Several industries are emerging and all off them aim to get a better profit. It’s therefore important to say that these businesses need proper managements if their main agenda is to be fulfilled. Not everyone can take care of the managerial position that is why there are employees who work together to ensure that the missions and visions of any organizations are archived. With the need to control the financial records and assets of the company, Financial Manager/Analyst takes priority in these organization. Because it’s the best career, we shall major on the Highest Paying Occupations review.
What is Financial Manager/Analyst?
Highest Paying Careers require a dedicated individual to retain the position. Being in a Financial Manager/Analyst position is very delicate and one needs to posse more than just educational qualification. The financial manager deals with controlling, directing and organizing all the commercial activities taking place within an organization. It deals with the analysis of all the financial achievements of an organization and making a proper managerial decision on activities to come. These may include controllers, credit managers, risk managers, cash managers, credit manager and insurance managers.
How to Become a Financial Manager/Analyst
In this section, our focus will be on what you need to archive for you to become a fully certified financial analyst. It will cut across academic qualification, personal skills, required experiences, certification and anything that pertain to the career.
- Academic Qualification
The minimum requirement of anyone aspiring to become a financial manager should be a Bachelor’s Degree in Accounting, Business Administration, Economics or Finance. Many institutions in and out of the country offer these courses. This implies that you have to do well in your degree program if you want to be competitive in the field. To study master’s in business administration or any other field related to finance will give you an added advantage. Master’s program enables you to learn more about methods and software used for financial analysis and improve your analytical skills.
- Certification, Licensing and Registration
This may not be necessary but you need to know that organizations do not like to take risks. They prefer an individual who has been licensed. They view it as a sign of competence and dedication. American Institute of Certified Public Accountants mainly is the body that administers Certified public accountants. With a CPA certification, you are ready to go. You can also opt for the Chartered Financial Analyst certification. You have to pass 3 exams and have at least working experience of 4 years for you to be certified by CFA.
- Working Experience Required
You may be wondering where you will get the experience if you have never been employed as a financial manager. Those who have worked as accountants, financial analysis, loan officers or security sales agents can include the duration they worked as the year of experience. Some organizations are more sensitive and they prefer training their financial workers to motivate them to the post of financial manager/analyst.
- Personal Skills or Qualities
Analytical skills. The major decision you will be making as a financial manager have a greater impact on the success or failure of the business. You must be more accurate and capable of using the data to analyze the possible adjustments that need to be made.
Communication skills. All the financial transaction that takes place in the organization should be well understood. This means you will be able to explain these figures and records to the managerial team to make them understands the complex parts.
Detail-oriented. Every key information in the financial record must be treated with accuracy. You must be able to record every detail without ignoring even the decimals. This can protect you from making errors that you may be answerable to when called upon.
Math skills. You can never become a complete financial manager if you do not have math skills. These skills can help you to handle the most complicated equations, especially when making procurement.
- They develop financial models that are used for planning, forecasting and evaluation
- Maintain clear incoming and outgoing transaction records
- Make reports and present recommendation to the managing directors and executives
- Help in the expenditure planning process and capital budgeting
- Improve financial performance by analyzing financial result, trends, variance and forecast
- They do market research to better the performance of the organization
What Are the Advantages of Being a Financial Manager/Analyst?
Good Salary. Comparing all the other career, the financial manager is so far the highest paying careers. when you consider it in terms of percentage, you will discover that it’s among the top 25% highest paying careers.
Improves Social Relation. Working as a financial manager will call for effective communication between junior employees and other stats within your department. Every time you will need to reconcile the data so you must interact with other workers. These interaction process will improve the relationship between you the coworkers.
Good for Indoor Working. Some people do not like spending there working days working in the field. There are sorts of challenges relating to filed work. So, if you practically love working indoors, you will find it very interesting to serve an organization as a financial manager/ analyst.
Require your Mental Skills. Some people prefer doing physical work. Some prefer doing mental work. Financial manager in most cases is required to use their mental thinking to come up with a better conclusion.
These careers are considered as one of the complex options to choose from. To be able to successfully undertake the roles of a financial manager, you will be required to learn very complicated concepts that you may not even understand perfectly. During the analysis stage, you will also have to gather so much data before you can conclude. These processes are tedious and you may feel weary.
- Causes Stress
Accuracy and time are the major difficulties involved in financial careers. Your superiors may pressurize you as they need to use the data. You may also end up making errors in your records. If anything goes wrong during this process, you may be blamed. At times actions may be taken against you. this can cause stress which can deteriorate your health.
- Time Consuming
Sometimes it’s a good idea to work hard to help the organization archive its goal. But how much time will you get to spend with your family? In some situations, the financial manager has to do the work at home. As we said, the analysis part is very complex and you may need enough space to do it correctly.
The Bottom Line
The main reason why being a financial manager is rewarding is because many companies out there need your service. With the required qualification, you will be competent and you will never miss these opportunities. you can also check on other Highest Paying Occupations reviews to learn more about a career opportunity that offers the best salaries.