What Is Financial Management Experience?
Financial management refers to the managing and operations of a financial institution, such as a financial service, banking institution, investment services and financial consulting. A management position is often granted after extensive experience with a company or due to previous experience managing and guiding employees in the financial industry. Having experience in financial management is important for some employers and is necessary for some financial certification programs.
Financial management is a career for those who enjoy working closely with people in the financial industry. Financial managers prepare annual budget reports, track investments, create budgets and implement cash management strategies that allow the company to reach its financial goals. Managers working in banks are responsible for managing tellers, approving personal and business loans, and assisting customers with personal financial accounts and problems.
More specialized jobs are available for financial managers that require more specific training and experience. These include positions focusing on government agencies, financial laws and jurisdictions, financial growth and planning, and with private sector budgeting and accounting. People working in accounting management positions also work with payroll and administration development.
Work experience may be more valuable to some employers than educational training, according to the U.S. Bureau of Labor Statistics. This is particularly true to branch managers working in banking institutions -- this is usually because they are familiar with the branch’s operations, including management policies.
Financial management experience may be necessary to acquire professional certification, which can help land higher paying positions. For example, the Chartered Financial Analyst certification from the CFA Institute, the Certified Treasury Professional credentials from the Association for Financial Professionals and the Certified Management Accountant designation from the Institute of Management Accountants require work experience. These certifications may lead to better employment titles and a higher annual salary.