- Career Options
- Financial Managers
Finances, budgeting and balance sheets will be your friends if you choose career as Financial Manager. The competition is stiff in this field however, there are a lucrative opportunities in the finance and insurance industry.
Financial managers are involved in design and implement long-term strategies and goals of their organization, develop the financial data, they will often have access to state of the art computers and software programs. The nature of job is not limited, there are different types of job responsibilities as per the size of organization and job titles.
The following are examples of types of financial managers:
Controllers direct the preparation of financial reports that summarize and forecast the organization's financial position. Often, controllers oversee the accounting, audit, and budget departments.
Treasurers and finance officers direct their organization's budgets to meet its financial goals.
Credit managers oversee the firm's credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.
Cash managers monitor and control the flow of cash that comes in and goes out of the company to meet the company's business and investment needs.
Risk managers control financial risk by using hedging and other strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty.
Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks.
Role of Financial Managers
Financial managers typically do the following:
- Prepare financial reports;
- Create strategies for cash management,
- Direct activities involving investments
- Organize and record company data.
- Monitor financial details to ensure that legal requirements are met
- Supervise employees who do financial reporting and budgeting
- Review company financial reports and seek ways to reduce costs
- Analyze market trends to find opportunities for expansion or for acquiring other companies
- Help management make financial decisions
Skills of Financial Managers
Analytical Skills: Financial managers increasingly assist executives in making decisions that affect the organization, a task for which they need analytical ability.
Communication Skills: Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.
Detail Oriented: In preparing and analyzing reports such as balance sheets and income statements, financial managers must pay attention to detail.
Numeric Skills: Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.
Organizational Skills: Financial managers deal with a range of information and documents. They must stay organized to their jobs effectively.
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