A financial manager is someone who takes responsibility for a company’s finances and monitors all financial issues within that company or organization. They work as advisers and give the best ideas to make a business financially successful. A wide range of institutions hires financial managers including Insurance companies, supermarkets, health authorities, industrial organizations, IT companies, etc. Ultimately it is a very big responsibility that requires some serious dedication, continuous attention, analytical thinking ability and so much more. So, if you’re thinking about making a career choice in this field then here is what you’ll need to know:
Responsibility: A financial manager has to fulfill the following responsibility.
- Evolve strategies for the best profits.
- Give reports on the financial outcome.
- Develop and idealize long term financial goals.
- Monitor investment activities.
- Developing a solution to minimize cost.
- Supervise employees who do budgeting and financial reporting.
- To ensure if all legal requirements are met.
- Take financial decisions.
- Prepare or analyze income statements.
- Analyze past performances and future expenses.
- Give cash flow statements.
- Analyzing future trends and take decisions accordingly.
- Coming up with a way that minimizes financial risks.
- Managing and keeping track of budgets.
These are the typical responsibilities of a financial manager. Though previously their main role was on business, currently due to the improvement of modern technologies, this pattern has changed. Now they mainly play a role as data analyst and advisers of senior executives on how to maximize profits. The responsibility usually varies with the size and type of the organization (public, private, commercial, educational). For example, Government financial managers are responsible for budgeting, risks managers calculate the probability of financial losses and thus the responsibility varies within organizations.