Are you a creative thinker and problem-solver who gets excited over applying your skills and ideas to business concepts? Consider a career in Financial Management!
Why it's cool
- You will earn a substantial salary with great incentives.
- You can travel to different parts of the world and meet different people while doing what you enjoy the most.
- You can work in a variety of settings and businesses. Financial Managers are required in almost every business.
- You will have the satisfaction of knowing that you had a crucial part in the success of the company.
Requirements for the Job
- Supervises the preparation of financial reports, direct investment activities, and implement cash management strategies.
- Work long hours, on average 11 hours per day or 50 to 60 hours per week.
- Required to be conscious of special tax laws and regulations pertaining to the industry.
- Advise senior managers on such matters as mergers, consolidation, global expansion and financing.
- Must be aware of the latest computer technology.
- May be required to travel to different company branches and meet with customers.
- Regular attendance at meetings with economic and financial associations.
Even though graduates with a master's degree are generally preferred, a bachelor's degree in finance, accounting or a related business program is acceptable. In many circumstances employers look for experience; therefore start at the bottom and work your way up. Furthermore, continuing education will be required to keep up to date with recent developments in the financial world and state/federal laws.
Most academic programs require at least a high school diploma or the equivalent. Financial managers may have a diverse variety of titles with different duties and responsibilities. Some of these include:
Prepares income statements, balance sheets and other financial reports which may be useful in predicting the financial future of the company. In charge of providing regular reports as requested by government authorities. May be in charge of the accounting department.
- Tresurer and Finance Officer
Supervises the companies financial goals, objectives, and budgets. Responsible for managing company funds and risks that may arise, oversee cash management activities, implement strategies to increase capital gain for the purpose of expansion, and be responsible for matters pertaining to mergers and acquisitions.
- Cash Manager
Examine and restrict cash flow receipts and expenditures to meet the investment needs of the company.
- Risk and Insurance Manager
Direct the company's insurance budget. Run programs and devise a plan to diminish losses from financial transactions and business ventures.
- Credit Manager
Ascertain credit rating criteria, establish credit ceilings, and research past-due accounts.
Career Path/Average Salaries
In 2000, the medium annual salary was $67,020. Fifty percent of financial managers in that year received a gross pay of $48,150 to $91,580. Note that a number of factors may influence the salary offered. The size of the organization and the type of organization are only two of the few. Larger organizations are usually more financially stable and are able to offer better incentives. Also, many institutions pay the costs for education pertaining to career advancement.
- Sales Agents
- Real Estate Brokers
- Budget Analysts
- Financial Services Sales Agents
- Credit Authorizers
- You should consider this job if you have above average Basic Interest Scores in Finance, Business, Supervision, and Mathematics
- Your JVIS Report should show one or more of the following occupation groups under your Top 3: Occupations in Accounting, Banking and Finance, Sales Occupations, Administrative and Related Occupations, and Mathematical Occupations.
For more information contact:
- Financial Managers Society
100 W. Monroe, Suite 810
Chicago, IL 60603
Phone: (312) 578-1300
- Financial Management Association International
University of South Florida: College of Business Administration
Tampa, FL 33620-5500
Phone: (813) 974-2084
- Financial Management Training Center
6903 29th St.
Arlington, VA 22213
Phone: (877) 689-4097
- Financial Manager's Resources
P.O. Box 61
Carlisle, MA 01741