Financial Management Job Requirements

Financial Management Career Overview

Salary Insights

If you’re considering a career in financial management, the paycheck can be pretty sweet. As of May 2023, the median annual salary for a financial manager stands at a hefty $156,100. But, it’s not a one-size-fits-all deal:

Knowing these figures helps you set your expectations straight and plot your career moves wisely. For a full scoop on salaries, head over to our financial manager salary page.

Job Growth Forecast

Now, let’s talk jobs. Financial management isn’t just lucrative; it’s booming! The U.S. Bureau of Labor Statistics predicts a 17% rise in employment from 2021 to 2031. That’s a lot faster than most other gigs out there. We’re talking about 71,300 new job openings each year. Why? Because handling money isn’t getting simpler and businesses need more savvy managers.

With roles like financial management associate and commercial financial manager offering fat checks and cool career ladders, it’s no wonder finance manager jobs rank #1 in Best Business Jobs.

If you’re hungry for more info on how these roles stack up against each other, take a look at our comparisons: financial management vs. financial accounting and financial accounting vs. management accounting.

Qualifications and Skills Required

If you’re aiming for a career in financial management, knowing what’s expected is key. Qualifications boil down to schooling and professional certifications, both of which set the stage for a fruitful career.

Educational Background

To break into financial management, you’ll typically need a bachelor’s in finance, accounting, economics, or business administration. Many top-paying roles like candidates with an MBA or a master’s in finance. Higher degrees aren’t just fancy paper; they can fast-track you to management spots.

But, a degree alone won’t cut it. Employers like to see at least five years of experience in jobs like accounting, auditing, or financial analysis. This hands-on time helps you pick up the real-world skills you’ll need.

Professional Certifications

Certifications can seriously boost your resume. Many employers expect some form of recognized licensure in accounting, auditing, or financial analysis.

Some hot certifications include:

• Certified Public Accountant (CPA)
• Chartered Financial Analyst (CFA)
• Certified Government Financial Manager (CGFM)

Getting these certifications involves passing exams that aren’t for the faint-hearted, along with relevant work experience. They prove you’re good and that you take ethical financial management seriously.

For deeper details on grabbing one of these certifications, swing by our sections on becoming a certified financial manager and learning the role of financial manager.

By nailing your education and picking up these certifications, you’ll be all set to tackle the wild—and often lucrative—world of financial management.

Must-Have Soft Skills

Soft skills are a big deal for anyone working in finance, sitting right beside the technical stuff on the priority list. This section dives into two heavy-hitters: communication and attention to detail.

Communication Skills

If you want to make it in finance, you better know how to talk the talk. Financial managers often have to break down complicated money matters for folks who don’t exactly speak “finance.” They need to explain their analysis clearly to get buy-in and drive decisions. Clear communication is a hot commodity in finance jobs. Employers want folks who can ditch the finance lingo for plain English and chat it up with everyone, not just number crunchers. It’s all about making sure everyone gets what’s going on with the finances.

Want to learn more about communication in financial management? Check out financial management for managers.

Attention to Detail

In finance, sweating the small stuff is a must. Keeping an eagle eye on details keeps the cash flowing smoothly and the regulators happy. Financial managers have to dig deep into the data to catch any hiccups or mistakes. Being super organized helps juggle all this info, hit tight deadlines, and stay on top of accuracy and regulations. With the rise of sustainable investing, paying attention to detail is even more critical to make smart investment choices and stick to the rules.

Curious about data management in finance? Head over to financial data quality management.

Nailing these soft skills will help you hit the financial management job requirements and crush it in the finance world.

Hot Skills You Need in Finance Right Now

Keeping up with finance these days isn’t just about crunching numbers. It’s like juggling data and tech all at once. Dive into data analysis and digital know-how to stay ahead of the game.

Data Analysis

Imagine you’re at a party where data’s the star guest. If you’re a finance whiz, you need to mingle with these data points, pick their brains, and use their intel for better decision-making.

Knowing your way around Excel is a must. Whether it’s nailing VLOOKUP for quick info grabs or spinning data around with Pivot tables, this software’s your Swiss Army knife. You’ll also want skills like financial modeling to predict market movements and spot risks ahead. Here’s a quick snapshot:

Getting good at these helps finance folks cut down on tedious data sifting, keep info secure, and find trends faster than you can say “spreadsheet.”

Digital Proficiency

Not a gadget geek? Time to rethink that! Ninety-two percent of jobs today want digital-savvy workers. However, a staggering 82% of finance staff are still playing catch-up.

Take automation for example—think of it as your digital assistant that’s there to do the boring stuff like data entry and reconciliation, freeing you up for more meaty work. Understanding financial software and cybersecurity isn’t just nice to have anymore; it’s necessary to keep the business smooth and secure.

Want more insider tips and tricks? Check out our articles on financial management course and financial data quality management.

With these skills in your toolkit, you won’t just survive in finance—you’ll shine. Whether it’s wrangling data or mastering the latest tech, you’ll be ready to tackle any challenge with confidence.