Being Financial manager

Financial managers are responsible for advising, managing, and supervising all activities related to a company's finances. Their work often involves decision-making at the highest level, requiring them to balance short-term financial needs with long-term financial goals. On a daily basis, they handle the following tasks:

• Developing and managing budgets and financing plans
• Budget control and financial reporting
• Managing cash flow, accounting, and risks
• Supervising accounting teams
• Ensuring compliance with legal, tax, and regulatory requirements
• Providing strategic investment advice to management
• Leading and optimizing investments
• Negotiating with banks, insurers, and other financial partners
• Managing potential financial disputes
• Coordinating annual accounting closures

In performing these tasks, this expert may also work with financial analysts to analyze financial data and guide investment decisions. They play a key role in ensuring the company's financial health and aligning financial strategies with business goals.

To become a financial manager, both technical skills and personal qualities are essential. Financial managers need to be highly skilled in various areas, from finance and accounting to leadership and communication.

Key technical skills required for the role include:

• In-depth theoretical and practical knowledge in management accounting, financial control, and finance
• Implementation of financial, accounting, and budgetary tools
• Strong knowledge of risk prevention and management
• Proficiency with finance-related IT tools, including data analysis software
• Understanding of tax law, social law, and compliance with regulations
• Knowledge of capital structure, wealth management, and personal finance
• Expertise in financial accounting and financial planning

These skills allow financial managers to oversee complex financial operations, analyze financial data, and guide their organizations towards sustainable financial success.

• Analytical thinking
• Attention to detail
• Leadership and the ability to motivate teams
• Strategic decision-making skills
• Strong stress management capabilities
• Availability and flexibility

Financial managers must be able to communicate effectively with senior management, clients, and team members, ensuring that financial strategies align with broader business objectives.

To become a financial manager, a master's degree in finance, business administration, or a related field is essential. Most universities and institutions offer specialized programs that prepare students for this demanding role. For example, programs in financial planning, investment management, or business administration often serve as stepping stones towards this career.

Top universities and business schools offer master's degrees in finance that are designed to meet the specific needs of aspiring financial managers. Many programs include coursework in financial accounting, resource management, and investment decisions. The MSc in Financial & Business Performance offered by emlyon business school, for instance, trains students in the essentials of corporate finance while incorporating the latest technological innovations in the field.

Additionally, financial managers may benefit from professional certifications such as the Chartered Financial Analyst (CFA) or Certified Financial Planner (CFP) designations. These certifications demonstrate a high level of expertise in areas such as wealth management, investment management, and personal finance, making them more competitive in the job market.

Internships play a critical role in gaining practical experience and exposure to real-world financial operations. Master's programs in finance at emlyon include internships as part of their curriculum, giving students the opportunity to apply their knowledge in real business settings. This hands-on experience is crucial for developing the practical skills needed to excel as a financial manager.

Work experience is also highly valued in this field. According to the Bureau of Labor Statistics, many financial managers have more than five years of experience in related positions before advancing to senior management roles. This experience helps them understand the intricacies of financial operations and prepares them for the strategic responsibilities of a financial manager.

Financial managers work in various sectors and can move into different positions depending on their personal aspirations. They are often found in industries such as banking, insurance, real estate, and corporate finance. Depending on the type of organization they work for, their responsibilities may vary.

Financial managers can work in diverse environments:

• Small and Medium-Sized Enterprises (SMEs): In SMEs, financial managers may take on broader roles, including administrative duties, while managing finances. They are often involved in every aspect of the company’s financial health, from day-to-day cash flow management to long-term financial planning.
• Large Corporations and Multinationals: In larger organizations, financial managers typically focus exclusively on finance, overseeing specific areas such as budgeting, financial reporting, or investment management. They are responsible for overseeing large teams and ensuring that financial strategies align with corporate goals.
• Non-Governmental Organizations (NGOs): Financial managers in NGOs may focus more on fund management, ensuring that donations and grants are used efficiently and in compliance with donor requirements.
• Public Administration and Government Agencies: Financial managers working in government may be involved in resource allocation, ensuring compliance with public sector regulations, and managing public funds effectively.

Several factors can influence a financial manager's career progression, including the rise of new technologies, market regulations, and shifts in the global economy. Automation, artificial intelligence, and big data are transforming the finance sector, and financial managers who stay ahead of these trends by learning new skills and earning certifications will be more valuable to their organizations.

A financial manager's salary largely depends on the responsibilities assigned to them. However, financial managers who demonstrate strong leadership and expertise in investment management, financial planning, and compliance can expect rapid career advancement and significant salary increases.

A financial manager can expect an average starting salary of €55,000 gross per year. This average increases to €80,000 gross after 8 years of experience and to €120,000 gross after 15 years. Salaries may vary significantly depending on the type of organization, the level of responsibility, and geographic location.

Internationally, financial managers often earn much higher salaries. In countries like the United States, the United Arab Emirates, and Japan, salaries for experienced financial managers can exceed €150,000 per year. The potential for higher earnings is one reason many financial managers pursue opportunities abroad.

With experience, financial managers can advance to senior management positions such as Chief Financial Officer (CFO), or even CEO. Some may choose to transition into roles such as financial consultant, wealth management consultant, or real estate investment manager. These roles often involve more strategic decision-making and allow for greater influence over the direction of the business.

The daily life of a financial manager is often demanding. They need to manage multiple priorities, including meetings with senior management, oversight of financial data, and the development of investment strategies. Strong organizational skills are essential to handle these responsibilities effectively.

A financial manager must constantly juggle meetings with teams, management, and supervising financial operations. They prioritize tasks based on the accounting calendar, business goals, and emerging challenges. This requires flexibility and the ability to quickly adapt to new situations.

Financial managers regularly communicate with senior management, external partners such as banks and insurers, and the teams they supervise. Clear communication is essential to ensure that financial strategies are understood and implemented correctly. Financial managers must also prepare financial statements, reports, and presentations to support decision-making processes at the highest levels of the organization.

The role of a financial manager is versatile, challenging, and highly rewarding. The continuous evolution of the finance industry, driven by new technologies and global economic trends, offers financial managers exciting opportunities to make a lasting impact on their organizations. From working with cutting-edge financial tools to making strategic investment decisions, the possibilities for growth and advancement in this field are endless.