Financial management FMIT

Managing the effective use and control of financial resources to support business strategies, compliance and risk mitigation.

Revision notes

Updates for SFIA 9

Theme(s) influencing the updates for this skill: Application of SFIA skills for finance and FinOps, Making SFIA easier to consume (enhance readability/guidance/descriptions), Making SFIA easier to consume (updates to skill name/skill description).
Some elements migrated to three other skills
Content changes have been made to levels 4, 5, and 6.
You can move to SFIA 9 when you are ready - SFIA 8 skill descriptions will still be available to use.
Previous SFIA assessments or skills mapping may be impacted by this change.

Guidance notes

This skill typically applies to dedicated financial management roles, not to managers of operational or project budgets.

Financial management should align with business strategies and practices in areas such as governance, risk management, portfolio, programme and project management, and asset management.

Activities may include, but are not limited to:

managing financial control and stewardship of assets and resources
supporting strategic financial decision-making and business unit collaboration
aligning budgeting, forecasting and accounting practices with organisational goals
guiding financial management for consumption-based costs like cloud services
promoting financial practices to support iterative/agile working across the organisation
overseeing development of service, project and component cost models to meet strategic objectives
defining and overseeing charging models for service provision
ensuring compliance with accounting standards, policies and regulatory requirements
providing proactive risk management and mitigation strategies
monitoring business unit performance against financial targets and KPIs, offering insights and recommendations.

Understanding the responsibility levels of this skill

Where lower levels are not defined...

Specific tasks and responsibilities are not defined because the skill requires a higher level of autonomy, influence, and complexity in decision-making than is typically expected at these levels. You can use the essence statements to understand the generic responsibilities associated with these levels.

Where higher levels are not defined...

Responsibilities and accountabilities are not defined because these higher levels involve strategic leadership and broader organisational influence that goes beyond the scope of this specific skill. See the essence statements.

Developing skills and demonstrating responsibilities related to this skill

The defined levels show the incremental progression in skills and responsibilities.

Where lower levels are not defined...

You can develop your knowledge and support others who do have responsibility in this area by:

Learning key concepts and principles related to this skill and its impact on your role
Performing related skills (see the related SFIA skills)
Supporting others who are performing higher level tasks and activities

Where higher levels are not defined...

You can progress by developing related skills which are better suited to higher levels of organisational leadership.

Click to learn why SFIA skills are not defined at all 7 levels.

Show/hide extra descriptions and levels.

Levels of responsibility for this skill

Level 1

Level 1 - Follow: Essence of the level: Performs routine tasks under close supervision, follows instructions, and requires guidance to complete their work. Learns and applies basic skills and knowledge.

Level 2

Level 2 - Assist: Essence of the level: Provides assistance to others, works under routine supervision, and uses their discretion to address routine problems. Actively learns through training and on-the-job experiences.

Level 3

Level 3 - Apply: Essence of the level: Performs varied tasks, sometimes complex and non-routine, using standard methods and procedures. Works under general direction, exercises discretion, and manages own work within deadlines. Proactively enhances skills and impact in the workplace.

Financial management: Level 4

Level 4 - Enable: Essence of the level: Performs diverse complex activities, supports and guides others, delegates tasks when appropriate, works autonomously under general direction, and contributes expertise to deliver team objectives.

Monitors and maintains financial records to ensure compliance and audit requirements are met.

Provides general support in financial planning and budgeting by compiling and reporting on financial data.

Supports decision-making by collating and summarising financial information at a high level.

Collaborates with business units to gather financial data and understand operational needs.

Financial management: Level 5

Level 5 - Ensure, advise: Essence of the level: Provides authoritative guidance in their field and works under broad direction. Accountable for delivering significant work outcomes, from analysis through execution to evaluation.

Provides general advice and guidance on financial planning, budgeting and accounting using recognised practices and standards.

Develops high-level financial plans and forecasts to guide organisational strategies and plans.

Monitors expenditure to ensure alignment with budgetary goals.

Contributes to financial control frameworks and supports strategic decision-making by summarising expenditure trends and variances.

Financial management: Level 6

Level 6 - Initiate, influence: Essence of the level: Has significant organisational influence, makes high-level decisions, shapes policies, demonstrates leadership, promotes organisational collaboration, and accepts accountability in key areas.

Develops organisational policies, standards and guidelines for financial management to support strategic business goals.

Promotes financial governance and drives adherence to financial policies and standards. Collaborates with senior leaders and business unit heads to ensure financial strategies support overall business objectives.

Oversees the setting and management of financial budgets and targets at a strategic level.

Leads high-level reviews of financial performance and implements improvements to align budget usage with organisational priorities.

Level 7

Level 7 - Set strategy, inspire, mobilise: Essence of the level: Operates at the highest organisational level, determines overall organisational vision and strategy, and assumes accountability for overall success.

Structural change Split Large change