MBA finance work is carried out by finance managers and their main goal is to formulate financial plans and strategies for the organizations. Financial manager also oversee various investment plans undertaken by the company. They have to execute the financial plans, which are formulated by them in coordination with the CEO of a company.
A finance manager plays an important role in the overall management of an organization as they plan long term financial goals for the company. Most financial managers report to senior managers, while some of them directly report to the Chief Financial Officer (CFO) of the company. They usually have a team of finance associates working under them. They are employed by large corporate organizations, governmental institutions, banks and other financial centers. In some rare cases, they may be employed on a temporary basis in order to stabilize the financial condition of a company.
MBA Finance Work Description
Managing direct investments, creating and reviewing financial reports and devising new finance strategies are the chief job functions of a finance manager. Besides this, they also control the flow of cash, manage budget allocations, prepare profit and growth charts, and analyzing future growth prospects. They may have to submit financial reports to auditory boards for reviewing purposes. Finance managers have to supervise the accounting and finance departments and ensure accurate reporting by all teams. They may also have to assess performance of their team members on a periodic basis and give appropriate feedback whenever deemed necessary.
Educational Requirements
A post graduate degree in business administration with specialization in finance is essential for any individual aspiring to work as a finance manager. Additional subjects such as economics and accounting should also be pursued in the post graduation program. Certification courses in additional subjects that are related to the field of finance can help in giving a boost to a candidate's profile. There are specific institutions, which offer these certification programs.
Skills
A finance manager must possess excellent analytical and interpersonal skills. Some organizations value past experience in the field over educational qualifications. They need to stay updated on the latest changes in the financial world and any new laws and regulations that are passed, which can impact the overall financial structure of the industry they are working in. They need to possess good written and oral communication skills as a major part of their work involves direct communication with other department heads and senior management executives.
Working Environment
Finance managers work in a well lit office environment for most part of their jobs. They may either have separate cabins or their own comfortable offices. However, on the mental and psychological side of things, they work under a lot of stress in order to meet deadlines and targets within a given time frame. They usually work for around 40 hours in a week, however occasionally, they may have to work overtime as per the requirements of the company.
Career Advancement
Based on their experience as a finance manager and skilled expertise in the field, they may be promoted to the role of a senior finance manager. In some organizations, where the hierarchical structure does not include senior managerial positions, an exceptionally well performing finance manager may get promoted to the role of a chief financial officer if there is requirement for the post.
Salary
On an average, finance mangers earn anywhere between $75,000 and $135,000. These figures may vary as per the experience and skills of an individual person and also the company and type of industry in which he/she is working. Those working in senior managerial positions earn considerably higher than other managers. They can also avail additional benefits such as pension plans, health insurance plans and paid leaves.
MBA finance work involves taking important financial decisions on behalf of the company you are working for. For those who are aspiring to pursue their careers in this line of work, it is a lucrative career option.