What is the best qualification to become a finance manager? How much money do finance managers make?
What is the best qualification to become a finance manager? How much money do finance managers make?
A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master's degree, preferably in business administration, finance, or economics.
Financial managers typically have more than five years of experience in another business or financial occupation, such as loan officer, accountant, auditor, securities sales agent, or financial analyst. In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.
Because financial management is so important in keeping business operations efficient, experienced financial managers who display a strong grasp of the operations of various departments within their organization may be promoted to management positions. Some financial managers transfer to closely related positions in other industries, and those with extensive experience may start their own consulting firms.
Typical Financial Manager Daily Tasks
Monitor Accounts and Cash Flow
Review Budgets and Reports
Identify Cost-Cutting Opportunities
Prepare Financial Reports and Forecasts
Track and Analyze Market Patterns
Identify Growth Opportunities
Present Financial Data
Make Recommendations to Executives
Set Financial Goals
Participate in Strategic Planning
Oversee Legal and Regulatory Compliance
Supervise Financial Staff
Education Requirements for Financial Managers
Effective financial managers usually need an education that cultivates advanced financial analysis and decision-making skills and competency in finance software. Financial manager positions typically require at least a bachelor’s degree in finance or a related field, such as economics, accounting, or business.
Financial managers also need on-the-job learning, including at least five years’ experience in a finance-related position, such as financial analyst or accountant. Some employers offer training opportunities for finance employees seeking promotion to management positions.
Many employers favor job applicants with advanced business-related degrees, such as an MBA in finance. Combining a core business and management curriculum with specialized finance courses, this versatile degree can help finance professionals qualify for promotion to upper-level careers.
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