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successful financial models using analytics

Advanced Skills Required to Become a Financial Manager in 2020?

Financial managers organize, manage and safeguard the financial resources of a company. They handle various tasks including managing day-to-day budgeting, calculating return on investing, analyzing the financial impact of purchase decisions, etc.

financial analytics from xlri
FINANCIAL ANALYTICS FROM XLRI

 

Skills required to be a Successful Financial Manager in 2020
The financial management field incorporates different roles and positions, therefore essential skills required for this post can vary significantly. However, there are certain important skills that employers look out for in a financial professional, irrespective of the job profile being considered.

Following are those essential skills that every financial professional must possess:-

  • Interpersonal Skills
    Gone are the days when financial professionals were bound to cubicles. A career in finance involves more than crunching numbers. In fact today, these professionals are required to deal with clients on a regular basis and nurture a healthy social relationship with them. In order to become successful in this domain, an aspiring financial manager has to possess strong interpersonal skills.
  • Problem Solving Skills
    Employers rely on professionals who holds the ability to tackle challenges as and when they arrive. Whether it is addressing the financial implications of a business structure or offering a personalised solution to client’s issues, problem-solving skills can help in advancing one’s career in finance.
  • Understanding of Technology
    The increasing focus on digitalization and automation has encouraged employers to look for financial professionals with adequate IT skills who are capable of working with modern financial software. Therefore, candidates who possess knowledge of predictive analysis, account payables, automation, accounting software, etc. are high-in-demand.
  • Analytical Skills
    Companies are looking to hire professionals who have the ability to implement lateral thinking, analyze various business scenarios and draw suitable conclusions. Candidates looking for a successful career in finance must demonstrate their analytical abilities with real-world illustrations and KP- driven outcomes.

 

How to Become a Financial Manager?
Following are the primary steps that one has to follow in order to start his or her career as a financial manager:-

  • A bachelor’s degree is the minimum requirement to become a financial manager. A bachelor’s degree in finance, business administration or accounting is ideally preferred.
  • Employers prefer candidates with advanced education, therefore earning a postgraduate degree can improve job prospects. Though not compulsory, a master’s degree in business administration, finance, or economics should better the job prospects of the applicant.
  • Gaining adequate work experience and references are imperative for aspiring financial managers. They have to begin their careers in related roles like accounting, financial analysis, etc.
  • Enrolling in advanced financial management programs help professionals improve their knowledge in the finance domain. In fact, there are plenty of financial management online courses that allow individuals to learn at their own pace and comfort.

 

Finance managers take care of all responsibilities associated with the flow of money in any business. They establish and design different approaches and tactics to successfully meet predetermined financial goals. They are also in charge of reviewing and reporting the profits and performances of company personnel, as well as guiding the team members so that they can fully understand the objectives and use financial resources efficiently. While the skills required by financial managers vary based on the company and its operations, above are some prominent skills that every employer looks out for in a financial manager. Proficiency in these skills allow financial professionals to advance their careers in this ever-evolving domain.

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