Financial management is an extensive process that involves planning, organizing, directing, and controlling the financial activities of an organization. Proper financial management ensures that the financial resources of a company are adequately and efficiently utilized and all departments collectively work towards achieving common financial objectives.
Every company, irrespective of its operations, needs financial professionals to ensure overall financial efficiency in their various processes. Therefore, the demand of such qualified professionals has always been more than the supply. Over the years, the financial industry has witnessed significant evolutions and there has been an emergence of new fields in the finance domain. This expansion has generated new career avenues in the financial industry. Some of the popular careers with respect to financial management include:-
A controller is responsible for directing day-to-day functions of an organization. These professionals manage cash flow, oversee budgets, prepare financial statements, submit necessary reports, and forecast financial future.
2. Financial Manager
Financial managers at various financial institutions such as commercial banks, credit unions, securities firms, etc. manage the services that these units provide to their customers. Their responsibilities include approving loans, issuing mortgages, directing investment funds, understanding federal regulations, and managing digital banking services.
3. Investment Manager
Investment managers analyze financial markets and advise individuals and corporate investors on the right selection of securities and assets like stocks, bonds, real estate, etc. These professionals are also known as fund, wealth, portfolio or asset managers. They are expected to possess a thorough knowledge of domestic financial markets, investment funds, and global financial markets.
4. Insurance Manager
Insurance managers are also referred to as risk managers. These professionals are responsible for assessing an organizations’ financial health with regards to its liabilities and potentials for loss. Insurance managers also oversee insurance policies and transactions associated with insurance. They are expected to provide an analysis of business decisions from a risk perspective, stay in-tune with industry regulations, and offer advice regarding potential litigation.
5. Equity Research Analyst
Equity research analysts are responsible for analyzing stocks in order to help individuals and organizations decide the worth of a particular investment. The role of an equity research analyst is to help investors make critical investment decisions.
The financial industry has witnessed exponential growth and a number of specialized fields have appeared in the past two decades. A career in financial management paves the way for various flourishing and lucrative career opportunities. Based on the interest area, professionals can enrol in specified financial management courses in order to enhance their knowledge and skills in that particular arena.
Furthermore, there are plenty of online advanced financial management courses available for professionals to reinforce their work profile in the most convenient manner. Along with the right education degree, enrolling in a certified course allows professionals to verify their skill set as a finance professional, gain a competitive advantage over their peers, and significantly boosting their opportunities of landing a lucrative job with a well-reckoned company.