Career And School Info For Financial Managers

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Financial Manager Job Description

Career tips, salaries, and lists of schools.

The success of every business is often determined by how well the organization's money is managed. Financial managers interpret financial data and create reports that allow corporate leaders to see how a business is doing financially. They also make decisions about where money is invested, and where large portions of cash are spent.

Other responsibilities of financial managers include:

• Adhering to Federal and State regulations and laws
• Keeping up-to-date about the latest in financial software and services
• Analyzing the potential for risk and profit
• Consulting with senior management during mergers, expansions and consolidations
• Being familiar with specific processes and tax regulations related to the organization's industry
• Planning for the long term; developing strategies to help reach organizational goals

There are different kinds of financial managers, and their specific job responsibilities vary accordingly:

• Controllers - usually in charge of accounting, budget and audit departments; oversee the creation of income statements and balance sheets and prepare reports that analyze future earnings and expenses; provide audit reports so that regulatory agencies can assess compliance
• Treasurers / Finance Officers - manage budgets: direct how funds are invested, take steps to avoid risk, keep track of cash going in and out, raise capital to support the organization's expansion, and participate in activities related to mergers and acquisitions
• Credit Managers - oversee activities related to credit: determining who qualifies for how much, and collecting past due balances
• Cash Managers - watch and control how cash receipts and disbursements flow, identifying trends to help predict when the organization may need a loan, or may have surplus cash that can be invested
• Risk and Insurance Managers - assess areas of vulnerability in organizational operations and financial transactions that could lead to losses; obtain insurance to mitigate risk and minimize losses
• Managers of International Banking - develop accounting and financial systems that handle banking transactions for financial institutions that have offices in more than one country

In the banking industry, financial managers may oversee specific areas such as mortgages, lending, investments and trusts at a bank. They may also run programs such as electronic financial services. Branch managers are responsible for administering all functions within a bank's branch, including approving credit and loan applications, soliciting business, hiring and training personnel, and resolving problems for banking customers.

Financial managers commonly work long days, and travel frequently to meet with representatives of financial associations, team members at other business locations or customers.

Degrees and Schools

Many employers of finance managers prefer to hire those who have a master's degree in a finance-related field, and / or are professionally certified. A bachelor's degree in accounting, finance, business administration or economics is the minimum educational requirement for an entry-level job in the industry, or for acceptance into a master's-level program. Most four-year colleges and universities offer undergraduate degrees in these fields.

Classes

Students preparing to go into financial management spend most of their time learning mathematics, accounting principles, financial analysis, regulations and laws related to finance, principles of business, economics (national and international), and other subjects that develop their critical thinking skills. They also learn financial software programs by spending time in computer labs.

Online Classes and Programs

Online degree programs in business administration, finance, accounting, and economics are available in abundance. Some are offered by schools that are Web-based, while many are offered by colleges and universities that have campuses. Master's degree programs, associations that offer certification, and employers of financial managers often seek graduates of accredited programs. Online courses should be part of an institution with accreditation from agencies approved by the Council for Higher Education Accreditation (CHEA) or United States Department of Education (USDE).

Employment Requirements

The minimum academic requirement for financial managers is a bachelor's degree in finance, economics, accounting or business administration. However, some financial companies offer formal management training programs in lieu of or in addition to a four-year degree.

Employers sometimes consider experience to be more important than formal education when it comes to some financial manager positions. For example, experienced loan officers in banks are frequently promoted to branch managers.

Because financial managers often work in accounting departments, they are usually required to be certified public accountants (CPAs). Additional certifications through organizations such as the CFA Institute, the Association for Financial Professionals and the Institute of Management Accountants can demonstrate a candidate's competency in specialty areas.

How to Evaluate Schools

Here are some questions to consider when comparing financial management degree programs:

• Courses - Does the program offer a substantial number of courses in specific areas of interest? Are business courses available as well as financial courses? Are the courses hard to get into?
• Accreditation - Is the program part of or affiliated with an accredited school?
• Location - How involved is the program in exchanges with area businesses? Is the school located near a major financial center, such as New York City or Charlotte, NC?
• Tuition and financial assistance - How much support does the school provide in helping students find financial aid such as scholarships, grants, work study and student loans?
• Practical experience - What kinds of internship / job placement assistance are available through the program? What are graduates of the program doing now?

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