Financial Business Management
Responsible for managing the financial and budgetary functions of a department in addition to other functional areas (Finance, HR, Strategic Planning, and Staffing) with the responsibility of interpreting and applying broad policies and procedures related to those areas. This position typically has supervisory responsibilities. Competencies for this role are usually gained through formal education, specialized training, and/or experience in a program or specialty area specific to the position responsibilities.
Typical Functions
Typical functions listed below are examples of work performed by positions in this role and are not intended to be all-inclusive. Some duties may overlap levels; however, the preponderance of the work will be assessed when assigning positions to specific levels.
Financial
- Provides financial and managerial expertise for business operations, and management of budgetary and financial functions for the department.
- Plans departmental budget needs by analyzing short- and long-term program plans.
- Projects possible levels of support from multiple sources of funding.
- Develops and manages budgets.
Administrative
- Coordinates pre- and post-award activities between faculty and research administrator.
- Ensures contracts follow the appropriate review process per policy and procedures.
- Maintains interface with departmental personnel to coordinate operational activities to ensure adequate staffing and space and facilities.
- Coordinates the compilation and preparation of operational and financial reports and analyses that summarize progress, challenges, and appropriate recommendations.
Human Resources
- Facilitates a variety of human resources functions.
- Develops presentations and trainings.
- Manages academic searches and the promotion and tenure process.
Operations
- Manages the daily business operations of a department, primarily in the areas of budget, finance, and human resources.
- Serves as a resource and advisor for department leadership.
- Develops internal procedures and guidelines for department activities and evaluates effectiveness making recommendations for improvements to enhance efficiency.
- Supervises, coordinates, and participates in departmental planning and development activities to ensure smooth and successful support of business operations.
- Participates in the establishment of and implements short- and long-range business goals that support the mission for the department.
- Acts as liaison with all levels of administration, faculty, and external constituents to coordinate departmental business, accomplish goals, and facilitate the resolution of problems in a large and complex organization.
- Supervises, trains, and/or mentors staff.
Knowledge, Skills, Abilities (KSAs)
Listed below are the minimum requirements for this role. KSAs will become more advanced as the level increases and will vary depending on the requirements of the position.
- Knowledge of financial, operational, and administrative policies, procedures, and regulations.
- Ability to clearly and effectively communicate.
- Ability to synthesize complex information and provide specialized advice in the area of expertise.
- Ability to manage the activities of a department and employees.
- Ability to align administrative, financial, human resources, and operations of a department, with overarching goals and vision.
Level Descriptions
Financial Business Management 1
- Performs diverse activities requiring analysis and judgment in alignment with broad principles, practices, and professional standards.
- Work is guided by objectives and expected outcomes with limited direction.
- Analyzes and interprets data, identifies areas of concern, and recognizes when there is a problem.
- Determines compliance within policies and procedures.
Education/Experience
Typically requires a bachelor’s degree in a relevant field and two years of relevant, progressively responsible experience, or an equivalent combination of education, training, and experience. Supervisory experience preferred.
Market Range: MR10
Financial Business Management 2
- Supervises multiple functions and/or manages multiple and diverse funding sources.
- Works on complex issues requiring in-depth analysis of variable factors.
- Selects methods, techniques, and evaluation criteria for obtaining results consistent with broadly defined policies, procedures, practices, and professional standards.
- Uses innovative solutions to solve problems and modifies solutions when competing policies are present.
- Exercises latitude to determine objectives.
- Consults with higher level when clarification of department, university, or funding agency (overarching) operating policies and procedures is needed.
Education/Experience
Typically requires a bachelor’s degree in a relevant field and four years of relevant, progressively responsible experience, or an equivalent combination of education, training, and experience. Advanced degree preferred. Supervisory experience required.
Market Range: MR12
Financial Business Management 3
- Works at the most complex level of this role, ensuring strategic, effective, and compliant operations.
- Exercises significant latitude in decision making for complex and strategic areas of expertise under the general vision and guidelines of the executive.
- Responsible for solving far-reaching problems.
- Focuses on short- and long-term strategies and overall management and coordination of space and facilities planning.
- Establishes and implements strategic projects.
- Responsible for policy interpretation, process setting, and dissemination.
- Enforces and ensures financial compliance.
- Works across the institution as an expert to decision-makers.
- Provides overall administrative, grant administration, and academic support.
- Coaches and mentors staff and provides guidance and direction to other business management roles.
Education/Experience
Typically requires a bachelor’s degree in a relevant field and five years of relevant, progressively responsible experience, or an equivalent combination of education, training, and experience. Advanced degree preferred. Supervisory experience required.
Market Range: MR14
Effective Date: January 4, 2021
