The primary responsibility of financial management is to generate revenue streams for the company. The duties include determining the capital requirements of a company, management of cash, determining investment and capital requirements, budget planning and preparation of financial management reports. Financial management represents various positions, including accountants, finance officers, investment managers, credit managers, bankers and treasurers. Like all other jobs, finance management has advantages and disadvantages.
Careers in finance require high academic achievements, which involves learning difficult concepts. Furthermore, duties in finance management involve numerous procedures and expertise, as they involve collecting and consolidation of a significant amount of information that's sometimes hard to understand. This requires extensive discussions with all concerned parties and may also call for consultation with an expert.
Careers in financial management may come with a lot of pressure due to strict deadlines. A job in this field may require you to work for long hours on occasion. For instance, accountants working for large accounting firms may have to deal with deadlines associated with making ad hoc and monthly payments, closing books and filing tax returns. Loans and credit officers may also find it stressful to determine customers’ creditworthiness and determining the likelihood of a loan repayment. Investment managers also have sales targets to meet, which may add pressure to their work.
Financial careers may be rewarding for those who work as consultants and analysts. However, certain finance jobs have low pay — for instance, if you work with nongovernmental organizations and have to work your way up to the big corporations, which may pay more. Additionally, though entry-level finance jobs may require high educational qualifications, they may not command desirable remuneration packages.
Achieving career success in financial management requires working your way up to top positions. Additionally, financial needs and decisions change constantly due to market variables. This means that you may have to revisit your financial decisions often to ensure you update them in case any changes have occurred. For instance, you may realize that the cost of a product increased by 1 percent due to exchange rate variations — you have to revise your budget to accommodate these changes.
Diana Williams began her writing career in 2004. Her work has appeared in "Hermitage Securities " magazine, among other publications. Williams holds an M.B.A. from the University of Montreal's William Burt School of Business, as well as a diploma in journalism from Grant McEwan College.