Financial Managers
Financial managers are responsible for preparing financial reports, directing investments, and implementing cash management strategies. Every organization has at least one financial manager in place to handle these responsibilities. As technology advances, many financial managers are focusing more on strategic planning.
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Career Opportunities
A variety of opportunities are available to financial managers. Many specialize in one field, such as mergers and acquisitions. Financial managers are also expected to stay informed of new technological advances. New software programs make generating reports an easy and efficient task. Therefore, more time is spent with teams of managers analyzing reports and determining new ways to maximize profits. Controllers manage the accounting, audit, and budget departments. Duties include preparing financial reports, income statements, or balance sheets. They also analyze future earnings and expenses. Treasurers and finance officers supervise goals, objectives, and budgets set by an organization. Because they handle cash flow management, many oversee mergers and acquisitions. Credit managers develop credit criteria, set credit ceilings, and oversee collection of past due accounts. Many specialize in international finance. Cash managers control the flow of cash payables and cash receivables. They play an important role, determining the investment needs of a company. Risk and insurance managers oversee the insurance budget. In addition, they advise on programs that may reduce risks or losses for the organization. Many financial managers are employed by banking institutions. They are in charge of lending, mortgages, or investments. Many become branch managers and are responsible for personnel, loan approvals, and building community rapport.
Necessary Qualifications
Financial managers must have at least a bachelor’s degree in finance, accounting, economics, or business administration. Most employers seek out candidates with at least a master’s degree in one of these subject areas. Experience is often a necessity, too. For instance, branch managers of banks may need experience as a loan officer first. Most financial managers attend continuing education courses whenever possible to stay abreast of technological advances and changing regulations. Professional certification is voluntary but is definitely beneficial. Various organizations, such as the Association for Financial Professionals (AFP), offer credential programs. Most require several years of experience and a passing score on the examination. Financial managers should be analytical and problem solvers. Interpersonal skills and communication skills are also vital.
Salary and Advancement
Financial managers work closely with upper management. Due to this exposure, they are prime candidates for promotion to senior management positions. Some move to larger organizations and some open their own consulting firms. Salaries range between $39,000 and $142,000 annually. Salaries vary according to the size of the business. Bonuses and stock options are commonplace.
*This is a summarized article created to allow for a quick career review. For the most accurate and up-to-date information visit the Bureau of Labor Statistics, U.S. Department of Labor website to learn more about Financial Managers.
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copyright 2005
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