At present, nearly all government or private sector organizations have at least one financial manager to guide investment activities, manage the ground work of financial risk management reports and develop and carry out cash-management schemes.
These days, every organisation, regardless of their size needs to have someone adept in the field of finance as this is the key to the long term success of the organisation. Without accurate forecasting, cash flow and balancing capabilities, most SMB and even larger organizations would be running blind.
Although, the responsibilities of a financial manager vary according to the scope and operations of the organizations as well as according to the actual position held by the manager, but majority of the work includes preparing reports that are generally requires by regulatory authorities. Another important aspect is management the preparation of financial reports, such as balance sheets, income statements and analyses of future earnings or expenditures. All these describe and determine the organization's financial position. In many firms, financial managers are key personnel who administer the accounting and budgeting departments.
Financial managers also called as financial consultants or personal financial advisors use their knowledge of investments, tax laws, insurance and real estate to recommend financial options to individuals based on their short-term and long-term goals. Considering the work responsibilities and expectations of employers, almost all companies look for a skillful individual who can direct their business and maintain it on the right path. Hence, to compete with ever changing requirements of employers it appears that finance based individuals must attain a degree on financial risk management.
Typically, a career in financial management needs at least a masters level qualification and a current financial risk management course would typically include fundamentals of business law, accounting, management principles, e-commerce financials, ethics, taw laws and other related topics. Programs such as a Finance MBA help students learn the skills of focussing on different aspects of business like systems integration from a financial perspective, business strategy implementation, e-commerce capabilities, technology consulting and even HR.
Since finance managers can be found in every organisation, with a masters degree an individual would have better opportunities for a promotion and advancement in their career. As the demands for finance based individuals increases the career aspects appear even more brighter.
Statistically, the BLS (Bureau of Labour Statistics) states that employment opportunities / need of accountants is expected to grow 10% through 2026, furthermore the current median annual pay for an accountant or an auditor is US$ 69,350 but at the entry levels is much much less. (https://www.bls.gov/ooh/business-and-financial/home.htm)
However, the median annual pay for financial advisors (corporate or personal) is US$ 90,650, and with the regulatory reforms along with the expansion and globalisation of every economy worldwide the need for financial expertise is on the rise and so also financial advisors, implying only an upward trend in all aspects for these individuals.
Here's how you get ahead of the game and equip yourself with all the skills required for someone who is adept in every single financial aspect of business finance and personal finance.