Finance or Accounting Knowledge
A university graduate of accounting, finance, business administration or economics is qualified to be a finance manager. In financial management, larger firms give more opportunities and more work benefits are granted. Being a finance manager is also known as risk manager, credit manager, branch manager, chief financial officer, treasurer, cash manager, and insurance manager. There are plenty of responsibilities that accompany a finance manager’s position. Taking care of a firm’s finances is the foremost obligation. Creating financial reports, activities for direct investment, financial strategies, and activities for cash management are all part of the roster of commitments for a finance manager. It is recommended that a finance manager has background in finance or accounting.
A finance manager who has an advanced degree of business administration or finance is more likely to be granted higher-paying opportunities. For a finance manager to succeed in the field, several years of practical experience are needed. Depending on the industry, location, and size of the firm, the finance manager’s rate can vary significantly. In the government, the rate is a lot less. The finance and insurance industries take care of a lot of finance managers. The investment management industry has the most finance managers who are paid the most for the field. Besides the lucrative rate, the benefits include a car, annual performance bonus, and stock options. The standard benefits namely, health insurance, life insurance, medical insurance, and 401 (k) are all available.
Kinds of Finance Managers
Since the kind of finance manager varies, the different positions equivalent to this role can be differentiated. As a controller, overseeing the departments in charge of producing financial reports is a must. The regulatory authorities who require the financial documents are communicated with. The audit, accounting, and budget departments are under the supervision of the finance manager. The chief financial officer looks after more departments than a controller. As a chief financial officer, all financial reports are received. As for the treasurer, the budget of the organization is taken care of. The firm’s investments are taken care of including mergers and acquisitions.
For credit managers, it is important that the credit ceilings are determined. The credit department is supervised. New credit is issued and the credit terms are established. Cash managers see to it that the incoming and outgoing cash of the firm is monitored and controlled. The cash receipts and disbursements are handled. The insurance manager dictates the insurance that can be granted to a firm worker. The insurance policies are reviewed for the firm to see if the losses are worth the risk. Through a branch manager, the personnel of a specific branch are gotten. Bank loans and credit applications are approved. Risk managers are the ones who supervise risk analysts.
In the field of financial management, the competition is fierce. A lot of mathematical acumen is needed and maintaining good relations with clients. As an entry-level worker with a good background in accounting or finance, training programs for financial management can be attended as deemed necessary. Being certified as a finance manager can happen through professional associations.