Typically, they encompass one or more of government finances, economic policy and/or financial regulation, but there are significant differences between countries: Finance ministers are also often found in governments of federated states or provinces of a federal country.
In these cases their powers may be substantially limited by superior legislative or fiscal policy, notably the control of taxation, spending, currency, inter-bank interest rates and the money supply.
In the United States, the finance minister is called the "Secretary of the Treasury", though there is a separate and subordinate Treasurer of the United States, and it is the director of the Office of Management and Budget who drafts the budget.
Finance ministers can be unpopular if they must raise taxes or cut spending.
Finance ministers whose key decisions had directly benefited both the performance and perception of their country's economic and financial achievements are recognised by the annual Euromoney Finance Minister of the Year award.