In this article, you will get the latest updates on Finance Manager Training, Salary and Job description and simple tips to help you succeed if you are or planning to become a personal finance manager.
Ever wondered who finance managers are and what they do?
Well, financial managers are people who produce financial reports, direct investment activities and develop strategies or plans for long term financial goals. They can be found in many industries, including major firms, banks, agencies, and insurance companies.
FINANCE MANAGER Job Description
The job market for finance managers is very competitive. The most marketable are those who can handle international finance and the complicated world of financial instruments and securities. The Bureau of Labor Statistics projects 18.7% of employment growth for finance managers between 2016 and 2026. An estimated 108,600 jobs should be opened within that period.
In short, the main roles of a Finance manager is to focus on ratios, equities and debts of a company. Finance managers perform the following duties:
- Help management make financial decisions
- Supervise employees who do financial reporting and budgeting
- Analyze market trends to maximize profits and find expansion opportunities
- Monitor financial details to ensure that all legal arrangements are met
- Prepare financial statements such as business activity reports and forecasts
- Liaising with auditors into making sure annual monitoring is carried out
- Formulating strategic and long-term business plans
- Developing external relationships with appropriate contacts
Due to innovation and technological advancements, finance manager roles are changing. They now do more data analysis and advice senior managers on ways to maximize profit. They also do tasks that are specific to the industries they work in.
TYPES OF FINANCE MANAGERS
Here are the top 5 most common types of finance manager:
- Controllers: These are financial managers who direct the preparation of financial reports that summarize and forecast an organization’s financial position.
- Treasurers: they direct their organization’s budgets to meet its financial goals. They also oversee the investment of funds and strategize to raise capital for expansion.
- Credit managers: They oversee the organization’s credit business.
- Cash managers: They control and monitor the flow of cash in an out of an organization to meet its business and investment needs.
- Risk managers: These finance managers minimize risk by using strategies to limit or offset the probability of financial loss or exposure of the organization to financial insecurity.
Finance Manager SALARY
Finance managers are ranked #4 in Best Business Jobs, #16 in Best Paying Jobs, and #25 in 100 Best Jobs.
The average Finance Manager salary varies greatly depending on state, employer, and others. For instance, In Las Vegas, NV, the average salary is $127,999, as of April 27, 2020, while in Ney York the Top Division Financial Executive salary is $313,282.
In general, Finance managers made an average of $91,306 per year. The highest-paid 25% made $173,920 that year, while the lowest-paid 25% made $89,670. Its current median annual wage is $127,900. It is a very well-paid job.
Finance Manager TRAINING
A good finance manager training must help the student development great analytical skills, communication skills, math skills, organizational skills, and detail-oriented mind. School training may not be enough to have these skills; you need to develop these qualities yourself.
Working as a finance manager comes with a very good pay it also creates room for self-employment as a consultant providing financial advice to a range of businesses. It’s a very lucrative job and not a bad idea for a choice of career.
There is no specific training for finance managers. To become a finance manager you’ll need to have at least a bachelor’s degree in a finance-related course and 5 years or more working experience in any business of financial occupation such as an accountant, auditor, financial analyst, etc. Most training will be gotten in the job. For further certification and exposure, you can acquire an MBA.
Most finance managers have at least a bachelor’s degree in finance, accounting, economics, or business administration. However, some employers prefer candidates with a master’s degree, preferably in business administration, finance, accounting, or economics.
If you are a finance manager or know anything related to business management, kindly comment below to share them with our readers.