En route to Career in Finance
Are you all convinced to have a career in finance, if yes read low down here to know what all does it require becoming a financial manager.
Financial Manager: A Profile Preview
The manager is responsible for offering assistance to client’s and business houses, enabling them to make sound corporate decisions. The role of the professional becomes prominent in organizations involving lot of financial dealings on the daily basis and comprises corporates both in the public and the private sectors such as multinationals, retailers, NHS trusts, general business and manufacturing organizations.
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Every business requires finance to keep the activities afloat. Besides expansion, diversification and modifications are few other operations undertaken by the company which requires monetary backing to facilitate smooth functioning. To ensure it all proper budgetary decisions are important so that all activities remain in sync with business needs and do not affect its growth overtime.
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Financial managers are the experts in the field who render necessary help in deciding the long term and short term goals of the business in line of legal standards and business ethics.
Area of operations
A financial manager undertakes several roles and responsibilities. It will be quite deceptive to say that there is generic role defined for a financial manager. Pragmatically the area of activities of the professional varies significantly as per the level and the type of organization. In bigger corporates he/she may be engrossed in makings strategic decisions whereas in the smaller organization the job may be restricted to collection of funds and account preparations.
The basic responsibilities encompass:-
- Interpreting financial information
- Monitoring the cash inflows and outflows
- Analyzing the market changes and devising the action plan accordingly
- Developing strategic and long tern business plans to the organizations
- Analyzing the competitors and the market trends
- Conduction timely reviews and evaluating of cost reduction opportunities
- Arranging new sources of finance and managing company’s debt facilities
- Associating with external sources as in auditors, solicitors, bankers and other organizations as in Inland Revenue.
For those students who aspire to build a career as a financial manager ought to groom on some basic skills and develop certain competencies on academic grounds. Few to mention are:-
- Sound knowledge in budgeting, finance and accounting theory
- Awareness of company, contracts, industrial law and legal laws
- Team player
- Willing to travel during office hours
- Good communication skills
- Ability to make sound decisions
How to apply for the job
To be a financial manager, students have to complete their post-graduation in finance. Several institutes and colleges offer financial management courses. To craft a career in it aspirants need to have exceling command in finance. Other important subjects which become helpful along the course of vocation are Economics, English, Math and Computing.
A job for financial manager is anticipated to grow but registering different percent of growth in different sectors. The government sector analysts expected the demand for such professionals to be slow than the average until the year 2020, whereas opening for financial managers in commercial banks will increase at a slow pace. Contrary to all the self-employed financial players will experience a boost in the market. But there will be fierce competition that will besiege the professionals as large number of job seekers will enter the job arcade than the probable number of openings.
Students having knowledge on international finance will have edge over others, having access to international job market too.
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The salary figure of the financial manager varies from organization to organization and the roles and responsibilities handled. According to U.S Bureau of Labor Statistics, the yearly average earning of the financial manager is $125,450.
Subhadra Bhadauria is dedicated writer with renowned educational site, shiksha.com. She apprises aspiring students about career as a financial manager and updates them about the prevailing job market. The writer has done her masters in mass communication and engages herself in novel writings