Career as a Financial Manager


Summary

Financial Managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization. Financial managers work in many places, including banks and insurance companies.

Financial Managers increasingly assist executives in making decisions that affect the organization, a task for which they need analytical ability and excellent communication skills.

The role of the Financial Manager, particularly in business, is changing in response to technological advances that have significantly reduced the amount of time it takes to produce financial reports. Financial managers main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ideas to maximize profits.

Financial Managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about issues in healthcare finance. Moreover, financial managers must be aware of special tax laws and regulations that affect their industry.

The duties Financial Manager includes to prepare financial statements, business activity reports, and forecasts and monitor financial details to ensure that legal requirements are met. They also supervise employees who do financial reporting and budgeting and to review company financial reports and seek ways to reduce costs. They are also engaged to analyze market trends to find opportunities for expansion or for acquiring other companies and help management make financial decisions.

Work Environment

Financial Managers work closely with top executives and with departments that develop the data that financial managers need. They can be employed in many different environments including both public and private sectors, such as multinational corporations, retailers, financial institutions, NHS trusts, charities, manufacturing companies, universities, and general businesses. They often work on teams, acting as business advisors to top executives.

Entry Level Education

Bachelor’s / Master’s in Finance, Economics, Accounting, Business Administration, Statistics, or any other related fields.

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