What Is a Financial Manager?
In charge of a business or organization’s financial health, a financial manager oversees financial reports, strategies for financial goals and direct investment activities. While the profession is changing due to technological advances, financial managers may conduct more data analysis and develop methods to maximize profits. A financial manager may carry the title of controller, treasurer, credit manager, cash manager, risk manager or insurance manager.
What Does a Financial Manager Do?
Financial managers are responsible for a company’s financial aspects. They produce financial statements, forecasts and business activity reports, and they examine reports to determine ways to reduce costs and maximize profits. A financial manager may also oversee other financial staff.
As technology advances, the role of a financial manager is changing. Financial managers may serve as business advisers and perform more data analysis. Additionally, their duties may vary depending on the industry in which they work. They demonstrate comprehension in budgeting processes and tax laws.
Typically, financial managers work full time and collaborate closely with other top executives and departments within their organization.
How Much Do Financial Managers Earn?
Financial managers earned a median annual salary of $127,990 as of May 2018, according to the Bureau of Labor Statistics. Salaries vary depending on the industry in which a financial manager is employed. Financial managers made a median salary of $151,610 in the professional, scientific and technical services industry, and those in government earned $112,830. The BLS predicts that employment for financial managers will increase 19 percent through 2026.
How Do I Become a Financial Manager?
Generally, a bachelor’s degree in an area such as finance, business administration or accounting is required for becoming a financial manager. However, a master’s degree in a related area is sometimes preferred by employers. Certifications are typically not required for the career, but candidates may opt to earn certifications to demonstrate their abilities and knowledge.
Through the online Bachelor of Science in Business Management from Alvernia University, you’ll explore topics such as management techniques, financial markets and modern developments in business. Accredited by the Accreditation Council for Business Schools and Programs (ACBSP), the program offers a convenient online format that provides you with the flexibility to study at a place and time of your choosing.