Have you heard of Financial Managers? Managing your finances especially when you start to earn and have your own money is a pretty difficult thing to do, but if you are someone who loves to handle the finances of their family members and friends then let me tell you, there is a very interesting career opportunity lying ahead of you. The Financial Manager is one such job role for which you can think of studying further. Financial Managers are quite in demand with the rapid demand of managing high volumes of money people are making. Financial Manager positions are often considered very reputable. This blog is your source of information about the process of becoming a financial manager!
|Eligibility||For Undergraduate course: 10+2 ( with minimum 75%)For Postgraduate specialization: Bachelors’ degree in accounting, finance, etc.|
|Average Fee||INR 35.28 Lakhs per year|
|Average Salary||INR 50.55 Lakhs per Year|
This Blog Includes:
- What Does a Financial Manager do?
- Skills Required to Become a Financial Manager
- Steps to Become a Financial Manager:
- Top Universities for Becoming a Financial Manager
- Popular Courses
- Admission Process
- Employment prospects
- Average Salary of a Financial Manager
- Best Countries for Financial Managers
What Does a Financial Manager do?
A financial manager is the one who maintains the financial health of an organization, plans strategies and tactics for long-term financial goals, generates financial information, and directs outlay activities. There are different types of financial managers, such as insurance managers, chief financial officers, cash managers, treasure and finance officers, controllers, credit managers, and risk managers.
Skills Required to Become a Financial Manager
Some of the essential skills required to become a Financial Manager are:
- Mathematical ability: Financial managers must be an expert in math, including algebra. An understanding of international finance and multifaceted financial documents also is essential.
- Organizational ability: financial managers deal with a variety of information and documents; they must stay prearranged to do their jobs successfully.
- Analytical ability: Financial managers are backing up executives in making decisions that influence their organization, a task that requires analytical aptitude.
- Communication ability: For a Financial Manager, outstanding communication skills are necessary because financial managers must give details and validate complex financial transactions.
- Detail-oriented: Financial Managers must be accurate in planning and analyzing reports such as balance sheets and income statements, in order to stay away from errors in their work.
Steps to Become a Financial Manager:
1. Procure a secondary school confirmation
A secondary school recognition or identical is the initial move toward turning into a monetary administrator. Since most managers require at least a four-year certification in a connected field, consider finishing business and financial matters courses, as well as differing math classes so you can begin your insight into the business preceding school. You may likewise have the chance to join vested parties in school, which can set you up for work you complete in a school significant program.
2. Procure a four-year college education or higher
Investigate your certificate choices at the school or college fitting your personal preference, and consider picking to study finance, bookkeeping, business organization, financial matters, or a connected degree way. Its reasonable bosses will require one of these degrees for work as a monetary supervisor. Whenever you share your schooling on your resume, consider including probably the most applicable courses for the job, which might incorporate protections, monetary preparation, microeconomics, and general business.
You may likewise select to get your graduate degree in one of these fields, which can cause you to feel more prepared for your picked vocation and put you aside from different up-and-comers by engaging employing chiefs. By acquiring a graduate degree, you’re displaying your high-level information and capability in the significant subjects for the business. Normal courses for expert projects in a money-related field incorporate monetary displaying, worldwide business sectors, monetary hypothesis, and money standards.
3. Acquire insight in the field
One more urgent advance to turning into a Financial Manager is to acquire significant work insight. While running after turning into a monetary administrator, you can start by working in finance at a business, regardless of whether you fill in as a bank employee or are a piece of your organization’s records receivable group. You can even think about working in protection deals, as a guarantor or in the place of credit official, spending plan examiner, or individual monetary counsel.
Related experience not just sets you up for the job you need to work in, yet it additionally assists you with meeting the prerequisites for accreditation. Experience additionally opens you to experts in the business who can fill in as your aide, addressing questions and giving exhortation, and who might have the option to give you knowledge into the business and compose your proposal letters.
4. Complete a confirmation program
While the businesses you apply with may not need that you hold any affirmations, you might see this capability under their favoured rundown of up-and-comer experience. Certificates are really smart to ensure recruiting administrators realize you have the skill to be effective in the job.
Top Universities for Becoming a Financial Manager
Some of the top universities across the world that offer Finacial Management courses are:
- Cleveland State University, USA
- University of Waterloo, Ontario Canada
- Keele University, UK
- National University, USA
- Northeastern University, USA
- Pace University, USA
- CBS International Business School, Germany
- Haaga-Helia University of Applied Sciences, Finland
- Southeast Missouri State University, USA
- University Canada West, Canada
- University of Applied Sciences Upper Austria
- Cardiff Metropolitan University, UK
- University Of Missouri, USA
- University of Kent, UK
- University of Nottingham, UK
- University of Nevada, Las Vegas, USA
If you are looking for a degree in Financial Management here are some of the courses that are offered:
|Bachelor’s degree||Master’s degree||Doctorate degree|
|Economics and Financial Management – BA||Accounting and Financial Management – MSc||Doctor of Philosophy (PhD) in Financial Management|
|Business Economics and Management: Financial Management and Accounting – BSc||Accounting and Financial Management – MPhil||Doctorate in Finance|
|Accounting, Controlling and Financial Management – BA||Financial Management – MBA||PhD in Financial Management|
|Accounting: Public/Financial Management – BB||Business: Financial Management – MBus||Accounting and Financial Management – PhD|
|Financial Management – BA (Hons)||Business Administration: Financial Management – MBA||PhD in Finance and Banking|
The specifications might vary from one University to the other, students must checklist the following common steps to apply to a Financial Management course:
Step-1: Shortlist a University
When planning to apply to a foreign university for a Financial Management course, the first step is to select a suitable University, depending on the specializations offered and the availability of supervisors in the proposed research area. Also, students must ensure that they meet the eligibility requirements set by the University that they are applying to.
Step-2: Gather the Documents Required
Once you have shortlisted a University, the next step is to compile all the documents. This will include test scores, SOP, Letters of Recommendation, and more.
Step-3: Get Started with Your Online Application
After compiling the necessary documents, students can begin their online applications by filling in the required details including Personal, Academic, and Professional background.
In top-tier companies, the role of a financial manager is mainly focused on strategic analysis whereas, in organizations with a smaller staff, a financial manager might also work as an organizer with job responsibilities as training of financial reports, income reports, balance sheets, and analysis of current and future costs and revenues. Additionally, the Financial manager job outline may also comprise the responsibility of compilation and research of accounts. Some of the top positions that a Financial Manager can hold are:
- Insurance sales agents
- Loan officers
- Budget Analyst
- Accountants and Auditors
Average Salary of a Financial Manager
The salary of a financial manager depends upon the kind of organization, financial activity, and job location of the organization. It also depends on the personal skills of an individual as it is a presentation-oriented field of business administration. However, the average salary of an entry-level finance manager in India is around INR 9,95,539 per year, but for the experienced and successful Financial Manager, there is no higher limit of the pay package.
Best Countries for Financial Managers
|United States||INR 1.11 crores per year|
|United Kingdom||INR 56.5 lakhs per year|
|Canada||INR 79.8 lakhs per year|
|India||INR 9.9 lakhs per year|
|Australia||INR 86.54 lakhs per year|
|Austria||INR 53 lakhs per year|
|Finland||INR 53.88 lakhs per year|
It takes 3-years to complete your bachelor’s degree in finance and you can start working as a finance manager. However, most companies prefer to hire finance managers with master’s degrees.
As an entry-level Finance manager, you can make around INR 10-12 lakhs per year which is a pretty decent amount, and as your expertise increases in the field, you can surely make a good amount of money.
If you are aspiring to be a Financial Manager and want to study at a premium University abroad you can reach out to our Leverage Edu experts and they will assist you in finding a suitable course and university for Financial Management that can provide you with the necessary knowledge and skills to kickstart a successful career in this field! Just call 1800572000 and sign up for an e-meeting today!