Career in Financial Management

Function
Financial management is the process of monitoring and reporting cash flow, conducting financial assessments, and setting up efficient systems for handling funds. Most financial management jobs can be found at commercial banks, credit unions and finance companies, but they may also be in a government office, health care industry or technology. Some financial managers may work as independent contractors to offer private services and money management advice. Overall, financial managers perform tasks that are unique to their organization.

Responsibilities
Financial management officers and professionals are responsible for: determining credit ratings and credit ceilings for the organization and its partners and/or vendors; performing collections duties on past-due accounts; preparing financial statements such as balance sheets, income statements and cash flow projections; working with the accounting department to retrieve or produce various financial reports; supervising cash management activities; analyzing financial data and providing details to the board of an organization; managing insurance budgets; and overseeing all banking activities of the organization.

Education and Training
Individuals interested in pursuing a career in financial management typically need at least a bachelor's degree in business, accounting, finance or economics to obtain an entry-level position. They may develop important skills and acquire specialized knowledge on the job, and those who wish to pursue supervisory positions can complete an MBA program. Professional training programs for financial managers are also available by the American Institute of Banking, the American Bankers Association and through various employers. Financial managers may choose to specialize in a certain field such as investments or auditing, and can pursue certification in these areas.

Career Options
In addition to serving as a chief financial officer (CFO) or financial manager for an organization, individuals with a strong background in financial management can find work as accountants, auditors, budget analysts, insurance underwriters, personal financial advisers, financial services sales agents, real estate brokers, loan officers, securities agents or financial analysts. Some professionals who hold a master's degree or higher may also pursue teaching careers at a college, university or secondary school.

Employment Prospects
Job seekers in the financial industry are expected to face tough competition. Individuals who wish to pursue financial management will need several years of experience in the field, especially in highly specialized industries. Many of these professionals are paid well. Wage and salary financial managers routinely make six-figure salaries; those who work in the securities and commodity contract industry, and managers of companies and industries, make significantly more.