The past couple of decades have witnessed tremendous growth in the financial field. There have been numerous career opportunities that have rocked the financial world. Given the complexity of financial jobs, the activities and tasks entailed in the job of a financial manager vary drastically.
The developments in world economy have propelled avenues of tremendous business opportunities all across the globe. However, there is no denying the fact that starting a business is not an easy task. Careful financial planning and analysis of all market vectors is essential before an individual starts a business venture.
Since business world has become extremely professional, considering all pros and cons of starting a new venture is very crucial, so that the capital invested is utilized productively. Even large corporate companies research a lot before investing money in any sector. To help people, government agencies and private firms in figuring out all merits and demerits of any business opportunity and investment related issues, finance managers are hired.
There are a large number of specific job titles for different types of finance managers. In fact, the term, ‘finance manager’ encompasses various job titles like ‘controllers‘, ‘financial bank managers‘, ‘cash managers‘, ‘chief financial officers‘, ‘treasurers‘, and ‘credit managers‘. Depending on the type of designation, duties and tasks of finance managers vary significantly. The general role and responsibilities are as follows:
- They play key roles in mergers and acquisitions on national and international levels.
- In government agencies, like health care, they work to make yearly budgets, and deal with issues related to health care financing. Similarly, all financial issues of any department of a firm are managed by financial managers.
- If in case, they work as branch managers with financial institutions, they must perform all duties of a branch manager which include assisting customers for account related problems, and making good contacts with clients to attract more business for the institution.
- In banks, financial managers work extensively in almost every department. Right from savings, loans, mortgage and best investments, these managers play a phenomenal role in advising and assisting bank’s clients in almost every issue of financial management.
- They also prepare financial reports, balance sheets and store account related data, for income tax purposes.
- They also look after investment areas that are profitable for the firm, or an individual, and advise on the same.
- Financial managers who work as financial risk managers work on risk management issues. They help to maximize profits, by finding out risk factors.
- Financial controllers ensure that the long term objectives of financial growth of the firm is met adequately. By directing and implementing financial strategies, they ensure that all financial goals of the firm are met adequately.
- Minimum Bachelor’s degree in courses like economics, business administration, finance and accounting.
- A postgraduate degree (MBA, PG in finance and similar subjects) is highly preferred.
- Not all positions require licensure, however, those in accounting departments must be Certified Public Accountants (CPAs)
- Some prior work experience is always preferred.
- Excellent interpersonal communication skills.
- Analytical bent of mind with attention to detail.
- Must love working with numbers.
The earning potential of financial managers is worthy of consideration. On an average, a financial manager can earn $50,000 per year, in the starting years. After some years of experience, his or her income can cross $100,000. Apart from experience, the salary fluctuations depend on various other factors like statewise fluctuations.
After knowing the various duties, you must have noticed that it is a profession that requires knowledge of finances and economics. Students interested in it must make sustained efforts to take requisite educational qualifications, so that they can achieve success.