For any business to run, there needs to be a proper staff body. One such important person in any organization is financial manager. He is just like the controller of an organisation who oversees the preparation of financial reports, documents that detail the firm’s finances, including analyses of future earning or expenses, balance sheets, and income statements, etc.
So they are in all responsible for the financial health of a public or private organization in order to develop and manage their financial goals. To get to that position, colleges in India provide financial management course. The job opportunities in financial management are extensive, giving you the chance to choose what is best suited to your abilities and your preferences.
The other important thing to be kept in mind is all financial managers are responsible for unique tasks specific to their industry. That industry choice would solely be according to your interest. Like government financial managers must understand government priorities and budgeting, while health care financial managers must be well-informed about health care financing. Financial managers must also be informed about special tax laws and regulations that can affect their organization.
Overall they produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their respective organization.
Skills required to be in this field
As any other person working in a business environment, financial managers also need to have a variety of skills:
- Interpersonal and intercommunication skills are vital as in any other field.
- Managers work in teams and they are usually at the head position to resolve major problems, they must have good communication skills to avoid any kind of confusion.
- Since managers work with numerous divisions within their organizations, it is necessary to understand business fundamentals too.
- You also have to be creative and apply your analytical skills to the business. Being familiar and comfortable with new computer technology is also a must in this generation.
- Furthermore, financial managers must understand international finance because of the growing interconnection of the world economy. Because of this fact, foreign language proficiency could greatly benefit a manager.
One of the greatest challenges for the financial planner is the need to provide a comprehensive plan that will allow the client to achieve the greatest number of financial objectives possible, even including those that the client may not have considered. Often, the role of the planner is to “protect” the client from focusing on short-term goals at the expense of long-term objectives and needs.
This is a really opportunistic field for commerce students. Many financial managers hold a bachelor’s degree while some hold master’s degrees or professional certifications. Financial managers must hold at a minimum, a bachelor’s degree in economics, accounting, business administration, or finance.
Colleges/ Institutes in India offering financial management course
- This is the only College in Delhi University offering this type of course.