How to become a financial manager

India’s financial services industry has grown enormously over the years due to its burgeoning stature as one of the world’s fastest-developing economies. This field has several facets and offers a variety of job prospects in various roles according to an individual’s unique skills and interests. 

Financial managers are in charge of an organization’s financial operations. They oversee accounting staff, create financial reports, and examine data on business performance. These experts offer senior management budgeting, investment advice, and techniques to increase profit while minimizing expenditures. Financial managers are sought across a multitude of sectors, including banking, asset management, insurance, healthcare, educational technology, and others. 

You might be keen to work as a financial manager if you’re inclined to a finance-related career. You can succeed in this field and have job satisfaction if you have the correct blend of knowledge, experience, and competencies. It’s crucial to understand the stages involved in becoming a financial manager for an organization so you can plan how to pursue a career in this field. 

Roles and responsibilities of a financial manager

Financial managers are considered essential personnel of any firm due to their direct collaboration with senior executives to assess corporate data and make decisions that maximize profitability. Most financial managers hold leadership positions; thus, it’s typical for them to be in charge of a team in charge of budgeting and financial reporting. Since they interact with legal departments, financial managers must have a firm grasp of tax legislation and financial regulation on a federal and state level. 

Skills required for a financial manager

Financial managers have diverse responsibilities; therefore, they need to be equipped with the right skills to execute them. To rise to more managerial levels, financial managers will require the essential skill sets in addition to their familiarity with numbers:

• Communication abilities
• Analytical skills
• Organizational skills
• Paying close attention to the minor details
• Solid knowledge of international finance
• Management and leadership
• Financial analysis
• Data gathering
• Financial reporting

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Salary of a financial manager

The organization’s type, financial holdings, and geographic region influence a financial manager’s salary. The average salary for a finance manager in India ranges between ₹3.5 lakhs (for entry-level professionals) to ₹30 lakhs (for senior professionals), with an average annual salary of ₹13.0 Lakhs.

Steps to become a financial manager

Before you can get the job, there are a few stages you need to take, from your undergraduate and graduate degrees to any further certifications you decide to pursue.

• Earn a bachelor’s degree 

Getting a college degree in finance, management, economics, or a comparable subject is the initial step forward into a career in financial management. Skilled financial managers typically require education that fosters comprehensive financial analysis, decision-making, and technological proficiency skills. A bachelor’s degree in finance or an equivalent field like economics, accounting, or business is often required by businesses.

• Gain expertise in finance-related subjects

Candidates may think about pursuing a degree in finance, accountancy, business management, fiscal matters, or a similar field to work as a financial manager. They can investigate their credential alternatives at the university or college that most closely matches their preferences. After that, students can gain expertise in one of these fields, which will help them stand out from other up-and-coming applicants in the eyes of hiring managers and give them a better sense of preparedness for their chosen vocation.

• Acquire the essential skills

Practitioners in financial services and accounting require a variety of talents, from an aptitude for mathematics to a command of fintech concepts and tools. Enroll in a community college or online course to learn the essential skills, notions, and current financial patterns. Take on diverse roles within the team to develop and perfect new skills. Your knowledge will be put to use, and you’ll also get a fresh perspective.

• Pursue relevant certifications

Certifications are an excellent way to let recruiting managers understand you have the skills to succeed in the position to obtain certifications. There are several certifications you can obtain in this area, but some of the more well-known are as follows:

• Chartered financial analyst (CFA)
• Certified public accountant (CPA)
• Certified treasury professional (CTP)

Learn more regarding the prerequisites to take the examination and what career trajectory the certification best supports before deciding which one to pursue. 

• Consider an internship to gain hands-on experience

A further key stage to becoming a financial manager is gaining considerable practical experience. An individual can begin by working in finance at a company while pursuing a career as a financial manager, regardless of whether they step in as a bank worker or are a member of an organization’s trade receivables division. Candidates may also consider working in insurance discussions as guarantors, credit authorities, budgetary examiners, or private finance advisors. Relevant training not only helps you achieve certification criteria but also helps you get ready for the job you seek. 

Pursue an online B.Com degree from MUJ

Online B.Com degree offered by Manipal University Jaipur, through Online Manipal,  combines the most recent advancements in business management with some of India’s top academicians to help you thrive in a variety of professional paths and pave your way ahead for a career in finance. It offers excellent mentoring, and the faculty here enhances the value of real-world knowledge so you may confidently forge your route to success. You can learn at your speed while attending live or recorded courses wherever you are.

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Conclusion

A career in finance earns social esteem and offers rapid career advancement based on achievements. The country’s financial inclusivity and technical enhancement have widened the financial system’s resource base, which has greatly increased the possibilities for qualified professionals. Financial managers must have their leadership and interpersonal abilities by pursuing an online MBA in Finance. This master’s degree will give you the necessary career boost needed to enter finance roles.