Do you love working with numbers? Are you a good communicator and planner? You may want to consider a career as a financial manager!
All organizations survive on the correct handling of their finances in the form of costs, profits, and investments. In companies that are large enough to have several top executives, money matters are the responsibility of financial managers. These professionals often follow a similar path to reach their positions at the top of the corporate hierarchy.
With the right combination of education, experience, and skills, you can find success in this career and achieve job satisfaction.
Who is a financial manager?
A financial manager is a professional who is responsible for overseeing how an organization is faring financially. They work with company owners, executives, and managers to share more about the financial health of the company through presentations, reports, and budgets. Financial managers typically work in an office environment during business hours, although they may also need to work longer hours, especially during busy times of the year, like tax season. Although financial managers can work in the financial industry (for banks and investment firms), they also find employment in a varied range of fields from insurance to government.
What does a financial manager do?
Financial managers monitor a company’s finances, as well as perform data analysis and advise senior managers on ideas to maximize profits. They often work as part of a team, assisting in making decisions that affect the organization, a task for which they need analytical ability and excellent communication skills.
A financial manager has several responsibilities, including:
What is the workplace of a Financial Manager like?
Financial managers work closely with top executives and with the company departments that specifically provide the data that financial managers need.
They can be found working in a variety of environments, including both public and private sectors, such as multinational corporations, retailers, financial institutions, NHS trusts, charities, manufacturing companies, universities, and general businesses.
How to become a financial manager?
Having explored in detail about a career as a financial manager, if you wish to pursue the same, here's how you can become a financial manager!
We recommend you earn a high school diploma to get a head start in your career.
Because most employers require a minimum of a bachelor's degree in a related field, consider completing business and economics courses, as well as varying math classes so you can start your knowledge of the industry prior to college. You may also have the opportunity to join interest groups in school, which can prepare you for work you complete in a college major program.
A bachelor's degree in Finance, Accounting, Economics, or Business Administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master's degree (preferably in business administration, finance, or economics).
A Master of Business Administration (MBA) might help a financial planner climb the corporate ladder toward a management position. Occasionally, you might see doctorates in finance-related fields among managers, but MBA holders are the most common.
Starting a Financial Manager Career Path
Whatever their initial education, financial managers rarely reach their positions straight out of college. Instead, they need more than five years of experience in a technical financial occupation to gain hands-on knowledge. Duties at this initial level vary by job title.
Most financial planners start out in junior positions working part-time or full-time while completing their studies.
Gradually, they work their way up the ladder.