In 2022, finance managers are key to the growth of business organizations. Without qualified and capable finance managers, businesses can topple like houses of cards. The increasing awareness about the importance of good finance managers is also contributing to the popularity of the profession.
You can capitalize on this growing demand for finance managers by enrolling in a masters in accounting. But, before that, you should be aware of what the profession entails, and the kind of skill set you need to develop for the job.
What is a finance manager likely to do in 2022?
In 2022, finance managers are mostly employed for ensuring the financial well-being of a business organization. Although the role is primarily an accounting one, the job entails a fair amount of business management and finance expertise.
The role also doesn’t have a fixed job description, and the responsibilities tend to change from one organization to another. Nevertheless, here are some core responsibilities of a finance manager.
- Analyse financial data and figures for any patterns or irregularities
- Predict the future expenses and revenue potential of the company
- Oversee company contracts with vendors or the government and ensure financial compliance with different government regulations
- Secure the financial management systems in place and optimize them to reduce or eliminate calculation errors.
What are the major skills required to be a finance manager?
The job of a finance manager is an incredibly intricate one and requires a lot of patience and specific expertise in finance and accounting. You also need a fair number of soft skills that can help you do your job efficiently.
Here are some of the most common skills you need for becoming a finance manager.
- Leadership and mentorship skills
- Communication skills
- Problem-solving and critical thinking skills
- Data analytical skills
- Attention to detail and mathematical proficiency
- Organizational and management skills
- Ability to keep learning throughout the job and work independently
- Interpersonal skills and a knack for spotting irregularities
- A strong sense of professional ethics
How can you improve finance manager skills?
Acquiring an extensive set of skills for a job can be time-consuming and difficult. Here are some ways that can help you do it in a shorter time.
- Improve your technological know-how and learn how to operate financial computing or accounting software
- Gain a master’s degree in accounting or financial management to increase your expertise
- Focus on an accounting specialty such as financial forecasting and build your expertise in it
- Acquire different industry certifications and licenses such as CFA and CPA that can enhance your profile.
- Keep updating yourself on the latest industry trends through journals, whitepapers, and financial news channels.
Doing the following can dramatically improve your financial and accounting acumen which can allow you to sharpen your financial management skills. Start your search for an appropriate master’s degree in accounting or financial management from a good business school today to get started!