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Almost every firm, government agency and other type of organization has one or more financial managers. Financial managers oversee the preparation of financial reports, direct investment activities and implement cash management strategies. Managers also develop strategies and implement the long-term goals of their organization.
The duties of financial managers vary with their specific titles, which include:
- controller
- treasurer
- finance officer
- credit manager
- cash manager
- risk and insurance manager
- manager of international banking
Controllers direct the preparation of financial reports, such as income statements, balance sheets and analyses of future earnings or expenses, that summarize and forecast the organization’s financial position. Treasurers and finance officers direct the organization’s budgets to meet its financial goals.
Credit managers oversee the firm’s issuance of credit, establishing credit-rating criteria, determining credit ceilings and monitoring the collections of past-due accounts. Cash managers monitor and control the flow of cash receipts and disbursements to meet the business and investment needs of the firm.
Risk and insurance managers oversee programs to minimize risks and losses that might arise from financial transactions and business operations. Managers specializing in international finance develop financial and accounting systems for the banking transactions of multinational organizations.
How long will it take?
A bachelor’s degree in finance, accounting, economics or business administration is the minimum academic preparation for financial managers. However, many employers now seek graduates with a master’s degree, preferably in business administration, economics, finance, or risk management.
At AC, you can earn the first two years of such an advanced degree.
How much can you earn?
Median annual earnings of wage and salary financial managers were $90,970 in 2006.
Where can you work?
Financial managers are hired by most government and commercial companies, so you can work just about anywhere.
AC can help you get there!
