Tuesday, 8 November 2016

Finance Management


Finance

Money, in other words the capital or finance makes every business possible and for a successful business this capital has to be managed very carefully. Finance is the field which deals with the concepts of time, money and risk and how they are interrelated. Financial Management is the science of money management which is concerned with managing the finance of a company or organization and helping to accomplish their goals. It is about planning income and expenditure and making decisions that will enable the company to survive financially. 

In the existing scenario of globalization and recession each and every company is looking for financial experts who can cut off the cost and maximize their profit. With the growing Indian economic system, these professionals are in great demand in the big corporate sectors and also in small firms. Though it is a glamour less profession, a career in financial management is quite rewarding. They are the investment doctors who are responsible to take care of an individual or organisation's financial health, ensuring orderly and systematic achievement of the financial goals. Preparing financial reports, guiding investment activities and overall money management are the major duties of a Financial manager. They help the organization to achieve its enduring goals by developing financial strategies. A good finance manager is a valuable asset to the organization and what makes a good Finance Manager is not the skill to earn money but the capability of dealing with money.

MBA qualified professionals are most in demand for the position of Finance manager, but graduates with good experience and skill can also be in the track of success. For some financial management positions, formal education can be secondary to work experience. Though a career in Finance Management is lucrative, the road leading to it, is definitely a hard one. A fast-track career in Finance Management depends on sound knowledge of money trends and the investment market.

Eligibility

Most Business schools in India teach finance as a specialization of MBA curriculum. The basic qualification to this 2 year fulltime programme is graduation in any discipline and the admission is based on written test, group discussion and interview. Some institutes offer executive MBA program in Finance for those who have some years of experience in the field. Apart from MBA, many certificate, diploma, graduate and postgraduate courses helps one to enter the profession. Some of the available courses on Financial management are Chartered Financial Analysis (CFA), Chartered Accountancy, Cost and Management Accountancy, Certified Treasury manager course, Certified Public Accountant course, Certified Investment Banker course, Certified Risk and Insurance Management course etc. The minimum educational qualification to join these courses is graduation in Commerce or Economics.

Personal Skill : 
One who aspires to become a Financial Manager should have an excellent grounding in financial analysis, creative thinking and should possess good communicative and interpersonal skill. One must keep on updating the knowledge about the subject and the current global- national financial scenario. They should have the love for numbers, good mathematical and analytical skills, knowledge of latest computer technology, integrity, problem-solving, decision-making and organization skills. They must have the idea about the corporate system and be aware of all the tax and other financial laws regarding their industry. As Financial Managers have to work extensively with various departments in a firm, a broad understanding of business is essential. Proficiency in any foreign language is an added advantage in this profession.

Job Prospects & Career Options

The job openings in financial services are growing rapidly with the rise of the Indian economy and each and every industry require Financial managers. Government agencies, private corporate and financial organizations such as banks and insurance industry etc. employ Financial managers in their establishments. Even non-profit organizations such as charity associations are also in need of a finance managers. It will be advisable for a prospective candidate in Finance to acquire some professional experience in any small organizations before getting into a big corporate.

The major tasks of a financial expert is to help his firm earn more, to make future financial plans, to handle the liquidity or to even plan the acquisition of another company. Finance controller, treasurer, finance officer, credit and cash manager, risk manager and insurance manager are some of the positions one could get in an organization after his academic studies in finance and the responsibilities varies according to the positions.
  • Finance controller: The responsibility of a finance controller is to monitor the accounting and finance reports. They are also known as controller. 
  • Treasurer: The treasurers are in charge of understanding the financial status of the company and maintaining the treasury of an institution. In corporate offices, they will have more duties such as handling foreign exchange and cash management. 
  • Finance officer: The major duties of a Chief finance officer are financial planning, maintaining the records and managing the financial risks of the company. 
  • Credit and cash manager: Credit Managers are responsible for giving out the credits of their organization while cash managers are in charge of observing and organizing the expenditure to meet the company's needs. 
  • Risk manager: It is the duty of a risk manager to identify the financial risk and they are responsible for planning and implementing the guidelines for the future of the organization.
  • Insurance manger: It is the insurance manager who take care of the insurance budget of their organization.
But in small organizations, a single person mostly the branch manager will perform all these functions. Chief Financial officer (CFO) and the Director of Finance are the highest positions one could achieve in a company in this profession. Most of the big corporate companies provide training programme for finance officers to understand their company's policies and strategies. There are a plenty of opportunities in this rewarding field both in India and abroad. One could find jobs as financial experts at multi national companies also. A good experienced professional especially from a reputed B-school is in high demand in international market, and they could even start their own financial consultancies.

Institutes

Business administration has become a major course in the country and many B-Schools offer Finance as a specialized course in the MBA curriculum. Most of the B-Schools also Business administration schools offer placement for their students according to their area of specialization. 

For comprehensive list of institutes click on the following link


Overs seas Institutes :

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