Today individuals, government agencies, small and big organizations need financial management experts to plan and address their financial needs. An individual many need financial planning: to buy a car, to educate his child, to buy a house, for his child's marriage, invest his surplus in securities, for retirement, planning etc. Coming to organizations they need money to invest in various organizational functions at right time or else running an organization is not possible and it would show impact in their revenues. Therefore, this would the best career to choose from. Banking and Financial sectors have seen a dramatic changes pertaining to global meltdown. Soured up regulatory pressures and restructuring of banks, made business enterprises to make thorough analysis and risk free management of their financial assets. In response to change in financial trends, Financial management has become a lucrative career with excellent future and came up with agile and competent all time banking and financial solutions, to meet current business needs in order to out beat the competition and achieve future growth.
- Financial management careers are helpful in transforming business processes with strategic and integrated core technological solutions. Financial management applications have specific functionality and address all banking and financial challenges, and totally reduces financial risks, security risks, and deal with regulatory impediments. Financial planning is the key for good financial management. Financial management and planning requires high-level analytical skills, mathematical financial computing skills,business intelligence, and informatics on various financial products; portfolio management principles; economic cycles and their implications on financial markets. Strong communication & interpersonal skills, listening skills are must to deal with the clients and clarify their queries. As most of the clients are non-technical people, you should be in a position to explain crucial financial concepts and strategies in simple and easy to understand way.
- Financial servicesincludes the areas like Banking and Financials, Asset and Risk management, Retail and Internet Banking, Capital Markets, Regulatory Compliances and Systems & process management. Financial analysts collect historical data and use it in decision-making, development of the business, strategic planning, and alliance management. This financial managers help to shapeup the company's investments thus help in business growth. Considering the financial reports presented by the financial analysts or managers help the company to work efficiently and increase the company's revenues on investments. Financial analysts play key role in mergers and global financing and expansion. To pursue career in financial management, one should at least complete bachelors in Finance, Accounting, Economics or Masters in business administration will be of additional advantage. These degrees provide the candidates depth and insight into latest financial methods. Generally, in banks, many employees do not have these basic degrees but they rise through levels as they gain experience. Therefore, the banks have to provide essential training required. In recent days, generally financial managers enroll themselves in their company's management training programs in order to move into the field and constantly be aware of the changing financial parameters. Few companies encourage their employees to attend various training programs.
- Financial management associations regularly have a symbiotic association with colleges and universities to sponsor local and national training programs. Few organizations sponsor training programs for their employees to stay current and upgrade themselves through out their careers with the complex and dynamic changes in financial management. These trainings and conferences keep the financial managers professionally strong add up to their ability, experience, and leadership. Few professional certifications are also available to increase the competence and lay emphasis on their skill of the financial professionals. Investment professionals with a bachelor's degree, passing marks on three sequential examinations and requisite experience can earn the designation of Chartered Financial Analyst from the Association for Investment Management and Research. The Association for Financial Professionals (AFP) awards an accreditation of Certified Cash Manager to financial workers with at least 2 years of relevant experience who pass a computer-based exam. Members of the Institute of Management Accountants can receive the designation of Certified in Financial Management if they have a bachelor's degree, have at least 2 years of work experience, pass the institute?s four-part examination, and complete ongoing education requirements.
- Financial managers concentrating in accounting may also become a Certified Public Accountant (CPA) or a Certified Management Accountant (CMA). The FY2012 shows that the career of financial managers would grow steadily, and there would be many job openings, but the job aspirants would be higher than the job openings. Employers would scrutinize good employees with expertise in finance or masters, strong computer skills, must be familiar international finance. It has been noticed that those with a background in accountancy, law, insurance, investments, finance, or taxation stand a better chance at being successful financial planners. The job growth strategies of financial managers is directly proportional to the economy i.e. as the economy grows the financial management would catch up acceleration and drop in economy due to mergers acquisitions, and short time downturn would cause retardation. The pay package of financial managers depends on factors like educational qualification, experience, and expertise. However, the average salary of financial managers in India would be 25,000 -35,000 Rupees. However, there is no fixed upper limit for the pay; it may increase according to the talent, economy etc.
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