Business professionals who have management jobs in finance help companies to increase their fiscal assets through successful investment strategies and optimize their current funds by employing risk management techniques. Through the efforts of financial managers, the organizations for whom they work should be financially healthy enough to achieve their strategic goals. Reaching management level within the field of finance takes excellent academic preparation, a series of challenging employment opportunities and a commitment to successful job performance throughout one’s career. Here are several examples of finance management jobs as well as the education, training and skills required for one to perform them successfully.
Credit Managers
Credit managers conduct a form of risk management for banks and other lending institutions by assessing the creditworthiness of business and consumer clients. Credit managers oversee the activities of financial and credit analysts who process loan applications, evaluate clients’ financial information and credit histories. The credit manager approves or rejects loan applications, sets the terms and conditions of approved loans and initiates actions for loans that are in default. Credit managers have strong math and analytical skills, and they usually have at least an undergraduate degree in finance, accounting, economics or business administration. They gain professional development resources and networking opportunities through associations like the National Association of Credit Management.
Controller
Accounting is known as the language of business, and senior level finance professionals who are fluent in accounting standards for reporting and regulatory finance often hold the job of controller. Although the position is mainly held by business professionals with an academic and employment background in accounting, some controllers have earned finance degrees and have held a wide array of positions in both disciplines. The controller oversees the accountants who are responsible for financial reporting, payroll processing for companies, accomplishing tax returns and conducting internal audits. Besides the extensive knowledge of standard accounting practices and the ability to manage people, controllers also must collaborate with other finance professionals to accomplish operational tasks relating to financial risk management, establishing customer credit limits and budgeting. Controllers usually report directly to corporate Chief Financial Officers (CFOs).
Cash Managers
Without adequate cash flow a business can risk insolvency, and cash managers monitor the flow of a company’s cash to mitigate that risk. A cash manager also creates cash management strategies that allow a company to reduce the amount of cash in its accounts receivable category and lengthen the amount of time between disbursement of funds within accounts payable. This allows the company to have access to more cash for a longer period of time to support its operations or participate in investment activities that translate into a competitive advantage. Cash managers must use data modeling, quantitative analysis and extensive organizational skills to monitor a company’s cash flow and manage its cash flow procedures. They also manage subordinates who conduct most of the administrative purchase order and invoicing paperwork, and they collaborate with other financial managers to implement cash management strategies at the enterprise level. The undergraduate academic backgrounds of cash managers usually include majors in accounting, finance or business administration, and many seek to set themselves apart from their peers with advanced degrees in finance or accounting.
Related Resource: Financial Planner
Conclusion
All of these positions fall under the category of financial managers within the Bureau of Labor Statistics surveys, and financial managers earned median annual salaries of $109,740 during 2012. The projected job growth rate for financial managers is also as fast as the average for all jobs surveyed. These statistics indicate that some financial professionals will have continued employment opportunities to develop and build their skills. Most aspiring finance professionals have career goals that lead to senior finance positions at corporations or at their own businesses. Holding one of the listed management jobs in finance can provide those individuals with the necessary experience to keep their career goals of becoming corporate CFOs in plain sight.
