To handle financial reports and contribute to the achievement of long range financial goals for a company, every company needs one or more financial managers. Depending on the size of the bank, commercial banks normally hire several financial managers. Various financial functions such as loans, investments and other type of functions that occur within the bank are overseen by the managers. Authorization of loans and other investing activities under the regulations of federal and state laws are carried out by financial managers. Financial managers got an average median salary of $99,330 in 2008.
Depending on the size of institution, a financial manager’s duties may vary from day to day. Controllers, Credit Manager, Cash Manager and Financial Officer are titles given to managers. Since there may only be one or two financial managers at a small company, some financial managers wear a hat during the day in smaller firms. The roles of financial managers are likely to be more distinct in large banks and other corporations. Due to increase in banks and other financial firms, competition for jobs as financial or bank manager is expected to be high. If newly merged banks open more branches, the number of managers will increase.
To gain the best positions, education and experience will be the key factors. When it comes to managing financial managers need a good knowledge and experience in the field of business, math and must have an analytical mind. The accredited schools that offer online banking and financial management degrees are Kaplan University, Walden University, Colorado Technical University (online), Ashford University, Jones International University, California Intercontinental University, Southern New Hampshire University, Strayer University Online, CDI College National, Northcentral University, Baker College Online and Penn Foster Career school.
Associate Degree, Bachelor’s degree, Master’s degree and Doctorate degree are the degrees available for banking and financial management. It takes 2 year to complete associate degree, 4 years to finish bachelor’s degree, 2 years to complete Master’s degree and 4-7 years to complete Doctorate degree. For management positions, many larger banks require a master’s degree. For a good financial position, the graduate must have good education and verifiable experience. Voluntary certifications are useful in gaining employment. An individual who wishes to work in investment sector can become certified as a Chartered Financial Analyst through The Global Association for Financial Professionals. One can certified treasury professional exam through Association for Financial Professionals.
Larger companies pay much more than smaller firms. When many financial institutions merge, they do not need financial managers and the job openings are highly competitive. Accounting professionals are in charge of managing a company’s cash flow. Managers are necessary in every business and an individual can grab an opportunity with his excellent academic qualification. One can choose corporate finance field as it prepares students for complex situations faced by corporations. It is easy to acquire online banking and financial management degrees. Online learning helps to save a person’s time and one can work part time while reading. Part time jobs give experience. This field is an ever growing field.
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