What does a Financial Manager do?
|Citation||Retrieved in 2017 from BLS.org|
A financial manager maintains the financial health of an organization and develops strategies and plans for long-term financial goals, produces financial reports, and directs investment activities.
They provide data analysis and advise senior managers on profit-maximizing ideas. He or she often work in teams acting as business advisors to top executives. There are various types of financial managers such as insurance managers, cash managers, chief financial officers (CFOs), treasure and finance officers, controllers, credit managers, and risk managers.
How to Become a Financial Manager
Financial managers usually require a minimum of a bachelor’s degree in business administration, finance, economics, or accounting. Recently, more employers desire a candidate to have a master’s degree in economics, administration, or finance. These programs develop a students analytical skills and teach them financial analysis methods and software.
Financial managers often have 5 or more years experience in another financial or business occupation. Although certification is not mandatory it may be advantageous for you to obtain one to demonstrate your level of competence such as the Chartered Financial Analyst (CFA) certification or the Certified Treasury Professional credential.
Job Description of a Financial Manager
A financial manager has to prepare forecasts, financial statements, business activity reports, and maintain the financial health of an organization. They oversee financial details to ensure that all legal requirements are met and supervise other employees who do financial budgeting and reporting. He or she reviews company financial reports and find ways to reduce costs. They analyze market trend to maximize profits, perform data analysis, and advise senior management on profit-maximizing ideas.
A financial manager must perform tasks specific to their industry or organization. For example, government financial managers must be experts on government appropriations and budgeting processes. Healthcare financial managers need to be knowledgable in healthcare finance. All financial managers must be skilled in the tax laws and regulations of their industry.