Are you good with money? Managing an organizations purse strings means taking responsibility of the firms fiscal health, ensuring that it obeys the tax laws and regulations and searching for ways to cut down on expense while boosting income. This describes the role of a financial manager. Financial managers work in a wide array of businesses and industries where they keep track of companies money.
What Do Financial Managers Do?
All industries require financial managers. Their responsibilities include but are not limited to:
- Preparing business activity reports, financial statements and forecasts
- Monitoring financial details to ensure conformity to legal requirements
- Supervising employees who are responsible for financial budgeting and reporting
- Reviewing the organizations financial reports and seeking ways to minimize costs
- Analyzing market trends to discover opportunities for growth and for procuring other companies
- Helping the management make economic decisions
- Exploring competitors and market developments
- Coordinating with auditors to make sure yearly monitoring is performed
- Developing strategies to achieve the companys financial objectives
- Compiling reports to evaluate the performance of their financial strategy and find out areas that require improvement
Earnings for financial managers depend on various factors. They take home a median salary of $109,740. Below is their summary of their salaries in some of the best paying cities.
New York City
Nassau, New York
San Jose, California
The position of a financial manager requires you to have the following qualities:
- Strong work ethics to navigate through various jobs and duties
- Aptitude to draw, retain, encourage, coach and nurture workers for high performance
- Strong collaboration skills
- Resilient business skills to budget, project and manage cash flow, administer business metrics and understand financial statements
- Excellent project management skills
- Excellent judgment and decision making skills
- Critical thinking abilities to apply logic and reasoning to recognize weaknesses and strengths of various decisions and approaches to problems
- Excellent written and oral communication skills
The entry levels for financial managers require you have a bachelors degree in a business field such as:
- Business administration
With this qualifications, you can start practicing in the entry levels jobs that can lead to the position of a financial manager. For instance, you can start working as an auditor, accountant or loan officer. Those who excel in these entry positions move up the hierarchy until they become financial managers where they take on more financial oversight and responsibilities.
A large number of potential employers prefer candidates who have secured a masters degree, especially in accounting, business administration or finance. These programs help these individuals learn fiscal analysis techniques and software, and cultivate analytical skills. Even though certification is not a requirement for these professionals, they can obtain certification from various bodies such CFA. This certification is given to individuals who have 4 years of experience, a bachelors degree and have passed three qualifying exams. There are several institutions that offer PhD and Doctoral degrees to financial managers who want to advance their knowledge for better prospects and higher positions in the specialty of financial management.
The BLS projects a 9% increase of job opportunities for financial manager from 2012 to 2022. Even this is the average growth rate for all professions, it is bound to vary by industry. This growth is projected to increase steadily since services offered by these professionals such as coordinating, planning and directing investments will always be in demand in accordance to the growing economy.
If you aspire to steer a companies to prosperity while presiding over their financial aspects, this is an ideal job for you!
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