Financial Manager Career Profile

Finances, budgeting and balance sheets will be your friends if you choose career as Financial Manager. The competition is stiff in this field however; there are lucrative opportunities in the finance and insurance industry.

Financial managers are involved in design and implementing long-term strategies and goals of their organization and develop the financial data; they will often have access to state of the art computer and software programs. The nature of job is not limited; there are different types of job responsibilities as per the size of organization and job titles.

The following are examples of types of financial managers:
  • Controllers direct the preparation of financial reports that summarize and forecast the organization's financial position. Often, controllers oversee the accounting, audit, and budget departments.
  • Treasurers and finance officers direct their organization's budgets to meet its financial goals.
  • Credit managers oversee the firm's credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.
  • Cash managers monitor and control the flow of cash that comes in and goes out of the company to meet the company's business and investment needs
  • Risk managers control financial risk by using hedging and other strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty.
  • Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks.

Role of Financial Managers

Financial managers typically do the following:
  • Prepare financial reports.
  • Create strategies for cash management.
  • Direct activities involving investments.
  • Organize and record company data.
  • Monitor financial details to ensure that legal requirements are met.
  • Supervise employees who do financial reporting and budgeting.
  • Review company financial reports and seek ways to reduce costs.
  • Analyze market trends to find opportunities for expansion or for acquiring other companies.
  • Help management in taking financial decisions.

Skills of Financial Managers

Analytical Skills: Financial managers increasingly assist executives in making decisions that affect the organization, a task for which they need analytical ability.
Communication Skills: Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.
Detail Oriented: In preparing and analyzing reports such as balance sheets and income statements, financial managers must pay attention to detail.
Numeric Skills: Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.
Organizational Skills: Financial managers deal with a range of information and documents. They must stay organized to their jobs effectively.

Where to study

To become a Finance Manager you need a minimum of 4 years bachelor’s degree or higher in finance/accountancy/mathematics/statistics/business/economics or related discipline. Industry prefer to higher Financial Managers with higher qualification with related experience. To find study programmes in Finance and allied study areas go to University Hub.

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