What Does a Financial Manager Do?
Tuesday, March 22, 2022
One of the best degrees in 2022 is Financial Manager. Learn what these professionals do and how you can become a financial manager here.
According to the latest job market research, Financial Manager is ranked 7 in the 100 best jobs for 2022. Some of the characteristics that make it one of the best jobs both for this year and for the years to come are the fact that it pays well, it is a challenging and interesting job, it isn’t too stressful, it is in demand, it is possible to advance in this career at a relatively fast pace, and it provides a satisfying work-life balance.
Considering these prospects, we can certainly say that pursuing a career as a Financial Manager would be a wise decision to make if you like numbers, are interested in business, and are a good communicator and planner.
Keep reading to find out what a Financial Manager does, the degree or degrees you need to earn if you want to pursue this career, and much more.
Financial Management: What is it?
Financial management is the practice of managing an organization’s finances with the aim of helping it make wise financial decisions, leading it to success, and making sure it complies with regulations.
Financial management is the area of an organization that is concerned with an organization’s profitability, expenses, cash and credit, and investments so that it can satisfactorily carry out its goals.
What do Financial Managers do?
Financial managers play a major role in any kind of organization, since they are the ones responsible for the financial health and decision making of the organization. In order to do so, they produce financial reports, investment activities, make financial decisions, and develop financial strategies that help their company meet their short and long-term financial goals.
They are in charge of monitoring an organization’s finances, performing data analysis and finding ways to maximize profits.
Financial managers are typically in charge of the following activities:
- Produce financial statements, do business activity reports, and forecasts;
- Observe financial details to make sure the organization is meeting legal requirements;
- Supervise employees in charge of doing financial reporting and budgeting;
- Review financial reports;
- Seek ways to reduce costs;
- Analyze market trends to find opportunities for expansion;
- Help make financial decisions.
Depending on the organization a financial manager works for, these activities will vary, since they perform tasks that are specific to the kind of organization. If they work for a governmental organization, financial managers look after government appropriations and budgeting processes. Financial managers in the healthcare system supervise financial aspects for hospitals, groups of physicians, and other medical providers.
Skills Financial Managers Require
During a Bachelor’s degree in Finance, students acquire all the skills necessary to perform a financial manager’s job as successfully as possible. Among these skills, we can mention:
- Effective communication skills
- Strong analytical skills
- Numeracy skills
- Sound technical skills.
- Problem-solving skills
- Negotiation skills
- The ability to influence others
- Strong attention to detail
- Investigative nature
- Time management skills
- Teamwork and leadership skills
- Quick decision making
If you want to develop these skills, you should definitely pursue a Bachelor in Finance. You’ll develop all these skills and the knowledge you need to become the best financial manager you can be.
Click here to find the bachelor’s degree programs in Finances available on our website.