Job Profile Applications Manager

It’s imperative for both individuals and organizations alike to closely monitor their finances to ensure good economic health. Unlike the past, it’s no longer necessary to balance every dollar sign and digit by hand now. Digital tools called financial applications make it simpler to manage anything money-related. Some popular software examples include:

  • Intuit QuickBooks
  • Microsoft Money
  • NetSuite
  • Xero
  • Turbo Tax

Applications keep today’s financial services industry running smoothly, but who creates these helpful programs? The answer is the applications development manager. Applications managers are financial analysts who have the coding skills to oversee the conception of user-friendly software. It’s their duty to research user needs and brainstorm efficient application solutions that will optimize bookkeeping for accuracy.

Salary

Survey statistics published on Salary.com show that applications managers in the United States report a median annual wage of $128,115. This would be equivalent to a median hourly rate of $62.00. Financial applications managers receive an average bonus of $5,223 each year. The average total annual compensation is $183,388 : This includes:

  • social security
  • 401K plans
  • healthcare
  • vacation

 

Beginning Salary

When first entering the financial software development niche, developers typically land in the bottom quartile with yearly income around $54,671. Advancing into the applications manager position can reward senior experience with base salaries above $154,448. Managers promoted to Chief IT architect bring home $176,600 on average. Earning the coveted title of Chief Technology Officer results in a median salary of $244,907 yearly.

Key Responsibilities

Financial applications managers direct IT development projects that furnish useful software programs. They’ll bridge the two industries to bring financial analysts with software developers and programmers for creative endeavors. Managers review market trends to determine the need for installing new financial applications. They’ll then oversee the entire life cycle of the application. From development through sales and upgrades, applications managers monitor software functionality. Important duties include:

  • directing daily maintenance
  • investigating corporate software policies
  • placing safeguards against viruses
  • assigning user access
  • troubleshooting errors

Applications managers regularly report to IT directors about software functioning.

Necessary Skills

Supporting the development for dozens of financial applications requires supreme technical skills with knowledge of:

  • Java
  • C++
  • Python
  • iOS,
  • other platforms

Applications managers must possess the problem-solving skills to make crucial software changes that boost user experience. Interpersonal skills are essential. Financial applications managers need to supervise and motivate several professionals contributing to the project. Being detail-oriented with good organizational skills will help oversee the various aspects of an application.

In finance, applications managers need advanced math skills to ensure computer software is giving accurate calculations. Also required are skills in:

  • decision-making
  • teamwork
  • leadership
  • strategic thinking

Degree and Education Requirements

Being a college graduate is typically the first qualification for application management jobs. It’s suggested that you finish a four-year bachelor’s degree from an accredited institution. Most financial applications managers have a blend of finance and technology training. Consider undergraduate majors in:

  • computer science
  • software engineering
  • information technology

Many BBA programs allow declaring multiple specialization pairs like finance and computer information systems. Advancing further to graduate school can pay off with promotions. It’s common for applications managers to earn an MBA in finance or technology management. A Master of Computer Science could also assist with any lacking software skills.

RELATED: Top 40 Best Online MBAs in Finance

Pros and Cons of the Position

Stepping outside the traditional finance career path to develop applications can be both advantageous and challenging. On the plus side, applications managers reap excellent pay with added benefits like project bonuses. Favorable industry growth will keep job hunts relatively short for qualified candidates. Even in the financial services industry, applications managers have the opportunity to specialize by software type.

Managers are able to use their creative problem-solving while developing applications that could revolutionize bookkeeping. Applications managers also have comfortable office working environments with the flexibility to sometimes telecommute. However, rapidly changing technology means managers must continually enhance their skills. Applications managers must invest in at least a bachelor’s degree, which could result in student loan debt. Long hours spent at a computer screen can have physical health effects. It’s common for applications managers to face stressful, tight deadlines for deliveries. The technology field also suffers age bias against individuals over 40.

Getting Started

Unlike most finance jobs, simply knowing dividends from capital gains isn’t sufficient. Getting started in financial applications management will require mastering software know-how too. During your schooling, develop your resume leading projects where platforms like Unix and Java are applied. Search for co-operative and internship programs where you’ll be involved in software creation.

Becoming an applications manager will likely require at least three to five years of experience. Advancement could be aided with professional certifications. IBM offers a Certified Application Developer credential for mastering two DB2 platforms. You could also consider:

  • Apple’s Developer Program
  • the Android Certified Application Developer designation
  • the Oracle Application Developer Certified Expert title

Future Outlook

Careers in applications software development are thriving because people are increasingly relying on mobile devices like tablets and smartphones. The market has booming demand for innovative software that helps users manage their money at their fingertips. Rising threats over computer security will also result in more applications managers to safeguard IT infrastructure and protect people’s confidential account data. The Bureau of Labor Statistics projects a job growth of 21 percent by the year 2028, which is much faster than average. Approximately 284,100 new jobs, including upper-level management, will be created nationwide in applications development. Look for positions with:

  • banks
  • investment firms
  • financial institutions
  • insurance companies
  • software publishers
  • computer systems design companies

Financial applications come in various shapes and sizes. Applications managers gift users the digital solutions to track their fiscal standing, whether they’re working on:

  • fixed assets
  • credit card processing
  • payroll
  • accounts receivable
  • tax planning
  • budgeting software

They play critical roles in supervising the design, development, and continual update of IT money management programs. Becoming a financial applications manager could provide a high-paying, supervisory career where your business expertise and passion for tech come together.

Related Resources: