How to Become a Finance Project Manager

Finance project managers handle all finances and assets for a project. In addition to ensuring all projects meet deadlines and stay on budget, project management in finance plays a vital role in securing the company's long-term financial success.  With solid earning potential and above-average job growth, this field could be an excellent option if you have the interest and skills to perform the necessary duties.

Read on to explore details such as what the job entails, how to enter this growing field, and the education and training you’ll need to succeed.

What does a finance project manager do?

A finance project manager is responsible for managing all financial aspects of a project. Job duties focus on how to pay off a project’s debts and help the company grow. Strong interpersonal skills help project finance managers communicate with management on all aspects of the project, including its costs and budget. To ensure everything runs smoothly, finance project managers communicate the project's goals with other departments, ensure team members are clear on their goals, and have the knowledge needed to meet them. 

Tasks and responsibilities of a finance project manager

A finance project manager’s primary goal is to maximize a company’s performance by planning and supervising the financial aspects of projects. Other responsibilities include the following:

• Manage a budget to make sure projects stay on track financially and use resources according to contracts

• Ensure that the project is financially beneficial for the company by leveraging cost-reduction techniques and optimization strategies to ensure efficiency and productivity while minimizing losses

• Monitor the quality of the project and make necessary corrections to ensure all financial needs, accounting, and auditing for the project remain on track

Salary and job outlook

According to Glassdoor’s March 2024 data, the average base income for finance project managers in the US is $111,291 per year [1]. Additionally, you may earn additional income through bonuses, commissions, tips, and profit sharing, which could increase your salary by as much as an estimated $27,921[1].

This job has a solid earning potential and a promising outlook. As companies become more successful, the need for finance experts grows. According to the US Bureau of Labor Statistics (BLS), financial management will grow 16 percent from 2022 through 2032, a rate significantly faster than the average for other jobs [2]. The BLS also anticipates 6 percent growth for project managers during that same period, a figure that’s also faster than average [3].

How to become a finance project manager

You need a formal education to build a career as a finance project manager. You will also need to start working in project management or finance to gain practical professional experience that you can later apply to this leadership role. You might also consider pursuing certifications to help showcase your skills. The following offers several steps you can follow to prepare for the role of finance project manager.

Step 1: Complete a business or finance degree.

Becoming a finance project manager begins with your education. It is beneficial to have a bachelor’s degree in a field, such as business or finance, that offers relevant knowledge. Other majors helpful to finance project managers include accounting, economics, and management. These areas of study provide you with the skill set and expertise you need for a career in financial project management.

Step 2: Complete an MBA.

Having an MBA can be beneficial in a finance project management position. It allows you to develop your skill set beyond your undergraduate degree, teaches specific learning principles, and sharpens your leadership skills. Some business schools provide specializations in project management, so this may be an option to build your educational and interpersonal skills for the role.

Step 3: Get experience.

If you have a current role as a manager or team leader, you can seek the responsibilities of a finance project manager, such as forecasting budgets and predicting risks. Project managers plan and execute projects in all stages. Many are also in charge of the budget, performing tasks like estimating and planning all financial aspects of the project. Doing so will give you the experience needed to advance in your career. Some companies offer training for project managers in other departments or employees working in finance to advance their careers to financial project management positions.

Step 4: Get certified.

Acquire additional knowledge by enrolling in a certification course, which will help you develop your skills. Along with formal education, finance project managers must possess strong workplace and managerial skills, which you can gain over a few years of real-life experience. The Professional Management Institute (PMI) offers project managers the tools they need to advance in a managerial role in many industries, including in-demand certifications like Project Management Professional (PMP) or Risk Management Professional (RMP) credentials. You might also consider pursuing finance-specific certifications like the Chartered Financial Analyst (CFA) credential from the CFA Institute.

Certification helps you gain further education about methodologies you need to apply as a finance product manager, along with real-life knowledge from industry experts.

Required skills of a finance project manager 

Because the responsibilities of a finance project manager include working closely with budgets and other financial resources for a project, it is vital for you to remain current with all tax laws and regulations pertaining to your industry. Other valuable skills that can help you excel in financial project management include:

• Analysis: Analytical thinking can help you make significant budgeting, staffing, and scheduling decisions.

• Organization: Because you need to be able to track many aspects on a daily basis, you need the skills to handle multiple projects while staying on schedule and budget.

• Communication: A finance project manager interacts with employees and team members, ensuring they know each member’s role in the project, confirming they are meeting their goals, and verifying that they are staying on budget.

• Detail-oriented: This position requires careful attention to detail, ensuring error-free reports, balance sheets, and financial statements. A finance project manager uses this skill every day because the role involves paperwork to stay on top of the project.

Entry-level career options

Many finance project managers start in a similar career capacity and eventually take on critical duties as a finance project manager without the actual title. If this is your situation, you may have more experience than you think for this position, which gives you an advantage. The following jobs will provide the tools and knowledge to help take the next step to becoming a finance project manager:

• Project coordinator: Assists the project manager with paperwork, scheduling, and other entry-level aspects of a project

• Project scheduler: Plans, updates, and coordinates a project’s schedule

• Assistant project manager: Works with project managers on a combination of client needs, budgets, and resources to formulate a workable plan

• Project manager: Takes charge of projects from concept to creation, overseeing all goals while maintaining budget and schedule

• Senior project manager: Uses the knowledge gained after several years of experience to handle more extensive or complex projects

Get started with Coursera.

Finance project managers are pivotal in maximizing efficiencies and profits while minimizing risks associated with various projects. Expand your finance and project management knowledge to develop your skills with online programs like Google Project Management Professional Certificate on Coursera, which goes over the fundamentals of project management for an entry-level role. Alternatively, if you already have project management experience and want to use it financially, check out IESC Business School’s Finance for Managers on Coursera.