Nature of Work Performed By Financial Manager
Some other names of a financial managers are finance officer, controller, credit manager, risk and insurance manager, cash manager and manager of banking. A financial manager is the one who directs the preparation of financial reports such as income statements, balance sheets and perform the analysis of the future expenses of an organization. It is the responsibility of a financial manager to prepare the financial reports that are required by various regulatory authorities. A financial manager also oversees the accounting, audit and budgetary departments of an organization.
Some other job responsibilities of a financial manager include management of various financial associated risks, supervising cash management activities, deal with mergers and acquisitions and execute capital raising strategies. A financial manager is also responsible for overseeing the company's issuance of credit, establishment of credit-rating criteria, determining credit ceilings and monitoring the collection of various past-due accounts. A financial manager also monitors and controls the flow of cash receipts and recompenses to meet the various business requirements of the company. A financial manager may also authorize loans and handle various direct investments of funds in the company.
Educational Requirements for a Financial Manager
A financial manager needs to have a Bachelor's Degree in Finance, accounting, economics or business administration. Apart from this there are many companies which prefer to hire those employees who have fair amount of experience in finance, risk management and business administration.
Skills Required for a Financial Manager
The job of a financial manager asks for good interpersonal skills apart from having the confidence to explain complex financial data. A financial manager must be a problem solver, a highly dedicated individual and most importantly an analytical person. A financial manager needs to be aware of the latest global skills and must have a broad understanding of the business.
Employment Prospects of a Financial Manager Job
The finance industry has always remained among the most promising industries. 3 out of every 10 individuals is a financial manager working in various establishments such as banks, credit unions, finance companies, saving institutions and insurance carriers. The average salary earned by a financial manager varies from $50,000 to $130,000. Large organizations pay extremely high salaries to their financial manager and this is good news for all those who are looking forward to become one.
The salary level depends on the size of the company, employees working, and the profit margins of the company. The individuals who feel that they fit into both the educational and skill set requirements to become a financial manager can go for this job. This also requires the person to be highly careful and responsible as this job involves money matters that need to be handled on a daily basis.