally set Apprenticeship hourly rates or the national living wage.

As you start to gain experience and start studying the AAT qualification, you can expect to earn between £22-£25k.

As you progress through your accountancy studies and apply for roles that require you to be studying or qualified at AAT level or to have completed initial levels of a CCAB qualification (part qualified), you can expect to earn a minimum of £25k per annum. Roles that require the individual to be CCAB qualified start at a salary level of £50k and can rise to as high a level as £115k dependent upon the role and the responsibility levels.

The highest salary within the finance function is that of the Chief Finance Officer, which is likely to be in excess of the top Agenda for Change salary of £115k, but again will depend upon the size of organisation and the responsibility level. The salary is regarded as ‘Very Senior Manager’ and is set by the Pay and Renumeration committee of the organisation, outside of the nationally set Agenda for Change terms and conditions.

More information