Financial concerns are a central part of nearly every organizational decision, whether the organization is a commercial business, a non-profit organization or a government agency. As a result, financial executives are of critical importance to overall planning and control of these organizations.
The financial side of business administration and management can be a complicated, and therefore requires professionals with specialized skills and knowledge to keep business running smoothly. If you are interested in business administration, a Finance MBA is the ideal qualification. If you are already working in business administration, a Finance MBA can help speed you up the corporate ladder.
In this digital age, all business has to operate on the cutting edge, and the pressure in this area can be high. However, with the skills and knowledge of a Finance MBA, you can thrive in today competitive marketplace. With an MBA in finance, you will gain a great foundation on which to build practical experience.
Today, there are lots of options open to those looking to earn an advanced business degree in finance. You can attend a campus and study full time, or keep your day job and earn your degree part-time. Recently, online Finance MBA programs have become popular too, and these are perfect for those wanting to break into or progress in this area but are not able to physically attend college; nothing like attending class in your pajamas.
The objective of the MBA program in Finance is to prepare MBA students for financial management positions with non-financial corporations, the financial services industry, private equity firms, energy companies, and real estate firms.
Being a Financial Manager
The duties of financial managers vary with their specific titles, which include:
•Controller. Controllers direct the preparation of financial reports that summarize and forecast an organization’s financial position. Controllers are also in charge of preparing special reports required by regulatory authorities.
•Treasurer and Finance Officer. Treasurers and finance officers direct the organization’s financial goals, objectives, and budgets.
•Credit manager. Credit managers oversee the firm’s issuance of credit, establishing credit-rating criteria, determining credit ceilings, and monitoring the collections of past-due accounts.
•Cash manager. Cash managers monitor and control the flow of cash receipts and disbursements to meet the business and investment needs of the firm.
•Risk and insurance manager. Risk and insurance managers oversee programs to minimize risks and losses that might arise from financial transactions and business operations undertaken by the institution. They also manage the organization’s insurance budget.
Additionally, financial institutions (such as commercial banks, savings and loan associations, credit unions, and mortgage and finance companies) also employ specialized financial managers who oversee various functions, such as lending, trusts, mortgages, and investments, or programs, including sales, operations, or electronic financial services.
Of course, all financial managers perform tasks unique to their organization or industry. For example, government financial managers must be experts on the government appropriations and budgeting processes, and health care financial managers must be knowledgeable about issues surrounding health care financing. All financial managers must be aware of special tax laws and regulations that affect their particular industry.
The role of the financial manager, particularly in business, is changing in response to technological advances that have significantly reduced the amount of time it takes to produce financial reports. Financial managers now perform more data analysis and use it to offer senior managers ideas on how to maximize profits. They often work on teams, acting as business advisors to top management. Financial managers need to keep abreast of the latest computer technology in order to increase the efficiency of their firm’s financial operations.
Job Outlook and Salary
Almost every firm, government agency, and other type of organization has one or more financial managers who oversee the preparation of financial reports, direct investment activities, and implement cash management strategies. Because computers are increasingly used to record and organize data, many financial managers are spending more time developing strategies and implementing the long-term goals of their organization.
According to a 2005 study, directors of finance earned between $78,500 and $178,250, and corporate controllers earned between $61,250 and $147,250.
Employment of financial managers is expected to grow about as fast as average for all occupations through the next ten years. Additionally, the increased need for financial expertise as a result of regulatory reforms and the expansion of the economy will drive job growth. As the economy expands, both the growth of established companies and the creation of new businesses will spur demand for financial managers.
