Role of Financial Manager in the Business World

You may have heard of financial managers. But in the true sense, do you know what they are actually doing or what they are really capable of? First of all, financial managers supervise the finances of agencies, major companies, and everything in between. They coordinate procedures and accounting financial reports, profit projections, and cash-flow statements with their teams.

The Life of a Financial Manager

Financial managers need to pay attention to detail to meet regulations and laws. In addition to working with numbers, financial managers assist other members of their organization understand the complex reports they have submitted better, which demands great communication skills. Aside from being good at managing money, these professionals are also good at checking indicators. That is why some of their clients are assigning them to check MT4 indicators and see where the market trend would go.

Believe it or not, financial managers face fierce competition in the job market. Those capable of handling international finance alongside the ever-growing complexity of financial securities and instruments, including derivatives, would be more marketable among employers.

As a matter of fact, the Bureau of labor Statistics projected a 16 percent growth in employment for financial managers between 2018 and 2028. In such time, there’s an estimated of 104,700 jobs that would be created.

How much do Financial Managers make per Annum?

Knowing that financial managers are highly sought-after by major companies and organizations, many of you would assume they have high compensation. The lowest-paid financial managers make $91,420 a year, while the highest generate $ 178,840 a year, and those in the median range are $127,990 per annum.

Becoming a Financial Manager

In most cases, financial managers start by securing a bachelor’s degree in any of the following:

  • Accounting
  • Economics
  • Finance or
  • Business administration

Some pursue a master’s degree and continue acquiring financial management training on and off the job. In this field, it is very common to be licensed and certified. This is because many of the financial managers are assigned to oversee other financial-related tasks.

It is common to see financial managers starting in entry-level positions at known banks or any large organizations. Those who have shown exceptional performance typically move up to the corporate ladder and become managers, and they take on more financial oversight duties and responsibilities.