Career In Finance Management

As a rule, people ' even professional people ' do not make good finance managers. The ability to earn money does not equal good sense in what to do with it. This has been true since the beginning of time. The history of American business is replete with people who took faulty financial decisions and ended up in the bankruptcy court.

In such a scenario, a career in finance management can be extremely rewarding. Good finance managers are valuable assets and are in great demand.

The Potential

In the present-day scenario, one is most likely to find a career in finance management in government agency or company accounting, the insurance industry and banking. Organizations like the church as well as non-profit outfits like charities also require finance managers. However, working for the latter is probably more personally than monetarily rewarding.

One of the most lucrative areas for a finance manager is pension fund and life insurance management. Practically every American living above the official poverty line is insured and also either entitled to or saving for a pension. The amounts involved are staggering, and the slightest lack of oversight can be disastrous. A good finance manager in this field is a priceless asset, and there is no looking back for him or her. However, opportunities in this area are not as plentiful as in, say, banking.

There are also countless openings the burgeoning hospitality industry. Most smaller business entities also require finance managers. Additionally, there are various specializations available ' for instance, film stars and other prominent one-man/woman entertainment institutions require excellent financial guidance.

Among the biggest arenas for a finance manager are international and municipal finance management. Banking is considered the ideal launching pad for reaching these eventually. Though there are many graduates employed by financial institutions every year, only a certain percentage of them exhibit potential for a career in finance management. Whether or not they qualify depends on their academic qualifications.

The Prerequisites

If you are among the many graduate aiming for a career in finance management, you probably have good reasons. It means that you sense within yourself a potential for success in this field. If you have the ability to see the large picture as a matter of course, you probably DO have it in you. The successful financial manager has the gift of vision and reliable gut instincts.

  • Apart from a basic go-getter instinct, the prospective financial manager needs a love for numbers. A GCSE grade of maths is quite sufficient to star off with, though additional qualifications in mathematics can't hurt.
  • People looking for a career in finance management should not be a glamour-seeker. An effective finance manager works behind the scenes to keep the company's monetary structure intact. If he or she is successful in this, it will reflect in the employer's financial health. In fact, the only time a finance manager may find his or her name in the headlines could be in connection with a major mismanagement scandal.

These are the baseline requirements. If they are fulfilled, there is lots of work to be done before a career in finance management can become a reality.

The Footwork

Finance management is not a feasible career goal for those who are averse to extensive studying:

There are endless academic parameters to be met. Most of them are inflexible and are prescribed by entities like the American Accounting Association (AAA). The bare minimums are:

  • A Diploma in Financial Management
  • A Certified Diploma in Accounting and Finance
  • Equivalents.

Since these are postgraduate certifications, a willingness to study after college is absolutely essential. Most high-profile employers will expect to see an MBA in a prospective finance manager's CV. Probably the most preferred qualification is a combined MBA and ACCA certification.

Thanks to internet innovations, it is now possible to earn qualifications like an EFMD via e-learning. This makes it possible to qualify as a finance manager while already engaged professionally.

A fast-track career in finance management depends on sound knowledge of money trends and the investment market. In-depth knowledge of corporate systems and processes are indispensable. It is advisable to gain as much knowledge and experience in these areas by way of field work.

The road to a lucrative career in finance management is definitely a long and arduous one. But, bluntly put, there is a pot of gold at the end of this rainbow and it is well worth the journey.