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Financial Management Career and Job Highlights
- A bachelor’s degree in finance, accounting, or a similar area is the basic academic preparation, but a master’s degree is becoming increasingly more important.
- Employment will increase as the economy expands and increases the need for workers with financial expertise.
Financial Management Career Overview and Description
Nearly all firms, government agencies, and organizations have at least one financial manager to supervise the preparation of financial reports, guide investment activities, and execute cash-management strategies. Since computers can very efficiently record and organize data, financial managers spend much time developing strategies to help the organization realize its long-term goals.
Financial managers’ responsibilities vary according to position. Specific titles include controller, treasurer or finance officer, credit manager, cash manager, and risk and insurance manager. Controllers prepare special reports as required by regulatory authorities and oversee the preparation of financial reports, such as income statements, balance sheets, and analyses of future earnings or expenses, which describe and predict the organization’s financial position. In many firms, controllers supervise the accounting, audit, and budget departments.
Treasurers and finance officers direct an organization’s budgets and financial objectives by overseeing the investment of funds and managing associated risks, supervising cash management activities, addressing mergers and acquisitions, and implementing capital-raising strategies to sustain a firm as it expands. Credit managers supervise a firm’s issuance of credit by establishing credit-rating criteria, determining credit ceilings, and monitoring collection of unsettled accounts. Financial and accounting systems for the banking transactions of multinational organizations are developed by managers who specialize in international finance.
Cash managers help firms meet their business and investment needs by monitoring and controlling the flow of cash receipts and disbursements. Cashflow projections are essential to determining whether a firm needs loans to meet cash requirements and deciding how a firm should invest surplus cash. Risk and insurance managers, in addition to managing a firm’s insurance budget, direct programs to minimize potential risks and losses from a firm’s financial and business operations.
Financial institutions—commercial banks, savings and loan associations, credit unions, mortgage and finance companies, and the like—also employ financial managers. Depending on their area of specialty, these employees’ duties include lending, trusts, mortgages, investments, and various programs, including sales, operations, or electronic financial services. In some firms, these managers might also solicit business, authorize loans, and direct the investment of funds, making sure always to follow Federal and State laws and regulations.
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