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1.3.8 Financial Resources Management Skill

This factor measures the knowledge of financial resources management required for the management of the positionís own work unit, as for example in the case of line management, or for organisation-wide application as in the case of say a management accountant. In more senior positions, the role may have latitude to vary the allocation of funds assigned to the budget (eg between labour, materials, and equipment) so as to meet a particular situation or to try to optimise the financial resource. At lower levels the position may have a preset budget to apply as directed.

Table 1.3.8 Financial Resources Management Skill

LevelDescription
1

Does not require a knowledge of financial resource management, or of setting or using budgets.

2 Requires an understanding of the purpose of, and the ability to apply and work within a budget.
3

Requires the ability to manage a budget where flexibility to allocate budget funds among labour, materials and equipment is permitted.

4

Requires an understanding of the purpose of financial statements and an ability to make basic interpretations from them, or make standardised investment decisions. May require ability to formulate, apply, monitor and review budgets. May monitor cash flows, or invest on the money market.

5

Requires an ability to professionally evaluate financial statements and monitor financial performance, including possibly evaluation of domestic investment proposals and financial risk. May evaluate foreign exchange risk. May assess the impact on the organisation of taxation strategies. Jobs at this level may include Financial Analyst, Management Accountant, Equities Fund Manager, Stock Broker, Financial Adviser.

6

Requires an ability to evaluate sources of and secure financial resources. May assess capital structures or share placements. May assess foreign investment proposals, joint ventures, mergers, and significant acquisitions. Jobs include Treasurer, Financier.


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