Finance Director
Why Is Finance Management a Job of Tomorrow?
In every industry, whether it is a non-profit organization, school, or healthcare facility, there is a business aspect that must be attended to in order to ensure efficiency. As
a result, these industries need employees with substantial expertise in business knowledge and skills. With some of the fastest growing industries in the country, the business sector is expected to grow by 23.3 percent by 2016, adding more than 4.1 million new jobs to the market, according to the Bureau of Labor Statistics. As businesses large and small continue to grow, finance managers will be needed more than ever to advise organizations on the best investments to make, handle financial reports, and other organizational tasks. Business is becoming increasingly interconnected, especially with the rapid rate of globalization, making competent finance managers a valuable asset. Employment opportunities for finance managers are expected to increase 13 percent by 2016, according to the Bureau of Labor Statistics. Finance managers make an average salary of $90,970 annually.
What Does a Finance Manager Do?
Finance managers are responsible for preparing financial reports, managing investments, and handling other financial duties that most businesses must tackle. Specific duties of finance managers vary with their titles. For example, controllers work primarily with financial reports and prepare income statements, balance sheets, and summaries of the organization’s past activity as well as a projection of its future activities and trends. Finance officers handle the organization’s budget, ensuring that the organization does not overspend to reach its goals. Credit managers are responsible for the credit side of the business, establishing credit ceilings and supervising past-due account statuses. In any field, finance managers can be entrusted with handling lending, trusts, mortgages, and investments, all of which must be handled with the client in mind and under strict federal and state guidelines. Those who work in a financial institution, such as a bank, are also responsible for approving loans, hiring new personnel, helping customers with account problems, and attracting business by networking.
What Kind of Training Do I Need to Become a Finance Manager?
Finance managers must have at least a bachelor’s degree in finance, accounting, economics, or business administration, though many employers are now seeking those with a master’s degree or certification in addition to a bachelor’s degree. A bachelor’s degree takes four years to earn, and a master’s degree takes an additional two to three years to earn after obtaining a bachelor’s degree. Courses include classes in economics, risk management, and other related topics. Managers may also seek certification to improve their marketability. Some certification prerequisites include a minimum of two years of professional working experience, but the requirements for certification depend on the specific type of certification sought.
