To become a financial manager is one of the most challenging career paths. A financial manager is responsible for sustaining the financial health of the organization he has every responsibility to ensure the financial decisions of the company.
A financial manager is the official backbone of a company’s finances so he must have the varied certificates and qualifications, updated knowledge and specializations to get his career up and run the fiercely competitive market.
Basic credential to become a Financial Manager
Education for Financial Managers
A bachelor’s degree in accounting, business, economics or finance administration is often the minimum education looked-for for financial managers. However a candidate with a master’s degree preferably in business administration, finance or economics is a more credible candidate among others.
Licenses, certificates, and registrations for Financial Managers
Even though professional certification is not compulsory, some financial managers still get it to demonstrate a level of competence. The CFA Institute bestow the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and have passed at least 3 exams.
The Association for Financial Professionals confers the Certified Treasury Professional credential to those who go by an exam and have a least of 2 years of related experience.
Certified public accountants (CPA’s) are accredited by their state’s board of accountancy and must go by an exam administered by the American Institute of Certified Public Accountants (AICPA).
To beat the odds, some companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers. Graduates should take any job to gain a foothold in an industry. Only then he will be able to develop the relationships needed to learn about openings or promotions that advance his career.
Important qualities for Financial Manager
A financial manager must be skilled in math, including algebra. He should have a keen understanding of international finance and complex financial documents.
He must fully understand the fundamentals if internal controls as well as measure returns on net assets, and set fair prices on company assets.
A financial manager must be able to assist executives in making decisions that will affect their organization positively.
He has to measure and evaluate financial performance by examining both short and long term financial goals of a firm.
Excellent communication skills are essential because financial managers must explain rationalize complex financial transactions.
Solving problems goes hand in hand with a critical frame of mind. From a financial manager’s viewpoint, all activities are fraction of business processes that add costs and constantly evaluate those processes to determine how much value goes to the bottom line. He must know, how these are valued is an essential skill, because the financial manager’s determination affects how the public perceives the company. Unbeaten managers need a grapple of risk management and internal controls, as well as how to measure returns on net assets, and set fair prices on company assets.
A financial manager will beware you of little expenses as a small leak will sink a great ship