Finance managers essentially handle a company's purse strings. In other words, they are the experts who oversee the monetary concerns and financial health of the company pertaining to expenses, revenues, tax laws, financial reports and statements. They also develop strategies and implement them and see their execution to reach the organization's financial goals. It is one of the most important functions of any organization and has a presence in nearly all firms and government agencies.A career as finance manager needs a strong understanding of economic patterns, keeping up to date with the investment industry, and needs a knack for saving and spending money wisely. The job role may vary significantly with companies. In smaller organizations he may be responsible for collection and preparation of financial accounts whereas in larger set ups the role is more strategic in nature. Most finance managers begin their career as accountants or auditors and later advance to becoming finance managers.Finance managers assume different roles and titles based on the kind of duties they perform. Some of the popular job titles under the area of finance managers are, controllers, treasurer, cash managers, risk and insurance managers and credit managers. They perform unique roles as per the industry where they are employed like banks, finance companies or government agencies. Their guidance and expertise are sought by almost every firm with the objective of minimizing risks and maximizing profits.
Salaries and Job Outlook*
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As the economy gets more and more complex, jobs in the finance market are expected to see a healthy sign of growth. Finance managers are employed by finance and insurance establishments, such as banks, savings institutions, finance companies, credit unions, insurance carriers, securities dealers, media, construction and retail. Beyond basic qualifications, competitive candidates with computer proficiency and exposure to international finance may get an added advantage for better job prospects.Compensations are influenced by educational qualifications and years of experience. The average salary of a Finance Manager is in the range of INR 9.0 lacs p.a to 10.0 lacs p.a.
Education and Training
Most employers require Finance Managers to obtain a minimum of a bachelor's degree in finance, business administration, economics or accounting. Attaining professional certifications and continuing education help boost career paths and make the managers more attractive for promotion. Knowledge of international finance also opens the door to jobs in global finance.Prior experience in public accounting is encouraged among employers for reaching higher positions. Some companies also provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.
Valued Traits & Abilities
Opportunities are abundant for Finance Managers and with the growth of the economy and the need for financial expertise will ensure job growth. Finance Managers are hired throughout industry and are in demand in areas especially like assets and investments management, mergers and acquisitions, fund raining, insurance, assessment of global financial transactions and risk management.Finance Managers may move on to specialized areas such as accounting, audit, credit and tax management after having acquired necessary skills and qualifications. Experience and additional qualifications are vital for Finance Managers aspiring to become Accounting Directors or Chief Financial Officer.
They are accountable for all aspects of credit and accounts receivables, credit process and assessment of the creditworthiness of potential customers, with the goal of optimizing the mix of company sales and bad debt losses. They reports to the CFO and must possess a thorough knowledge of credit-related laws.
They collect, analyze and examines accounting records to verify their accuracy, detect fraud, and identify opportunities for improving financial processes. They may work as either internal within the organization or external auditors to work for an outside firm.
They are essentially responsible for corporate liquidity, investments and risk management in the company. He oversees financial activities like procurement, fund raising, and investment of funds, collections and credit extensions and also participates in mergers and acquisitions.
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