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Role of a Financial Manager: Analytical Essay

When you think of a financial manager, you quickly think of an accountant. In several ways, the position of an accountant and the financial manager is similar and they often work closely together on different projects. Financial managers are in charge of an organization's financial health. A financial manager's role is to plan and coordinate employee tasks in all offices and to obtain reporting from all departments of the establishments and to monitor their performance. Financial managers maintain and proactively improve a partnership with consumers and clients. They produce analytical and decision-making (Analytics) organizational and risk reports. Other responsibilities include staff recruitment (HR responsibility), budget plan evaluation, and recommendations.

In response to technological advances that have substantially reduced the amount of time it takes to generate financial reports, the position of the financial manager, particularly in business, is changing. Financial management is not just about decision-making; financial managers need technical skills to be successful. They need to possess the following technological skills; Accounting software skills, Business intelligence, and MIS analysis knowledge, Basic knowledge of Database user interface and query software, ERP software knowledge, and Financial Analysis software knowledge. Other relevant skills for this job description include good communication skills, Economics and Accounting, Administration and Management, Mathematical skills, Customer and Personal Service skills, Direct financial operations skills, English Language proficiency, Direct financial and Approval expenditures skills.

A Bachelor of Finance, Accounting, Economics or Business Administration is often the minimum education that financial managers need. Nonetheless, several employers are now seeking applicants with a master's degree, preferably in management, banking, accounting, or economics. These programs help students develop analytical skills and learn techniques and tools for financial analysis. Usually, financial managers have over five years of experience in a different business or financial profession. They may have worked, for example, as a loan officer, accountant, sales agent for shares, or financial analyst. Although there is no prerequisite for professional certification, some financial managers still have it to show a level of competence. Financial managers' median annual wage is $127,990.

This position includes relevant experience in multiple fields and knowledge in virtually every area of experience such as IT, HR, Advertising, Analytics, Admin, MIS, and, of course, the financial side of it such as accounting, budgeting, costing, and procurement. The average rate of growth is 5% to 8% and in the next 10 years, there will be around 169,300 openings. Most of the people working in this position are from the Finance and Insurance Industry, as this is directly related to most of the skills.

Besides, the skills I have acquired in the last couple of years are that have prepared me for a job in the financial industry are Accounting, Financial Planning, Budget planning, Recruitment of talent, Procurement, Forecasting, Trend analysis, MIS reports, and correlation, and Customer satisfaction.

References

  1. O*NET. (2017). Retrieved from https://www.onetcenter.org/

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