Financial managers maintain the financial health of an organization by developing strategies and plans for long-term financial goals, producing financial reports, and direct 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 instruct students to develop analytical skills and learn financial analysis methods and software.
Financial managers often have 5 or more years experience in another financial or business occupation, such as a loan officer, auditor, securities sales agent, accountant, or financial analyst. Although certification is not mandatory it may be advantageous for a candidate to obtain one to demonstrate his or her 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 the duties of preparing forecasts, financial statements and business activity reports, and maintaining the financial health of an organization. They oversee financial details to ensure that all legal requirements are met. They supervise 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 and healthcare financial managers need to be knowledgable in healthcare finance. A financial manager must be skilled in the tax laws and regulations of their industry.