Financial manager jobs typically require at least a bachelor’s degree in accounting, finance, or business administration. Some employers also prefer candidates with a master’s degree in one of these fields. This advanced education helps students develop analytical skills and learn how to use financial analysis software and methods. In addition, students can choose to pursue professional certifications in finance. Some popular credentials include Chartered Financial Analyst and Certified Management Accountant.
In general, financial managers will review and analyze a company’s finances and provide advice to upper management. They are also responsible for maintaining the organization’s financial health by developing budgets, interpreting financial information, and recommending next steps. They also evaluate costs, variable contributions, and sales results to find ways to reduce costs.
Financial managers work closely with many different leaders and departments. They usually report to the Head of Finance, who sets financial goals and evaluates the firm’s performance. They may also work with the finance controller and the financial analyst. These positions require an analytical mind and excellent communication skills. They are responsible for creating financial reports and forecasts and interpreting data in order to maximize profits and minimize losses.
A financial manager’s job description is diverse and can be found in any industry. Some financial managers go on to become general managers, while others specialize in a particular industry. Still others move up to finance director or even managing director positions. All of these positions require a solid understanding of accounting, financial planning, and financial systems.
Finance managers generally have high salaries. The Bureau of Labor Statistics projects that the demand for their services will grow by 17 percent between 2020 and 2030. However, salaries and job opportunities will vary depending on industry and experience. By contrast, the average American works until they’re sixty. Consequently, these jobs are usually rewarding and offer a solid work-life balance.
A financial manager may be self-employed or work in a financial consultancy. A postgraduate qualification isn’t required but it can give a candidate an edge over those without. In addition, many organisations offer industrial placement years, which can be taken during a sandwich degree. Often, students can find these placements through the university’s career service or a course tutor, but for more opportunities, they should approach organisations directly. Some financial managers are employed by large companies while others work in small or medium-sized enterprises.
Financial managers are well compensated, with median annual salaries in the United States of America in 2019 of $129,890. Moreover, there will be strong demand for financial managers in the coming decade, especially in cash management and risk management. Globalization has led to the accumulation of more cash on balance sheets of companies, and this trend is likely to continue. With this, companies will need financial managers who have the knowledge and experience to manage cash effectively.
As a financial manager, you must have a strong understanding of accounting principles and tax law. A bachelor’s degree in accounting or finance is typically required. If you are looking for a more senior position, you may want to look for a Master’s in accountancy. This degree can help you gain the skills you need to excel in this field.