Financial managers are responsible for handling the cash flow and investments for companies or businesses. They need excellent math, communication and problem-solving skills. Read on to learn more about educational options, employment outlook and earnings potential for financial managers.
Is Financial Management for Me?
Financial managers are responsible for managing the finances and investment strategies of businesses and organizations. They primarily advise businesses on cash management strategies and budgets. Job titles vary and include financial controller, finance officer and credit manager. While the job responsibilities fluctuate according to the title, all financial managers are meant to ensure the financial safety and efficiency of their client.
Employment and Salary Information
According to the U.S. Bureau of Labor Statistics (BLS), employment of financial managers was expected to grow by 9% from 2012-2022. Job prospects will be better for those with graduate degrees or professional certifications in accounting or finance. In May 2013, financial managers earned an average annual salary of $126,660 (www.bls.gov).
How Can I Work in Financial Management?
In general, a bachelor's degree is the minimum educational requirement needed to begin a career in financial management. Common bachelor's degree programs for aspiring financial managers include those in finance, economics or accounting. Core coursework typically covers topics in auditing, corporate tax, cost accounting and budgeting. Students also learn how financial markets function and how to analyze past market trends. They also become familiar with U.S. tax law and how it applies to businesses and individuals.
Alternatively, many financial managers go on to earn graduate degrees or certificates to increase their job prospects and move up to supervisory positions. Graduate degree programs in financial management prepare students for careers in the corporate sector, including positions as private financial advisors, economists and accountants. In certificate programs, students complete core courses in business, accounting and financial planning.
Financial managers are usually excellent at math and problem solving. They must also have strong communication skills.