4 answers
Joseph
Student
Saint Francis, Minnesota
4
Questions
Asked
532 views
How do you get to become a Financial Manager?
How do you get to be a Financial Manager after your studies at collage? Do you send an application to the company you want to work for? Do you start to work at one Company and slowly work up to be a Financial Manager?
Login to comment
4 answers
Doc Frick
Career Coach and Mentor
1590
Answers
California, CA
Updated
Doc’s Answer
Joseph while an ASSOCIATE DEGREE will prepare you for entry-level finance careers, you'll need at a minimum of a BACHELOR'S DEGREE to become a financial manager. A bachelor's degree can adequately prepare a financial manager for a mid-level position or leadership in a small company. However, if they aim for leadership roles in enterprise-level organizations, you're likely gonna need a MASTER'S DEGREE.
FINANCIAL MANAGEMENT SKILLS
Becoming a financial manager requires developing a certain skill set. Some essential skills for this career path include:
• MANAGEMENT: While it varies by the structure of the organization, some financial managers oversee other people who work in finance. It's essential they're able to delegate work, provide guidance and resolve issues.
• LEADERSHIP: Financial managers often work in teams and collaborate with high-ranking executives within organizations. Leadership skills will empower you to help everyone understand the companies goals and to motivate them toward success.
• COMMUNICATION: One important aspect of working as a financial manager is explaining complex topics and giving finance-based advice. Having excellent communication skills enables you to be able to discuss complicated transactions in plain language and verify everyone understands the key takeaways.
• ANALYTICAL SKILLS: Financial managers review financial information and data to determine what's most important and how it may affect the future of the organization. Analytical skills are essential for ensuring you evaluate the information carefully to best make recommendations for who make the decisions.
• QUANTITATIVE SKILLS: Mathematics, algebra, accounting and data analysis are all essential to completing the work of a financial manager. Developing strong quantitative skills is crucial for assessing financial records, understanding reports and making recommendations about an organization's financial health.
• ORGANIZATION: This career involves reviewing many documents, so it's crucial for financial managers to have excellent organization skills to monitor where they keep various files. Similarly, planning helps you organize your tasks and avoid missing any deadlines, especially when delivering important financial reports.
• PROBLEM-SOLVING: Financial managers may encounter complications when reviewing documents, and they may discover issues for the organization to resolve. Having excellent problem-solving skills helps them identify what may be causing the issue and explore potential resolutions.
• ETHICS: Organizations trust financial workers to act honestly and to follow the appropriate legal guidelines. It's important for financial managers to have a strong code of ethics to guide them in doing what's right and making the best recommendations for the organization.
SALARY OUTLOOK
Financial manager salary and job outlook
The national average salary for financial managers is $103,250 per year, although depending on where you live, you may realize a different annual earning. For example, financial managers in California, report making an average of $120,250 per year, while those in the same position who live in New York, report annual earnings of $96,750 per year. Your experience level and education may also affect how much you make in this role.
FINANCIAL MANAGEMENT SKILLS
Becoming a financial manager requires developing a certain skill set. Some essential skills for this career path include:
• MANAGEMENT: While it varies by the structure of the organization, some financial managers oversee other people who work in finance. It's essential they're able to delegate work, provide guidance and resolve issues.
• LEADERSHIP: Financial managers often work in teams and collaborate with high-ranking executives within organizations. Leadership skills will empower you to help everyone understand the companies goals and to motivate them toward success.
• COMMUNICATION: One important aspect of working as a financial manager is explaining complex topics and giving finance-based advice. Having excellent communication skills enables you to be able to discuss complicated transactions in plain language and verify everyone understands the key takeaways.
• ANALYTICAL SKILLS: Financial managers review financial information and data to determine what's most important and how it may affect the future of the organization. Analytical skills are essential for ensuring you evaluate the information carefully to best make recommendations for who make the decisions.
• QUANTITATIVE SKILLS: Mathematics, algebra, accounting and data analysis are all essential to completing the work of a financial manager. Developing strong quantitative skills is crucial for assessing financial records, understanding reports and making recommendations about an organization's financial health.
• ORGANIZATION: This career involves reviewing many documents, so it's crucial for financial managers to have excellent organization skills to monitor where they keep various files. Similarly, planning helps you organize your tasks and avoid missing any deadlines, especially when delivering important financial reports.
• PROBLEM-SOLVING: Financial managers may encounter complications when reviewing documents, and they may discover issues for the organization to resolve. Having excellent problem-solving skills helps them identify what may be causing the issue and explore potential resolutions.
• ETHICS: Organizations trust financial workers to act honestly and to follow the appropriate legal guidelines. It's important for financial managers to have a strong code of ethics to guide them in doing what's right and making the best recommendations for the organization.
SALARY OUTLOOK
Financial manager salary and job outlook
The national average salary for financial managers is $103,250 per year, although depending on where you live, you may realize a different annual earning. For example, financial managers in California, report making an average of $120,250 per year, while those in the same position who live in New York, report annual earnings of $96,750 per year. Your experience level and education may also affect how much you make in this role.
Thank you so much for the advice you have given me! I really appreciate it.
Joseph
Theophilus Mensah
Entrepreneur
37
Answers
Grambling, Louisiana
Updated
Theophilus’s Answer
Joseph, to become a Financial Manager, you need a combination of education, experience, and skill development. Here’s a step-by-step guide to help you navigate this career path:
1. Earn a Bachelor’s Degree
• Most financial managers start by earning a bachelor’s degree in a related field like finance, accounting, economics, or business administration. These degrees provide foundational knowledge in financial principles, accounting practices, and data analysis, all essential for managing financial operations.
• Key Coursework: Focus on subjects like financial accounting, corporate finance, investment analysis, economics, statistics, and risk management.
2. Gain Work Experience
• After earning your degree, gaining practical experience is crucial. Entry-level positions such as financial analyst, accountant, or budget analyst will provide you with the financial reporting and analysis skills you need.
• Many financial managers work in these roles for at least five years before transitioning into managerial positions.
• Tip: Look for internships or part-time work during your studies to build your resume early on.
3. Pursue Professional Certifications (Optional but Beneficial)
• While not always required, obtaining certifications like Certified Public Accountant (CPA), Certified Financial Analyst (CFA), or Certified Management Accountant (CMA) can enhance your qualifications and make you a more competitive candidate.
• These certifications show that you have a deep understanding of financial principles, ethics, and advanced skills in financial management.
• For Actuarial Work: If you’re leaning toward being an actuary before financial management, start with passing the first few actuarial exams, like Exam P (Probability) and Exam FM (Financial Mathematics).
4. Earn a Master’s Degree (Optional)
• Many financial managers advance by obtaining a Master of Business Administration (MBA) with a concentration in finance, or a Master’s in Finance. This additional education often helps professionals move into higher-level positions and enhances their leadership skills.
• Advice: If you’re aiming for top-tier financial management roles in large corporations, an MBA from a prestigious school can make a difference.
5. Develop Key Skills
• Analytical Skills: You need to analyze financial reports and data to make strategic decisions. Proficiency in financial modeling and using data to forecast trends is essential.
• Leadership: As a financial manager, you’ll oversee teams, so developing leadership and management skills is critical.
• Communication: Explaining financial concepts and findings to non-financial stakeholders is a key part of the job, so strong verbal and written communication skills are necessary.
• Attention to Detail: You’ll be responsible for accuracy in financial reporting and compliance, so having a meticulous eye for detail is essential.
6. Advance in Your Career
• After several years of experience and acquiring the necessary skills, you can begin applying for financial manager roles. These roles typically involve overseeing the financial health of an organization, preparing financial reports, directing investment activities, and developing strategies for long-term financial goals.
• Sectors to Explore: Financial managers work across various industries like banking, insurance, manufacturing, healthcare, and government.
7. Stay Updated on Industry Trends
• The financial sector is constantly evolving with new regulations, technologies (like fintech), and market trends. It’s essential to keep up with continuing education and stay informed about changes in tax laws, financial regulations, and economic developments that can affect financial decision-making.
8. Network and Build Relationships
• Building strong connections in the finance industry can open doors to advanced roles. Attend industry conferences, join finance-related professional organizations (such as the Financial Management Association), and network with others in the field.
Final Advice:
• Becoming a financial manager takes time, but with the right steps and experience, it’s a rewarding career path with excellent growth potential. Focus on building a strong financial foundation early on, pursue certifications, and always look for opportunities to expand your leadership skills.
1. Earn a Bachelor’s Degree
• Most financial managers start by earning a bachelor’s degree in a related field like finance, accounting, economics, or business administration. These degrees provide foundational knowledge in financial principles, accounting practices, and data analysis, all essential for managing financial operations.
• Key Coursework: Focus on subjects like financial accounting, corporate finance, investment analysis, economics, statistics, and risk management.
2. Gain Work Experience
• After earning your degree, gaining practical experience is crucial. Entry-level positions such as financial analyst, accountant, or budget analyst will provide you with the financial reporting and analysis skills you need.
• Many financial managers work in these roles for at least five years before transitioning into managerial positions.
• Tip: Look for internships or part-time work during your studies to build your resume early on.
3. Pursue Professional Certifications (Optional but Beneficial)
• While not always required, obtaining certifications like Certified Public Accountant (CPA), Certified Financial Analyst (CFA), or Certified Management Accountant (CMA) can enhance your qualifications and make you a more competitive candidate.
• These certifications show that you have a deep understanding of financial principles, ethics, and advanced skills in financial management.
• For Actuarial Work: If you’re leaning toward being an actuary before financial management, start with passing the first few actuarial exams, like Exam P (Probability) and Exam FM (Financial Mathematics).
4. Earn a Master’s Degree (Optional)
• Many financial managers advance by obtaining a Master of Business Administration (MBA) with a concentration in finance, or a Master’s in Finance. This additional education often helps professionals move into higher-level positions and enhances their leadership skills.
• Advice: If you’re aiming for top-tier financial management roles in large corporations, an MBA from a prestigious school can make a difference.
5. Develop Key Skills
• Analytical Skills: You need to analyze financial reports and data to make strategic decisions. Proficiency in financial modeling and using data to forecast trends is essential.
• Leadership: As a financial manager, you’ll oversee teams, so developing leadership and management skills is critical.
• Communication: Explaining financial concepts and findings to non-financial stakeholders is a key part of the job, so strong verbal and written communication skills are necessary.
• Attention to Detail: You’ll be responsible for accuracy in financial reporting and compliance, so having a meticulous eye for detail is essential.
6. Advance in Your Career
• After several years of experience and acquiring the necessary skills, you can begin applying for financial manager roles. These roles typically involve overseeing the financial health of an organization, preparing financial reports, directing investment activities, and developing strategies for long-term financial goals.
• Sectors to Explore: Financial managers work across various industries like banking, insurance, manufacturing, healthcare, and government.
7. Stay Updated on Industry Trends
• The financial sector is constantly evolving with new regulations, technologies (like fintech), and market trends. It’s essential to keep up with continuing education and stay informed about changes in tax laws, financial regulations, and economic developments that can affect financial decision-making.
8. Network and Build Relationships
• Building strong connections in the finance industry can open doors to advanced roles. Attend industry conferences, join finance-related professional organizations (such as the Financial Management Association), and network with others in the field.
Final Advice:
• Becoming a financial manager takes time, but with the right steps and experience, it’s a rewarding career path with excellent growth potential. Focus on building a strong financial foundation early on, pursue certifications, and always look for opportunities to expand your leadership skills.
I appreciate you taking the time to answer this.
Joseph
Adaobi Ogheneovo B.SC Acct, MPA , IBM
CLIENT MANAGER
65
Answers
Saint John, New Brunswick, Canada
Updated
Adaobi’s Answer
Becoming a Financial Manager is a rewarding journey. Here's a path you might follow:
1. **Education**: Obtain a bachelor's degree in finance, accounting, business administration, or a related field.
2. **Experience**: Gain experience in entry-level finance or accounting positions. This can include roles like financial analyst, accountant, or auditor.
3. **Certifications**: Consider certifications like Chartered Financial Analyst (CFA) or Certified Public Accountant (CPA) to boost your credentials.
4. **Networking**: Connect with professionals in the field. Attend industry events, join professional organizations, and seek mentorship opportunities.
5. **Advanced Education**: An MBA or a master's degree in finance can further enhance your qualifications.
6. **Skill Development**: Develop key skills such as analytical thinking, leadership, communication, and proficiency in financial software.
Once you've built up your experience and credentials, you can apply for Financial Manager positions.
1. **Education**: Obtain a bachelor's degree in finance, accounting, business administration, or a related field.
2. **Experience**: Gain experience in entry-level finance or accounting positions. This can include roles like financial analyst, accountant, or auditor.
3. **Certifications**: Consider certifications like Chartered Financial Analyst (CFA) or Certified Public Accountant (CPA) to boost your credentials.
4. **Networking**: Connect with professionals in the field. Attend industry events, join professional organizations, and seek mentorship opportunities.
5. **Advanced Education**: An MBA or a master's degree in finance can further enhance your qualifications.
6. **Skill Development**: Develop key skills such as analytical thinking, leadership, communication, and proficiency in financial software.
Once you've built up your experience and credentials, you can apply for Financial Manager positions.
Thank you so much for the good advice you have given me! I really like how you made it into steps and showed the progression to be a financial manager!
Joseph
Joe L.
Program Manager
88
Answers
Houston, Texas
Updated
Joe’s Answer
To find a job in Financial Management post-college, here are some steps you can follow:
Tailor Your Resume and Cover Letter: Highlight relevant coursework, internships, and projects that showcase your skills in finance, accounting, and management. If you have experience with budgeting, data analysis, or financial modeling, emphasize those skills.
Leverage Networking:
Alumni Networks: Reach out to alumni from your college who are in the financial management field.
LinkedIn: Build a strong profile and connect with professionals in finance. Join finance-related groups and participate in discussions.
Career Fairs: Attend both virtual and in-person career fairs, especially those focused on finance and business.
Internships or Entry-Level Positions: Start with internships or roles like financial analyst, accounting assistant, or management trainee. Many finance graduates begin in these positions and move into financial management roles later.
Certifications: Consider pursuing certifications that can set you apart, like:
Chartered Financial Analyst (CFA): If you're interested in investment management or financial analysis.
Certified Public Accountant (CPA): If you lean toward accounting or auditing.
Certified Management Accountant (CMA): This is more targeted toward financial management and internal decision-making.
Job Search Platforms: Use platforms like:
Indeed, LinkedIn, Glassdoor: Look for financial management jobs, internships, or graduate trainee programs.
Niche Sites: Check out sites that focus on finance jobs, like eFinancialCareers or FinancialJobBank.
Prepare for Interviews:
Industry Knowledge: Stay updated on trends in finance, such as the latest regulations or technological advancements.
Technical Skills: Be ready to discuss your proficiency with financial tools like Excel, SAP, or QuickBooks.
Behavioral Questions: Prepare for questions about teamwork, leadership, and problem-solving.
Consider Graduate Programs: Some companies offer rotational programs or graduate schemes specifically designed for fresh graduates. These programs can lead to permanent positions in financial management.
Tailor Your Resume and Cover Letter: Highlight relevant coursework, internships, and projects that showcase your skills in finance, accounting, and management. If you have experience with budgeting, data analysis, or financial modeling, emphasize those skills.
Leverage Networking:
Alumni Networks: Reach out to alumni from your college who are in the financial management field.
LinkedIn: Build a strong profile and connect with professionals in finance. Join finance-related groups and participate in discussions.
Career Fairs: Attend both virtual and in-person career fairs, especially those focused on finance and business.
Internships or Entry-Level Positions: Start with internships or roles like financial analyst, accounting assistant, or management trainee. Many finance graduates begin in these positions and move into financial management roles later.
Certifications: Consider pursuing certifications that can set you apart, like:
Chartered Financial Analyst (CFA): If you're interested in investment management or financial analysis.
Certified Public Accountant (CPA): If you lean toward accounting or auditing.
Certified Management Accountant (CMA): This is more targeted toward financial management and internal decision-making.
Job Search Platforms: Use platforms like:
Indeed, LinkedIn, Glassdoor: Look for financial management jobs, internships, or graduate trainee programs.
Niche Sites: Check out sites that focus on finance jobs, like eFinancialCareers or FinancialJobBank.
Prepare for Interviews:
Industry Knowledge: Stay updated on trends in finance, such as the latest regulations or technological advancements.
Technical Skills: Be ready to discuss your proficiency with financial tools like Excel, SAP, or QuickBooks.
Behavioral Questions: Prepare for questions about teamwork, leadership, and problem-solving.
Consider Graduate Programs: Some companies offer rotational programs or graduate schemes specifically designed for fresh graduates. These programs can lead to permanent positions in financial management.
Thank you so much for the detail in your advice! Thank you for the time you have given to answer my question!
Joseph