If you are interested in finance and management, a career as a financial manager might be just what you are looking for. Financial managers play an essential role in the success of a company by creating and implementing financial strategies and ensuring the company's financial health. In this blog, we will explore what a financial manager does, the benefits of pursuing a career in this field, and the steps you can take to become one.
What is a Financial Manager Job?
A financial manager is responsible for managing the financial operations of an organization. They work to create financial reports, analyze data, and develop strategies to improve the organization's financial health. Their job duties may include:
Creating and maintaining financial reports and records
Analyzing financial data and making recommendations for improvement
Developing and implementing financial strategies
Managing investment portfolios and ensuring compliance with financial regulations
Collaborating with other departments to ensure financial goals are met
Forecasting and budgeting for future financial needs
Monitoring financial performance and making adjustments as needed
Communicating financial information to stakeholders, including executives, board members, and investors
Benefits of Pursuing a Career as a Financial Manager
High Demand: According to the Bureau of Labor Statistics, employment of financial managers is projected to grow 15 percent from 2019 to 2029, much faster than the average for all occupations.
Lucrative Salary: Financial managers typically earn a competitive salary. According to Glassdoor, the national average salary for financial managers is $97,000 per year.
Career Growth: With experience, financial managers can advance to executive positions such as Chief Financial Officer (CFO) or Chief Executive Officer (CEO).
Versatile Industry: Financial managers are needed in a variety of industries, including healthcare, banking, insurance, and government.
How to Become a Financial Manager
Obtain a Bachelor's Degree: To become a financial manager, you will typically need a bachelor's degree in finance, accounting, economics, or business administration. Some employers may require a master's degree in business administration (MBA).
Gain Work Experience: Many financial manager positions require several years of experience in finance or a related field. You can gain experience through internships, entry-level finance positions, or other relevant jobs.
Consider Certification: While not always required, certification such as the Certified Financial Manager (CFM) or Chartered Financial Analyst (CFA) can improve your job prospects and salary potential.
Develop Key Skills: Financial managers must have strong analytical, problem-solving, and communication skills. Developing these skills through coursework, training, or on-the-job experience can increase your chances of success.
Financial managers play a vital role in the success of an organization. Pursuing a career as a financial manager offers a competitive salary, career growth opportunities, and job stability. By obtaining the necessary education, gaining work experience, and developing key skills, you can position yourself for a successful career as a financial manager.
