How to become a financial manager?

Finance plays a crucial role in any organization. It is integral to the long-term sustenance of the company. A financial manager is responsible for ensuring that the company’s financial health is stable at all times. He/she offers advice to the senior management on generating more revenue, making informed investment decisions, and working toward financial stability. They make use of tools such as financial forecasting, data analysis, profit and loss analysis, and ratio analysis to get a better understanding of the efficiency of the company. They also help determine potential opportunities for improvement and maximize profits for the company. This blog entails comprehensive details on how to become a financial manager in India.

You might like to read: Can I do an MBA in finance without a bachelor’s in commerce/commerce background? 

Understanding the Role of a Financial Manager

As stated above, financial managers are overall responsible for the financial health of an organization. They work toward the overall financial sustenance of the company in the long term. Some of the key roles they plan in the organization are:

• Financial analysis: They collect data and analyze it to identify the risks involved and the prospective improvement areas for the company. 
• Legal compliance: They ensure that the company’s working is per legal regulations on reporting and filing of income tax.
• Investment decisions: They assist the management in making informed decisions on payroll deposits and investments.
• Suggesting improvements: They are always on the lookout for introducing and implementing changes to policies, procedures, and systems to further enhance accounting practices in the company.
• Financial planning: They formulate short- and long-term plans to manage the overall financial expenses for various departments in the company.

To be successful in this role, a financial manager is required to possess the following skills:

• Analyzing and interpreting financial data
• Communicate all financial goals and plans to achieve them to all concerned stakeholders in the organization
• Ability to solve problems during crises and come up with innovative solutions for the overall good of the company

Also, learn more about the skills you need to land high-paying jobs in the BFSI sector

Educational Pathways

The first step to assuming the role of a financial manager is pursuing the relevant undergraduate and advanced degrees, such as the ones listed below:

• Bachelor’s or undergraduate degree in finance, accounting, and business administration. These include a Bachelor’s in Finance, a Bachelor’s in Accounting, and a Bachelor of Business Administration or BBA.
• Master’s or postgraduate degrees in the relevant domains, such as Master of Business Administration or MBA, and Master of Commerce or MCom
• Professional certifications and courses such as Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA)    

Gaining Relevant Experience

Among the other popular strategies to become a financial manager is gaining relevant professional experience that helps earn practical hands-on knowledge in the domain. You may apply for some of the following roles depending on your qualifications:

• Entry-level positions such as financial analyst and accountant
• Mid-level positions like accounting manager and senior financial analyst

Look for on-the-job training and professional development opportunities such as internships that allow you to gain the required practical experience in your domain of interest. 

Learn more about how to become a financial manager

Developing Essential Skills

It is important to keep upgrading yourself with financial manager skills to progress in your career path. Some of the key skills required are:

• Analytical and critical thinking skills: They are particularly useful for interpreting large sets of complex data and understanding unpredictable changes in finance and stock markets. 
• Effective communication skills: You should be able to understand complex financial reports, and interpret and communicate them in a simplified manner to the team.
• Technical skills: Proficiency in financial software such as Oracle, SAP, QuickBooks, and Excel can be helpful in understanding and executing complex financial data and information with ease.

Networking and Professional Organizations

Networking in the finance industry offers a host of advantages. Interacting with notable experts in the industry helps expand your knowledge base and can pave the way for career progression in the future. Additionally, earning relevant certifications from recognized professional organizations can help stay attuned to the latest industry trends and skill requirements. 

Also, read how our graduates are leveraging online learning for professional networking

Job Search Strategies

How to start your career as a financial manager? Shared below are a few tips that can help you land your dream job:

1. Create a strong resume and cover letter: Your resume is your identity, your reflection to the prospective employer. Make sure that it looks professional, is clear and crisp, and is well formatted, ensuring easy readability. It should highlight all your skills and achievements. 

2. Choose your job-search platforms well: Where to look for a job is as important as the kind of job looking for. Work on building your online presence by way of starting a professional blog or building your LinkedIn profile. Leverage job search platforms like specialized finance job boards and company websites, and set job alerts for financial manager roles. Additionally, network with professional associations and alumni groups to learn more about any prospective job opportunities in the industry where you could be a suitable fit. 

3. Prepare for interviews and potential questions: The next step after applying for a job is to start preparing for interviews. Interview preparation is vital as it helps lay the ground for what a prospective employer might be looking for. Try and get some idea of the potential questions that can be asked during the interview and keep your answers ready.

Career Advancement

Progressing from an entry-level position to the role of a financial manager is a step-by-step process. You need to have the right blend of qualifications, professional experience, and networking skills, all of which can contribute to growth. Advancing in a financial career would need you to follow these steps:

• Consider pursuing an advanced degree or certification like a Master’s in Finance or an MBA in Accounting.
• Gain relevant professional experience via internships, entry-level roles, and part-time jobs.
• Develop key skills like technical expertise and soft skills to climb the career ladder.
• Pursue professional certifications such as CFA and CPA.
• Review your career path regularly and make improvements, as needed. 

Challenges and Opportunities

Some of the most common challenges faced by financial managers include:

• Non-compliance with industry regulations
• Poor decision-making ability can result in huge financial losses
• Lack of skilled professionals
• Unmanaged risks
• Poor cost control

Explore some of the best analytical roles in the financial industry

Take your career forward with Online Manipal

Interested in pursuing the career of a financial manager? Enrolling in Manipal University Jaipur’s online MBA can help you take your career forward in the domain. The program is designed to help you become job-ready with the desired business skills in the domain of finance and accounting. Additionally, the entire learning experience is delivered online, offering flexibility and convenience in the form of self-paced education.

Conclusion

Becoming a financial manager requires qualifications, relevant work experience, and the desired upskilling for a progressive career trajectory. 

As for the education part, Manipal University Jaipur can be your perfect partner online to provide the right qualifications in the domain of finance with its online MBA program. Offered on the Online Manipal platform, the course is aimed at helping students gain the desired skills on the road to becoming a successful financial manager in India.  

Manipal University Jaipur is accredited by NAAC and its online MBA course is entitled by the UGC. The course holds validity and recognition across the country and other parts of the world. It is equally accepted by governments, private corporations, and NGOs, and paves the way for a lucrative career in financial management. 

Online MBA in Finance by Manipal University Jaipur is designed to help students get acquainted with advanced concepts in the world of finance and accounting. Students are also provided with a hands-on learning experience in financial management and learning skills to handle crises in real-world business environments.