Career in Finance Manager

Finance Manager Career

[one_half][ads1][/one_half]Finance Manager Career – A Career in Finance management is ideal for a person interested in climbing the management ladder or making his / her through financial services in a company with finance as his/ her focus.

It differs from a normal business degree in the aspect that a Finance Manager Career is more function-driven. A Finance Manager Career would provide one a broad area that would incorporate duties and responsibilities including those of a credit manager, risk manager, treasurer etc.

A Finance Manager’s responsibility is to oversee the complete finance and management responsibilities of major companies, agencies etc.

The most common type of positions that a Finance Manager Career would find himself/ herself in are –

• Controllers.

• Finance officers.

• Credit managers.

• Cash managers.

• Risk managers.

• Insurance managers.

• Treasurers.

Job Profile 

A Finance manager’s job / Finance Manager Career profile would be focused mainly in these areas –

• Business strategies.

• E-commerce.

• Technology Consulting.

• Human Resources.

• Systems integration.

Along with other members of their team. A finance manager / Finance Manager Career would be coordinating and making financial reports, profit projections and cash-flow statements. A Finance manager must also be aware not to defy any laws and regulations while making decisions.

A Finance manager’s work / Finance Manager Career may comprise of following duties –

• To analyse change and to give advice accordingly.

• To manage financial accounting, monitoring and  reporting systems of a company.

• To look around and arrange new financial sources for his / her company’s debt facilities.

• To make accurate financial reports in accord with the specific deadline.

• To manage company’s budgets.

• To study and analyse his / her company’s competitors and to figure out current market trends.

• To produce strategic & long-term business plans.

• To develop financial management mechanisms to minimise the company’s financial risk.

• In order to ensure that the annual monitoring is done properly, A finance manager may be required to work with the company’s auditors as well.

• A finance manager also has to come up with reviews and plans in order the reduce the cost for the company.

• A Finance manager / Finance Manager Career , as he/ she deals with finance, will mostly be dealing with numbers.

• Apart from numbers, A finance manager with his/her excellent communication skills would also be required to explain their complex reports to other members of their company.

• To help & assist other employees of the company to prepare financial reporting and budgeting.

A Finance manager’s role would differ according to the size of the organization he/ she is working in.

In a larger scaled organization, A finance manager / Finance Manager Career mostly deals with strategic analysis.

In a smaller scaled organization, A finance manager is responsible for preparation & collection of accounts.

Skills Required 

• Must have knowledge of International Finance.

• Be acquainted with the latest computer technology related to one’s field.

• Must possess excellent communication skills.

• They should inhabit paying attention to detail in all their tasks.

• Should be a critical thinker.

• Must possess problem-solving skills.

• Strong interpersonal skills.

• To be able to manage people.

• To be able to work efficiently and comfortably in a team to solve financial problems.

• Since a Finance manager’s work / Finance Manager Career would be to deal with numbers mostly, He/ She should be excellent in Mathematics.

• A finance manager has his/ her hands full with information, documents and other related material, Hence, He/ She needs to have good organizational skills.

• In order to assist their executives to make quality decisions, They should also incorporate good analytical skills.

• Should be able to efficiently use the available financial and management resources.

• To able to identify key components in a financial meeting.

Job Prospects 

• Almost every organization and company, whether large scale or small scale, requires a dedicated set of financial managers in order to maintain and solve financial problems and to assist in all financial related matters of a company.

• A Finance managers / Finance Manager Career through his experience, expertise, talent, knowledge and skills may be seen holding positions from a cash controller to even a Chief Finance officer in the company. Hence a Finance manager has great job prospects in today’s times.

• But having said that, Like any other managerial position, The number of openings for a finance manager are also fewer in number as compared to other non-managerial positions.

• Hence those seeking work as Finance manager may be required to face bit more competition but once entered through, it’ll be worth it, since a finance manager has immense scope to climb the management ladder in a company.

• The openings may be lesser in each company but the demand overall has been increasing.

• In order to climb the management ladder. A finance manager would need to gain knowledge about all operations through all the departments of one’s organization and also to have adequate amount of experience and expertise.

Salary Package

The average industry based starting salary packages for Finance managers are as follows –

• Financial services – 2,00,000 INR to 400, 000 INR.

• IT sector – 400,000 INR to 600,000 INR.

• Banking – 300,000 INR to 500,000 INR.

• BPO- 350,000 INR to 500,000 INR.

These are approximate numbers and the salary packages varies according to the placement procedure and the scale of a company.

How Do I get there ? 

One can seek for Finance managerial positions in companies or organizations after completing any one one of the following courses –

• Master of Business Administration with Finance as a Major.

• Post Graduate Diploma in Financial Management (PGDFM).

• Master Financial Controls (MFC).

The Duration of a Master’s program is 2 years and for a Post graduate program is 1 year.

The Eligibility criteria for doing any of these master’s program is to get a graduation in any discipline.

One needs to apply for any entrance exam to get a seat in any management institution teaching those masters and post-graduate programs.

For example, Common Admission Test conducted by IIMs.

Management Admission Test by All India Management Association.

Xavier’s Admission Test by Xavier institutes, etc.