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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 managing 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 fixed budget where flexibility to allocate budget funds among labour, materials and equipment is permitted. May require the ability to formulate a budget. May have a limited expenditure authority relevant to the budget managed.

4

Requires the ability to formulate, apply, monitor, review and revise budgets. May approve budgets. May raise project funding through sponsorships, etc.

5

Requires an understanding of the purpose of financial statements such as profit and loss statements, balance sheets, etc, and an ability to make basic interpretations from them. May monitor cash flows, invest on the money market, or make prescribed, standardised investment decisions. Jobs at this level may include Stockbroker, Financial Adviser.

6

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.

7

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, Merchant Banker.

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