Financial Manager's Career
Description of Career
Qualifications Needed to Enter the Field
Salary and Benefits
Supply and Demand
Efforts of Technology on the Field
Other Factors
The financial manager plays a vital role of ensuring an organization is financially healthy. With the growth of the economy, this career is expected to continue being viable for several years to come. This is because finance managers can work in several industries and not just one that is specific. Some of the principal accountabilities of a finance manager include: budgeting, management, administration and supervision of funds and financial analysis. In addition, the career of a finance manager is appealing as one can advance into different positions in the organization, such as vice president of finance, finance director, Chief Financial officer (CFO) and senior finance manager. The minimum requirement for this career path is a Bachelor's degree in finance. Additional requirements include: a graduate in finance, economics or business administration and also professional certifications such as CFA. The median salary for the career of a financial manager is placed at $112,700 with the bottom-most paid financial manager earning less than $61,320, while the topmost paid financial manager amassing more than $187,199. The demand for finance managers surpasses the supply that is available in the job market.
Introduction
The career of a financial manager will without doubt be viable for the next decades and decades to come. I would definitely recommend someone to enter this field. This is largely because the financial manager plays a vital role in the organization. The financial manager is purposed to manage the organization's funds to ensure there is the maximization of returns on investment (Accounting Tools, 2015). In addition, the financial manager is expected to ensure that a fitting control system is instituted over the transference and investment of funds (Accounting Tools, 2015). In general, the financial manager is responsible for ensuring that the company is financially healthy. Finance is a field that has been there and is expected to exist for the furtherance and existence of an organization. Devoid of a financial manager, the organization can become financially unstable and end up becoming bankrupt and even obsolete.
Description of Career
Financial managers are accountable for the financial health of an organization. In particular, they generate financial reports, direct investment undertakings, and cultivate strategies and plans for the long-term financial objectives of their organization (Bureau of Labor Statistics, 2014).
The following are the principal responsibilities of a financial manager:
i. Management
The finance manager is tasked with maintaining a documented and acknowledged system of accounting procedures and practices. There is also the responsibility of administering the actions of the treasury division, together with the design of an organizational arrangement sufficient for attaining the department's aims and objectives. The finance manager is also accountable for managing any functions that have been outsourced (Accounting Tools, 2015).
ii. Financial Analysis
The finance manager is responsible for the vital role of the financial analysis of a company. One of the vital tasks in this regard is interpreting the organization's financial results to the senior management team and acclaim improvement activities. Taking part in analyzing cost reduction measure in all areas of the organization to ensure cost-effectiveness and profitability. Financial analysis also includes participating in benchmarking revisions to determine the areas of the company with potential operational enhancement. The finance manager does this in tandem with the appraisal of the competitors' performances and handing reports of major issues to the senior management. The finance manager is also responsible for the company's target costing practices to come up with products and services that are at par with the prearranged price objectives. In addition, after benchmark analysis, the finance manager offers assistance in ascertaining pricing of products with respect to features presented and rival company pricing. The finance manager is also liable for management of the capital budgeting procedure, centered on constraint breakdown and discounted cash flow analysis. Lastly, the finance manager is expected to collect and analyze important business metrics and present them to top management members (Accounting Tools, 2015).
iii. Budgeting The finance manager oversees and presents the annual financial budget of a company. Any variances from the original budget are highlighted by the financial manager and thereafter, presented to the top executives with the reasons for such variances. In addition, the finance manager is expected to help the management of the company in devising the general strategic way forward (Accounting Tools, 2015).
iv. Management and Investment of Funds
In general, the finance manager is responsible for predicting cash flow positions, associated borrowing necessitates, and the accessible funds for investment. The manager is tasked with investing the firm's funds. In addition, he or she is supposed to make sure that adequate funds are accessible...
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