Career in Financial Management

A Career in Financial Management is a rewarding job option. The responsibilities of a financial manager are to provide financial advice and support to colleagues and clients to allow them to take firm business decisions. A financial manager works in public and private sectors including:

• Retailers
• NHS trusts
• Charities
• Universities
• Manufacturing companies
• Multinational corporations
• Financial institutions

Financial contemplations are purely based upon major business decisions. Clear and transparent budgetary planning is necessary for future planning, long and short term. A company ought to inform the financial institutions of any decision before implementing it.

Additionally, care should be taken to conform that financial practices are stuck to all regulations and statutory legislation. A financial manager is also known as business analyst or financial analyst.

Work Activities
A financial manager plays an important role in the process of business management. The general nature of this occupation is to deal with all the financial needs of a company. A financial manager has immense value in an organization. In larger companies, for example, the role of financial manager is concerned to the strategic analysis. In smaller organizations, a manager needs to prepare and collect accounts. These distinctive activities may include:

• Interpreting and providing financial information
• Overseeing and explaining cash flows and envisaging future trends
• Examining change and directing accordingly
• Preparing long-term business plans and building new strategies
• Investigating and informing on factors that supervises business performance
• Examining market trends and competitors
• Improving financial management apparatus that lessens financial risk
• Preparing reviews and assessing for cost-lessening opportunities
• Administrating financial accounting of a company, reporting and monitoring systems
• Communicate with auditors to make sure yearly monitoring is executed
• Improving external association with proper contacts for example solicitors, auditors, statutory organizations, bankers, etc.
• Preparing accurate financial reports for given deadlines
• Managing budgets
• Managing new sources of finance for debt facilities of a company
• Overseeing staff
• Making changes in financial legislation and regulations

Educational Qualification
Candidates aspiring to make a career in the field of financial management need to complete a bachelor's degree in accounting, finance, economics or a degree in business administration. This is the least qualification to become financial managers. Nonetheless, many companies seek students holding graduation degree.

Candidates who completed masters degree in finance, business administration or economics are preferred. Many colleges offer a program in finance management that incorporates theoretical as well as practical exercises. The course curriculum of this program facilitates learner to develop analytical skills. It also offers students ample information about financial analysis methods and technology.

It must be noted that in the field of financial management, experience may be more significant than formal education. In government and private banks, branch managers are employed based upon their experience. A branch manger in a bank is promoted based on his/her working experience. Some of the companies offer formal management training programs to their employees.

Planning and Development

• Responsible for overall management and release the business plan
• In combination with the draft and governing body manage and examine the development and business plan
• Evaluate options for coordinating activities, systems and procedures to endorse common practices and policies
• Direct the development of services to confirm the endorsement of equality of opportunities, challenging inequality are major to strategic development

Supporting the Governing Body

• Organize and attend meetings of the Govt. body
• Direct the governing body on managerial, financial, service delivery and staffing issues
• Discuss with the Govt. body on improvement against targeted goals
• Plan and prepare the annual report of the organization
• Interact with trustee board on fulfillment with all related legislations such as charity law, company law, employment, health and safety, etc
• Be in touch with the trustee board to resolve problems

Service Delivery

• Make out growth opportunities reliable with the objective of the company and the working environment
• Create an awareness of organizational and technical developments
• Ensure service operators make use of resources available to them
• Enlarge the organizational funding foundation to protect current and future service delivery
• Discuss and negotiate with funding authority and other related funding sources on current and future service release in association with operations manager
• Create good relation with funders and prepare necessary report to conform with contracts
• Make opportunities for funded growth of the service and submit applications

Staff Management

• Ensure that each service location has ample resources, enough staff and is managed properly,
• Outline of procedures and policies, volunteer, employment and internship
• Social policy and public relations
• Improve and observe publicity through effectual relations with print and electronic media and other organizations though public speaking
• Ensure all finances are appropriately monitored and administrated comprising of credit control