Showing posts with label career in management. Show all posts
Showing posts with label career in management. Show all posts
Thursday, 18 November 2010

Careers in Financial Management.Parts 3

Posted by Online Jobs at 13:20

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Job growth for financial managers will be directly related to the economy as a whole. Overall, the next decade will see continued job growth for financial managers, because the need for financial expertise will grow as the economy expands. This growth will come from the creation of new businesses as well as from the expansion of established ones. Growth for financial managers does face several obstacles. Mergers, acquisitions, and short term economic downturns reduce employment in this occupation because companies are likely to close departments, downsize, or even go out of business—diminishing the need for financial managers.
Despite continued, albeit slower, consolidations by the banking industry (which employs over 10 percent of all financial managers), there will be a continued need for bank branch managers. In fact, as they refocus on existing branches and create new branches to serve a growing population, banks are expected to employ an increasing number of branch managers. Moreover, banks that extend their products and services to include insurance and investment products will need branch managers who are familiar with these areas. In consequence, candidates authorized to sell insurance or securities will be more appealing to employers.
The present slump in the securities and commodities industry should not damage long-term prospects for financial managers in that industry because more managers will be needed to handle progressively more complex financial transactions and manage an increasing number of investments. Specifically, firms will need financial managers to raise capital, conduct mergers and acquisitions, and assess global financial transactions. Risk managers, who gauge risks for insurance and investment purposes, will also be needed in the industry.
In some cases, financial managers may be hired temporarily, to steer a firm through a short-term crisis or to suggest ways to increase profits. Even in organizations where all accounting and financial operations are contracted out, financial managers may be necessary to oversee the contracts.
Computer technology will have significant implications for financial managers. Because computers can generate financial reports in less time and with fewer people than in the past, the next decade will see some changes in the ways financial managers perform. For example, corporations will need financial managers to forecast earnings, profits, and costs, and to think of original ways to improve profits.

Historic Earnings Information for Financial Management Professionals

In 2002, financial managers had median annual earnings of $73,340. The range of earnings for the middle 50 percent was from $52,490 to $100,660. The earnings of the lowest 10 percent were under $39,120, while the earnings of the highest 10 percent exceeded $142,260. In 2002, financial managers in the industries employing the most of these managers reported the following median annual earnings:
  • Securities and commodity contracts intermediation and brokerage – $125,220
  • Management of companies and enterprises – $88,310
  • Nondepository credit intermediation – $78,400
  • Local government – $63,090
  • Depository credit intermediation – $58,790
A 2002 survey, performed by Robert Half International, a staffing services firm specializing in accounting and finance professionals, showed that directors of finance were paid from $75,000 to $204,500, and corporate controllers were paid from $54,000 to $138,750.
The Association for Financial Professionals’ 14th annual compensation survey found that financial officers’ average total compensation in 2002, including bonuses and deferred compensation, was $130,900. Average total compensation for selected financial manager positions was as follows:
  • Vice president of finance – $183,500
  • Treasurer – $150,600
  • Assistant vice president-finance – $141,300
  • Controller/comptroller – $134,300
  • Director – $113,600
  • Assistant treasurer – $111,900
  • Assistant controller/comptroller – $115,500
  • Manager – $84,500
  • Cash manager – $64,700
Salary varies by industry, location, and size of an organization (financial managers in large organizations generally earn more than those in small ones). Earnings are not strictly limited to salary: deferred compensation in the form of stock options is gaining popularity, particularly for senior level executives, and many financial managers in both public and private industry receive bonuses, which vary considerably by an organization’s size.
 
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Careers in Financial Management.Parts 2

Posted by Online Jobs at 13:18

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Branch managers of financial institutions oversee all operations of a branch office. Their duties might include hiring personnel, approving loans and lines of credit, attracting business by establishing good relationships in the community, and helping customers with concerns about their account. Financial managers employed in financial institutions need to stay current with the rapidly growing range of financial products and services.
On top of these general responsibilities, financial managers have unique duties in each organization and industry. Government financial managers, for instance, must be intimately familiar with the government appropriations and budgeting processes. Healthcare financial managers, on the other hand, need specialized understanding of healthcare financing issues. In nearly all cases, financial managers must know any special tax laws or regulations that concern their industry.
To reduce risks and maximize profits, firms rely more and more on the guidance of experienced and knowledgeable financial managers in mergers and consolidations, and in international expansion and related financing. Firms increasingly hire financial managers as temporary consultants to advise senior managers on these types of business operations. In fact, some small firms hire contracting companies to handle all of their accounting and financial needs.
Technological advances that continue to reduce the time it takes to create financial reports have forced the financial manager’s role to evolve, especially in business. These managers often work on teams and spend more time analyzing data. From these analyses, they create strategies for more efficient business procedures, which they in turn us to advise top management. Because of this increasing reliance on computers, financial managers need to keep up with the latest technological advances in order to maximize their firm’s efficiency.

Financial Manager Training Requirements and Job Qualifications

To break into financial management, candidates need to prepare themselves academically with at least a bachelor’s degree in accounting, finance, economics, or business administration. In an increasingly competitive market, a master’s degree—especially in business administration, economics, or risk management—is increasingly important. Employers value the analytical skills and the training in the latest financial methods and technology that these degrees provide their employees.
For some financial management positions, formal education can be secondary to work experience. This is especially true for banks, where branch managers have generally worked their way up from other positions. Banks often promote successful, experienced loan officers and other professionals. Some financial managers enroll in their company’s management training programs in order to move into the field.
To stay abreast of the complex and dynamic profession of financial management, these managers must upgrade their training throughout their careers. Firms have a vested interest in keeping their employees’ skills sharp, and many firms encourage employees to take graduate courses at colleges and universities or participate in professional training conferences. Banking, credit union, and financial management associations regularly collaborate with colleges and universities to sponsor local and national training programs. Firms frequently cover all or some of the costs of these programs for workers who successfully complete them. Workers enrolled in such programs prepare thoroughly before attending various sessions on subjects like financial analysis; international banking; information systems; and accounting, budget, and corporate cash management. Such specialized courses may accelerate one’s professional advancement, even though the usually criteria for promotion are ability, experience, and leadership.
Professional certification is another option for those looking to expand their skills and emphasize their competence, and many associations offer professional certification programs. Investment professionals with a bachelor’s degree, passing marks on three sequential examinations, and requisite experience can earn the designation of Chartered Financial Analyst from the Association for Investment Management and Research. The Association for Financial Professionals (AFP) awards an accreditation of Certified Cash Manager to financial workers with at least 2 years of relevant experience who pass a computer-based exam. Members of the Institute of Management Accountants can receive the designation of Certified in Financial Management if they have a bachelor’s degree, have at least 2 years of work experience, pass the institute’s four-part examination, and complete ongoing education requirements. Financial managers concentrating in accounting may also become a Certified Public Accountant (CPA) or a Certified Management Accountant (CMA).
Financial managers must possess various skills. Because they constantly interact with and manage people, working on teams and explaining complex financial information, financial managers need excellent interpersonal and communication skills. Financial managers should think creatively and be problem-solvers, and they must be able to apply their analytical skills to all types of business situations.
They also need a broad understanding of business practices, as they work extensively with many of the firm’s departments. They must be able to work on the latest computer technology. Furthermore, the increasingly global nature of finance means that financial managers must be familiar with international finance and they may benefit from being proficient in a foreign language.
Successful financial managers have various options available to them, since efficient business operations rely on effective financial management. Within an organization, financial managers with training, experience, and a solid understanding of various departmental operations are prime candidates for advancement to positions of upper management. Other financial managers choose to move laterally to similar positions in other industries, and those with extensive experience and access to sufficient capital may even found consulting firms of their own.

Financial Managment Job and Employment Opportunities

Through 2012, employment of financial managers should grow about as fast as the average for all occupations. Despite expected steady growth that should match growth of the general economy, competition will be keen for positions in financial management because there will probably be more applicants than job openings. Employers will look for candidates with expertise in accounting and finance, and will be especially interested in those with a master’s degree. Beyond these basic qualifications, competitive candidates will have strong computer skills, will be familiar with international finance, and will have excellent communication skills, since financial managers work on strategic planning teams.
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Careers in Financial Management.Parts 1

Posted by Online Jobs at 13:14

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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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Computer Information Systems Manager Careers, Jobs and Employment Information.Parts 2

Posted by Online Jobs at 13:12


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It is common for computer and information systems managers to have prior experience in one or more of several specialty areas, including information technology, systems analysis, and programming. While a bachelor’s degree will usually qualify one for a management job, having a Master’s degree that emphasizes both technology and business administration is highly favorable for employers. This is such as business and technology is becoming interdependent in business decision-making. Information technology degrees are sometimes offered in management-information, which combines communication and business skills with core information technology. Sometimes, if a manager has adequate training and experience all that is needed is an associate’s degree. A manager in this situation will often go on to earn a Master’s degree at some point in order to further their advancement.
A wide amount of skills in technology and business will aid computer and information systems managers. Employers look favorably upon potential managers with backgrounds in both software and other specific technology and business. The importance of manager’s decisions that affect the business has only been augmented by the growth in e-commerce. Managers should have the ability to work with all people, including customers, in this process.
Managers will benefit from having strong leadership and communication skills in their dealings with people within and without the organization. This is especially important in the collaboration process within a project team. In general, computer and information systems managers exercise an important role in representing a firm when interacting with outside individuals.

Job and Employment Opportunities for Information Systems Managers

Over the next decade, computer and information systems manager occupations are likely to expand at a rate faster than most other occupations. This is especially so as technology evolves and requires more workers and managers to guide this process. Moreover, employee and manager turnovers will bring added job opportunities. Those with a Master’s degree in business technology and management, and those with good interpersonal skills will be most qualified for these opportunities.
Notwithstanding the economic recession, the future holds strong for computer and information systems managers. Organizations will be implementing complex networks in order to stay competitive in this field. Thus, more managers are required to maintain these networks in smooth operation.
Es electronic commerce continues to rise, so will the need for network security. This has become an increasingly vital issue in recent times, as organizations are required to understand potential attacks and vulnerabilities, such as those caused by viruses and hackers. Managers will continue to be needed to maintain such things as “cyber-security” and assume roles of leadership in order to sustain the integrity of the computing departments. As a result, demand for managers with strong security knowledge will grow rapidly in the future.
The roles that computer and information systems managers fill will continue to change with the evolution of e-commerce and customer inter-relationships. Additionally, wireless Internet technology will result in the rising demand for managers with both technical and business knowledge.

Historical Earnings Information

Depending on specialty are skills area, approximate annual salaries for computer and information systems managers range from $47,000 for the bottom ten percent to $140,000 for the top ten percent. In 2002, average annual earnings for these positions were $85,000. Different specialties include computer systems design and services, company management, insurance providers, credit intermediation, and work involved with Universities or technical schools.
Robert Half International found in 2003 that approximate average earnings ranged from around $82,000 to $151,000 for upper-level information technology managers. The National Association of Colleges and Employees surveyed and found that averages for entry-level positions were around $55,000 for those with a Master’s degree in Business Administration, an undergraduate degree, and less than one year experience. Additionally, entry-level salaries for individuals with a graduate degree in data processing or management information systems averaged around $44,000.
An added incentive to becoming an upper-level manager is the many associated benefits that others do not qualify for. These include stock option plans, bonuses, and expense accounts.
 



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Administrative Services Manager Career, Earnings, and Job Information.Parts 2

Posted by Online Jobs at 11:58


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Some administrative services managers work in facility management, where they coordinate an organization’s physical facilities with its people and work. In planning for and supervising buildings, grounds, and people, facility managers must integrate principles from fields as disparate as business administration, architecture, engineering, and behavioral science. Facility managers’ exact duties differ considerably from one organization to the next, but general categories include real estate, finance, facility function, quality assessment, day-to-day operations and maintenance, communication and technology, and administration of environmental factors. Some specific responsibilities might consist of creating budgets, managing leases, purchasing or selling real estate, renovating company facilities, designing new facilities, and directing staff members (such as maintenance and custodial workers). Facility managers regularly monitor facilities and projects to ensure that they are safe, reliable, and in compliance with organization and government regulations and requirements.

Administrative Services Manager Training and Job Qualifications

Although some do hold advanced degrees, there is no fixed educational requirement for these managers. Rather, qualifications depend on an organization’s size and complexity. A small organization might hire an office manager solely because of his or her experience. In time, the company might promote an efficient office manager to a position in administrative services. Large organizations are more rigid in their hiring practices: each administrative service post typically has a formal education and experience requirement, and new managers usually come from outside the firm.
Different jobs require different qualifications. A high school diploma and some relevant experience may be enough for a position as a first-line administrative services manager of secretarial, mailroom, and similar support services, but an associate’s degree in business or management is usually preferred. To manage technical activities (audiovisual, graphics, etc.), most employers ask for postsecondary technical school training. A bachelor’s degree in finance, business, management, or human resources is a common prerequisite for managers of contract administration and other decidedly complex services. Someone interested in administrative services management, regardless of major, should take classes in accounting, business law, and human resources, and should be experienced with office technologies and computer applications. In addition to having managerial experience, many facility managers have worked in construction, real estate, or interior design; most have at least an undergraduate degree in architecture, engineering, construction management, business administration, or facility management.
Education alone is not enough, however; a manager must also have demonstrated ability and relevant work experience. Many administrative services managers obtain this necessary experience by working their way up an organization through various administrative positions before taking on the duties of a first-line supervisor. Such experiences can be invaluable because managers should understand the positions they supervise. Managers of department supervisors must know office equipment and procedures. Managers of personal property acquisition and disposal must be experienced in sales and purchasing and need to understand the materials and equipment they deal with. Managers responsible for supply, inventory, and distribution need a background in shipping operations, transporting, warehousing, and the like. Contract administrators benefit from having worked as procurement specialists or as contract analysts, and managers of unclaimed property frequently have backgrounds as insurance claims analysts and as records managers.
Because they work with numerous people in various positions—from executives and supervisors to clerks and maintenance workers—effective administrative services managers need to communicate well and should have excellent interpersonal skills. They must be able to handle pressure effectively and meet deadlines; they should be analytical but capable of quickly making decisions about multiple projects; and they need to be flexible but still be detail-oriented.
There are several ways administrative services managers can advance, depending on the size of the organization. In small organizations, they can move internally to other management positions, or they can go to a larger organization. Advancement opportunities come more easily in large firms that employ administrative services managers at multiple levels. Managers can improve their prospects for advancement by earning the Certified Administrative Manager (CAM) designation. The Institute of Certified Professional Managers confers this title on managers who have sufficient work experience and who pass the institute’s examinations. Advancement opportunities also increase with a master’s degree in business administration or similar field. Such a degree will provide new managers the skills necessary to move from first-level positions to mid-level management positions, such as director of administrative services, and potentially even to positions in upper-level management, such as executive vice president for administrative services. Experienced managers can also move into consulting; those with enough money often start their own firms.
For facility managers, advancement depends on the size and practices of the organization. Many facility managers change departments within an organization; others start in technical positions and gradually work their way up, gaining additional responsibilities as they progress. Facility managers who earn professional certification from the International Facility Management Association have an advantage. The Certified Facility Manager (CFM) program requires that applicants meet certain educational and experience conditions.
Job Outlook and Employment Opportunities
According to projections through 2012, jobs for administrative services managers will grow as fast as the average for all occupations. Competition for these positions, as for all managerial positions, will be keen because there are fewer jobs available than there are qualified workers. Demand for facility managers should be high, as more and more companies see the need to efficiently protect and operate their facilities. Because of current market practices such as streamlining and contracting out administrative services functions, demand should also be strong for administrative services managers working in management services and management consulting.
On the other hand, some middle management positions will be eliminated because of ongoing corporate restructuring and increasing use of office technology, both of which flatten an organization’s structure. This trend will result in fewer positions for administrative services managers who oversee first-line mangers. Despite such reorganizations, administrative services managers, who generally have a broad range of responsibilities, should feel fewer adverse effects than other middle managers with more limited specializations. During the 2002–12 projection period, jobs in administrative services management will come from both newly created positions and positions left by workers who retire, stop working for other reasons, or change job fields.

Historical Earning Information

Salaries for administrative services managers vary widely by employer, specialty, and geographic region. In 2002, administrative services managers had median annual earnings of $52,500, with the range for the middle 50 percent being $36,190 to $74,590. The highest 10 percent earned over $99,870 per year, while the lowest 10 percent earned less than $26,120. The table below compares median annual earnings from the industries that employed the most managers in 2002:
  • Management of companies and enterprises – $66,700
  • Elementary and secondary schools – $59,220
  • Colleges, universities, and professional schools – $56,960
  • State government – $55,710
  • Local government – $51,570
For other fields that also employ administrative services managers, the average yearly earnings for 2003 were as follows: contract specialists working for the Federal Government, in non-supervisory, supervisory, and managerial positions, earned an average of $66,309; facilities operations averaged $63,509; industrial property managers averaged $62,552; property disposal specialists averaged $58,880; administrative officers averaged $62,751; and support services administrators averaged $52,824.

 

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Administrative Services Manager Career, Earnings, and Job Information.Parts 1

Posted by Online Jobs at 11:56

 

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 Administrative Services Manager Career and Job Highlights

  • Administrative services managers, employed by both private companies and the government, fulfill many responsibilities and have various levels of experience, earnings, and education.
  • Competition for jobs in management is intense because there are many qualified applicants.

Administrative Services Manager Career and Job Description

Administrative services managers provide many services and work in nearly all parts of the economy. Their primary duty is managing support services for various organizations, from large government agencies to small businesses. These workers help organizations work efficiently by directing numerous logistic services for both personnel (such as payroll and records, secretarial and reception, conference planning and travel) and physical administration (such as mail, information and data processing, materials scheduling and distribution, telecommunications management, and security and parking).
Duties and responsibilities for managers differ according to the position within an organization. First-line administrative services managers work directly with a staff to provide various support services. By contrast, the broader objectives of mid-level managers include creating departmental plans, targets, and deadlines; executing strategies to improve efficiency and customer service’ and delineating and overseeing the duties of supervisory-level managers (which can include the first-line managers of the clerical staff and other departments). While some mid-level managers may also participate in employment decisions, they typically do not help formulate personnel policy. It is possible for some managers to gain upper management status with a promotion, for example, to vice president of administrative services.
Managerial organization varies widely. For a small business or agency, there may only be one administrative services manager to direct all support services. For larger organizations, there may be several levels of management, with first-line administrative services managers reporting to mid-level managers who are themselves overseen by owners or upper-level managers. The larger the firm, the more likely it is that its administrative services managers will have specific specializations. A company may, for instance, have several administrative services managers who serve principally as office managers, some who work as contract administrators, and others who oversee unclaimed property.
Because organizations demand so much versatility from administrative services managers, there is wide variance in the nature of their jobs. Managers working as contract administrators, for example, would oversee all phases of contracts related to the purchase or sale of goods or services, from research and analysis to negotiation and review. Moreover, some administrative services managers oversee the acquisition, distribution, and storage of materials, while other managers dispose of surplus or unclaimed property.

 

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