How to Become a Business Finance Manager
Finance business managers are responsible for overseeing financial business decisions and supporting colleagues to ensure that they make sound decisions. This article will provide you with an informative guide of everything you need to know about how to become a business finance manager. Read on to learn about the everyday responsibilities of the role and the necessary skills and experience required for the position.
What Qualifications Do You Need to Be a Finance Business Manager?
Most finance business managers have secured a bachelor’s degree in a discipline such as business management, business administration, economics, accountancy and finance or mathematics. As the field is quite competitive, having a master’s degree can help to improve your chances of securing employment.
Having a specific accountancy qualification will also give you a competitive advantage as will gaining membership at a professional organisation such as at the Institute of Financial Accountants (IFA).
As a Beginner, Where Should I Start in Finance Business Management?
Ensuring that you have the necessary professional qualifications is the first step that you need to take if you wish to pursue a career in financial management.
Securing relevant work experience is highly valued and respected by prospective employers as it demonstrates that you have a passion for the industry.
Many internships and placement opportunities are advertised through universities so it can be a good idea to approach your university careers service and raise your interest in being alerted to such opportunities. The careers service is also an excellent place to seek career advice and gain information on how to become a financial professional.
Skill Set Required for a Finance Business Manager
The following transferable skill-set is needed to be successful in the role of a finance business manager:
Excellent communication skills
Good problem-solving skills
Sound time-management skills
Good decision-making abilities
Excellent analytical skills
Excellent leadership abilties
What Does a Finance Business Manager Do?
The day-to-day tasks of finance business managers are significantly dependent upon the size of the organisation. In large organisations, finance managers’ primary responsibilities are mainly strategic and analysis-based, whereas, in smaller businesses, they may be responsible for the collection and preparation of reports.
Typical Duties for a Finance Business Manager
The general job description and day to day responsibilities however involve:
Popular Career Pathways for Finance Business Managers
Many career opportunities can be explored in financial management. Seeking professional development by taking professional accountancy qualifications, such as with the ACCA (Association of Chartered Certified Accountants) or CIMA (Chartered Institute of Management Accountants) is highly advisable to allow you to progress in your career. Enroling in training programs is a further way to ensure that your skill set is up-to-date within the industry.
With the necessary experience, you could progress into other senior management positions such as a human resources manager or go into another financial services field such as finance analyst, chartered management accountancy or management consultancy.