What careers are there in financial management?
Although focused on funds, the field of financial management is a broad one with many different avenues of careers.
As a financial manager, the job path you will travel looks different to each professional. You might even find the career you choose takes you in an unexpected direction within the field. Financial management has a focus on the financial condition of a company or client, and tends to the economic ecosystem more so than a general business management role.
There has also been a shift in financial management to see a computer science aspect as technology has developed. With software which has been created to help with the production of financial reports and data compilation, there is more time to develop future strategies and spend resources on researching ways to make and save money efficiently.
Careers in financial management
Cash manager – Cash management refers to quite a general position in finance. The career includes collecting, handling, and using cash, as well as more specialised responsibilities such as analysing market liquidity, company cash flow, and investment opportunities.
Branch manager – The role of a branch manager usually focuses on heading up members in a team, and could place you in charge of an office or a bank. All branch managers are responsible for the operations within the branch. This includes the hiring or letting-go of employees, approval of loans, marketing and relations with stakeholders and clients. This role is well-suited to professionals who are interested in finance, but are also people-oriented.
Director – Directors and managing directors of a company are responsible for corporate finance, and not individual clients. In this position, there is a heavy focus on developing and maintaining business relationships on behalf of the company.
Financial controllers – Financial controllers are in charge of different stages of financial reporting, including preparation, review and evaluating. Professionals in this position are also responsible for the accounting, auditing and budgeting of a company, and often have to keep their reports to a certain standard for regulatory figures.
Risk manager – Risk control is a fundamental component of financial management. The risk manager is employed to mitigate risk in the company, in terms of fraud and security, through close financial scrutiny and finding the right insurance for the business. The risk manager should also be able to limit the losses of the company, so any money going out is necessary for profit.
Treasurer – Treasurers in a company are involved in the management of investment of company assets, controlling cash management and overseeing strategies, to raise more funds for the business in order to grow the company.
What are the duties of a financial manager?
The specific duties in financial management depend on the career chosen by the professional. However, there are general responsibilities all financial managers will undertake:
Preparation of statements – The financial manager should be able to draw up necessary financial statements and any business activity related to the movement of funds. They should also know how to forecast using the company’s past and present financial state.
Constant evaluation of financial records – Monitoring the performance gives a good indication of how the company is doing. It’s imperative for a financial manager to keep an eye on all financial activity in order to compare the past, to the present movements. If there is a negative trajectory, it might mean something is wrong and needs to be sorted out.
Supervision of staff – In the case of a company, financial management is not a one-time job and requires a team. The individual heading up the team, for example, the branch manager, is responsible for both the activity in the department as well as their staff.
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