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Finance Manager As a Career Option
The profession of finance manager mainly deals with the financial activities of any company, like, controllers, credit managers, money management experts, treasury managers, merchant bankers etc. They have the main objective of achieving financial growth as well as maintaining profitable margins for the organisation. Their job is to make financial reports related to the tax and other finance related audits. Financial management is a domain that is required in almost all sectors like manufacturing, communications, education, healthcare etc. This is the era of liberalization, privatization, and globalization, as a reason for this there is an increase in the job vacancies for finance professionals.
The duties and responsibilities of financial managers:
- They make financial report statements, activities of business and they perform forecasts.
- Keeping check on all the financial details to ensure every requirement is met.
- Supervise the activity of employees, those who are in charge of financial reporting and budgeting.
- Always performing reviews, checking on the organisation’s financial reports and finding ways to reduce the cost of expenditure.
- Continuously analysing the market to increase marginal profits.
- Developing plans, collaborating with teams and managing the financial activity in order to expand the business operations. And,
- Working with the top management department of the organisation for the long-term goals.
The Scope in Financial Management is unsurpassed. There are many MNCs, medium to small companies that require professional finance directors to manage the financial operations of their company. Also, there are Government or private organisations in need of strategic financial management experts to be able to deal with their financial activities.
There are many finance related courses available in colleges or institutes. These courses offered are at both the under-graduate as well as the postgraduate levels. You are needed to pass 10+2 with an aggregate of 50% marks if you want to pursue the under-graduate course. For those who want to do post-graduate courses, you must have an under-graduate degree in finance. There are many universities which usually conduct their own entrance exams for the admission process.
If you want to start a career in finance management, you should start learning the basics of finance related terminologies. Anyone must have the knowledge on how to do all the planning, interpreting as well as executing the action plans. One must be strong in Mathematics. You have to increase your analytical skills so that you can study as well as analyse the market. You should keep yourself updated with the aspects of economic policies, financial policies etc. You should enrol in courses to get a better understanding of how the market works, understanding them as a whole and trying to connect every aspect in this field.
You must have a critical thinking ability and you should be able to make decisions by comparing everything and keeping in mind the costs which should be utilized. You are required to study about risk management which involves a finance manager investing in something. As a finance manager you have to analyse in advance about the potential risks involved in that and then taking precautionary measures trying to reduce the risk. When you will get at least 5 years of experience, then you will be promoted to the position of Financial Manager.
In addition to this, there are other types of profiles, one should be aware of which comes under Financial Management:
- Controllers – A Controller’s work involves the preparation of finance related reports that will summarize and forecast the company’s financial position, that includes the income statements and balance sheets. Analysing the potential future earning or investments is a job for the controller. Their work is related to preparing reports needed by government organisations that will regulate various businesses.
- Treasury Manager – A treasury manager will work on the areas like, the increasing in flow of foreign exchange from foreign markets which comes into the Indian market.
- Portfolio Manager – Dealing with the securities market is the job for a portfolio manager. They help and guide clients with portfolio selections by performing economic, industrial and analysis measuring revenue and forecasts earnings of the company.
- Risk Manager – Risk managers are required to control risks by using the techniques to limit or offset the possibilities of losses. They continuously try to minimize the risks involved in financial activities of any company.
The working environment as a Financial Manager in any organization will be just like other sectors. Working hours are mostly between 9 am to 5pm, five working days, and flexibility options are considered. Even though, there may be times where you have to work longer hours to complete assigned work within deadlines this is a very lucrative career option for you. Work stress is usually less, although it depends on company to company or your assigned tasks. If you are pursuing a professional course along with the job, you will need to work extra in your official office hours/day. When you will get professional experience of at least 2 to 3 years, then you can start your own business and freelancing opportunities are possible. You can take a career break in your professional journey, but then when you will re-enter, you must remain updated with skills as well as the latest things happening in the field. Opportunities of travelling to different places for this profession is very likely, especially if your organisation is operating from a number of different places. Salary of financial professionals depend on the individual’s qualification and experience in the field. If you are starting as a trainee in an organisation, you can start with a range of Rs. 8,000 to Rs. 10,000. Usually MNC’s and many private organisations mostly have high payment packages for professionals and for those who have immense talent, there is no specific limit.