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After buying a used car for $500, you have $230 left over.
Will you use the $230 to buy a whole new set of tires?
Photo by Benjamin Brunner on UnsplashJust like your decision to buy a whole new set of tires, private and public companies must also make similar decisions on how they spend their money.
This is where a financial manager comes in. If you're good at making financial decisions, this career might be right for you!
Did you know?
The author of this Byte has experience in the financial industry.
What Does A Financial Manager Do?
A financial manager oversees the company's finances.
If the company sets a goal, it is the financial manager's job to make sure that there is enough money to achieve that goal.
As a financial manager, you're expected to:
Discover ways to reduce costs across the company.
Identify opportunities for expansion.
Prepare monthly and quarterly financial statements and business reports.
Perform forecasts for a company's different brands.
Quiz
What will you do as a financial manager? Select all that apply:
As a financial manager, you'll need to study market trends to identify expansion opportunities. You'll also need to evaluate a brand's value to determine whether the company will continue to offer a product or service. When preparing monthly and quarterly statements, you'll need to ensure that such reports comply with regulations.
Where Can You Work?
As a financial manager, you may find work at...
Large and small businesses such as IT companies, retail businesses, and manufacturing companies.
Non-profit organizations such as charities.
Government authorities such as central banks and health authorities.
What Kind Of Experience Will You Need?
There may be many steps that you will need to take — depending on the region and type of organization. But, all finance managers must have...
A bachelor's degree in:
Business Administration
Economics
Commerce
Related fields (Finance, Accounting)
At least five years ofexperience in a finance or accounting role such as:
Loan officer
Accountant
Securities sales agent
Did you know?
Earning a certification or post-graduate degree in a specialty area of finance can give you an advantage over other job candidates!
You'll Love The Job, If You...
Like to actively learn new things related to the field.
Can handle the stress that comes with competition and demanding work.
Are very organized.
Look For Another Job, If You...
Want to express yourself creatively. A financial manager's tasks can become repetitive.
Want a flexible work schedule, that goes beyond the typical 9-5 hours.
Struggle to make tough decisions.
Did you know?
Although a financial manager typically works 40 hours a week, you will sometimes work outside office hours.
Take Action
If you think that a job as a financial manager is still right for you..
This Byte has been authored by
Erica Shum
Primary/Junior Teacher
OCT, M.Ed, B.Ed, B.Com