Finance Manager is one of the most cherished and interesting professions in the world. Finance offers an exciting career option with opportunities of rising to the top management in the business field. There are hefty salaries for finance managers in a company. According to Hatipoglu (2014, p. 242), some of the key job roles for finance managers include selling, buying, and holding investments, developing a financial forecast and financial data among other responsibilities. Finance managers are recognized by their business expertise, especially in managing and controlling company finances. This profession also involves other activities besides controlling the company finances as traditionally known.
Financial managers help organizations and companies in developing and managing their financial goals. Financial management as a whole is a broad profession that encompasses many job titles and duties. They may include risk managers, treasurers as well as credit managers among others. Financial managers work full time in their office setting. Work experience and educational training is needed to become a financial manager. In the minimum, at bachelor’s degree in finance is required as the necessary academic qualification. There are also voluntary certifications that may lead to several additional career opportunities. This paper is a documentation of my potential as a prospective finance manager in the business field. The document creates a typical career development path for employment and consulting opportunities the financial management profession.
2.1 My Management Skills Performance
It is essential to assess and evaluate my management skills performance due to the demanding nature of the financial management profession. In addition, assessing my management skills performance will help me understand if I can succeed in this highly competitive and challenging profession. To evaluate my management skills performance, I need to reflect and evaluate my past personal performances in various roles I have undertaken. This process will also involve discovering different ways through which I can either improve or develop my management skill performances. As illustrated by Mushtaq et al. (2014, p. 296), this will help me develop to become a better performer in the field of financial management.
To assess accurately my management skills performance, I need to engage other people who know me. Such people can help me identify my personal potential, skills weaknesses, as well as strengths. Some of the people that I have included in my personal management skills assessment are my friend, relatives, work colleagues, former classmates, teachers, and lecturers. They are people who I have interacted with at a personal level. Besides, they have helped identify the information and support that I need to develop a fulfilling professional aspiration.
According what I have gathered from these people, I see myself as a successful business manager. In particular, I have relevant skills required in financial management. Sound business management skills are required in the finance profession. As a prospective financial manager, I have my own set of abilities, skills, as well as traits that would enable make sound business management decisions and judgments.
Leadership is an essential component of business management skill. They are inseparable. A good leader is always a good manager. This is because management is all about leading others. According to my personal assessment, I have sound leadership abilities that are augmented with efficient management skills. In particular, I can give sound leadership direction to my fellow employees and other stakeholders.
As a prospective financial manager, I have the right management skills needed in this profession. My set of competencies and abilities translate into effective leadership and management performances. I have expressly demonstrated my sound management skills throughout my education period. At school, I was given several opportunities to engage actively in various leadership positions. I used these leadership positions perfect and improve my management and leadership skills.
In addition, I continued to develop and show my management skills where I work as an intern. I have been an intern here for the last six months, and I stand out like an active manager. My boss and other fellow employees have subsequently recognized my management skills and abilities. They consider as a very resourceful person in the organization. For the short duration, I have been given several responsibilities to this organization due to my outstanding management skills and abilities.
According to Andrews (2012, p. 44), business managers should have remarkable abilities to inspire, motivate, as well as encourage fellow employees. This is an essential requirement in financial management. I have all these essential qualities, which makes me a good finance manager. At college, many people including my friends and lecturers openly expressed admitted that I have an outstanding ability to inspire and motivate others. These three qualities are essential traits of a successful financial manager. I can use these three qualities to make other employees more productive.
I am a strategic planner. This is an important quality of a successful financial manager. This is because the company needs to manage its finances and expenditures strategically. My strategic planning skills are unquestionable. Besides, I am a compassionate, respectful, and understanding person. These personal qualities are important in managing the finances of a business. A manager needs to be respectful to all fellow employees and other stakeholders. Lastly, I have strong business acumen, which is essential in business management.
2.2 Personal Strengths, Weaknesses, Opportunities, and Threats
(a) Personal Strengths
As a prospective financial manager, I have several sets of personal strengths that would guarantee my success in this highly competitive profession. First, I possess strong business analytical skills. Financial management requires specialized business analytical skills coupled with outstanding management abilities. The two skills fundamentally give me additional strengths to succeed in the financial management profession.
Besides, I possess effective business problem-solving skills, which is highly essential in the financial management. Business management is more about solving its financial problems. About this, my other strength is my ability to make good business sense. I also possess sound business communication, both written and orally. As a manager, I can make clear and effective communication with fellow employees, stakeholders, clients, and suppliers and others. Without effective business communication, I cannot succeed as a financial manager. The communication must be vivid and timely.
(b) Personal Weakness
Despite the strengths named above, I have some weaknesses that might limit my success in the financial management profession. To be successful, I need to minimize the identified weaknesses. This is because they are harmful to my business career growth in financial management. First and foremost, I recognize that I do not have multitasking skills. I only focus on completing one task at ago. I am unable to handle several takes simultaneously. As a manager, I need to learn to multitask. Lack of multitasking ability significantly reduces my production level.
Secondly, I take cognizance of the fact that I do not have strong mathematical skills. Mathematical skills are essential in financial management. This is because the professional requires insightful analysis of data. Comparative analysis and drawing of trends and forecasts are important to this profession. Lack of strong mathematical skills will certainly jeopardize my prospects for career development in financial management. I need to study more and improve my mathematic skills.
(c) Opportunities in Financial Management Profession
The financial management profession offers a broad range of opportunities for employment and consultancy in the business field. This is evidenced by the growing demand for actuarial professionals all over the world. This is because of the significant roles of financial managers in the business environment. There are several employment opportunities for financial managers. They can be employed both in private and in public sectors such as retailers, NHS trusts, financial institutions, multinational corporations, manufacturing companies, charities, universities, as well as the general businesses.
There are many job opportunities for financial managers. The major areas where financial managers are employed include manufacturing, financial services, ink management, pensions, business development, corporate development, and investments. Corporate finance managers have several career opportunities in banking and insurance industries. The figure below shows the opportunity spectrum for a corporate finance manager.
(d) Threats in Financial Management Profession
There are limited threats in the financial management profession. The major threat is competition from other professions such as actuaries, CFAs, and accountants. Anthe threat comes from the increasing number of financial managers. Many people are choosing this profession. Therefore, it will be flooded with professionals soon. This will subsequently lessen the demand for financial managers. Another threat is substandard training offered by some academic institutions. Some institutions do not provide standard training for the aspiring financial managers.
2.3 Objectives and Targets for my Career Development
I set and prioritize my objective and target for professional career development in financial management. I am interested in beginning my professional career development by first completing an undergraduate study in finance at a reputable university. Currently, I am continuing with my bachelor’s degree in finance, which I will complete next year. After completing my bachelor’s degree program, I will seek for an internship opportunity to develop my skills and abilities in the financial industry.
I also have plans for continuing with master’s program shortly after getting employment as a financial analyst. The master’s training will help improve my skills in this profession. After completing master’s program, I will also register for a certified financial analyst (CFA) certification. The CFA certification will spearhead my growth to the top management position in the financial industry. I plan to complete master’s program and CFA certification within the next five years. As illustrated by Cassio (2004, p. 19), I can improve my career by undertaking select professional exams. Completing all the four CFA’s exams is my third important priority.
I plan to kick-start my financial management career by seeking employment as a Financial Analyst immediately after completing the graduate school. I have the option of starting my career as a Staff Accountant. As a Financial Analyst, I will be exposed to the corporate finance management and gain skills essential for my career development. After that, I will use my work experience and educational background in finance to rise steadily to the top management position. The possible career path that I will follow includes financial analysts, Senior Finance Analyst, Finance Manager, Finance Director, and ultimately Chief Financial Officer. Becoming a Chief Financial Officer is my ultimate goal and priority in this profession (Mckinney, 2001, p. 34).
Although there are many challenges, I want to use my academic studies as well as work-related experiences to develop my career path in financial management. Lastly, I want to prioritize in the banking sector. This is I see several opportunities for growth and career development in the banking industry. I am looking forward to becoming a top financial manager in a reputable bank. Also, there are many chances for growth and personal development in the banking industry.
4.1 Supporting my Career Development
I have a combination of effective management and personal skills that will best support my career development in financial management. I choose this career because I posses the characteristics of a good manager. Besides, I am pursuing a degree in the same field of study. I choose a similar career development path followed by other successful finance managers. Finance managers often follow similar career paths to reach the top management positions. One can choose to join the profession as a financial analyst after graduating in finance. The career path of a prospective financial manager starts with a bachelor’s degree in finance or other related studies such as accounting, business administration or other comparable disciplines. These studies expose the student to deeper and insightful financial planning, accounting, principles of economics, portfolio assessment, and security assessment among other critical skills essential for a prospective financial manager.
The educational journey of a prospective financial manager does not stop with a bachelor’s degree. Some companies require a master’s degree. In addition to bachelor’s and master’s degrees, financial management job requires some professional studies such as CFAs. As a prospective financial manager, I will follow this educational study to rise at the top management level in a company. After completing my bachelor’s study in finance, I will register for a similar master’s degree. I will also do the CFAs concurrently with my master’s degree. These educational studies will help support my career development to become a successful finance manager.
Although conditions may significantly vary depending on the type of company, most prospective financial managers start their professional career as either staff accountants or financial analysts. The former will expose me to corporate reporting while the latter will expose me to business functions. Whichever I start with, I have an equal opportunity to rise to the top financial management in the business field. At this entry level, I will consolidate my corporate skills in financial reporting as well as various business functions. From then, I will then focus moving to Senior Finance Analyst position followed by the finance manager, finance director, and finally chief financial officer, which is my ultimate career goal. The figure below illustrates my prospective career path in financial management profession.
4.2 Review of my Career and Personal Development Needs
I have keen interests in the financial career. Since childhood, I have been dreaming of becoming a financial manager at a top institution. I have realized the significant roles of finance managers in the business. Apparently, all organizations and companies, whether private or government-owned, survive on proper handling of their finances. Besides, I am interested in helping organizations grow and achieve success. This is not possible if proper financial management is missing. In organizations, financial management is done in the form of profits, costs, as well as investments. They have responsibility of managing all these aspects of the company finances and other related money matters. A company should manage its finances to avoid failure. That is where financial managers come handy in the business and to my professional need. In business, financial managers deal with financial and money related decisions made by the company. They do this with the primary goal of helping the company maximize value while at the same time minimizing risks.
I am interested in forecasting the business’s future financial positions. Financial managers are also responsible for forecasting the business’s financial situation. I want to develop my career in a field where I will advise companies where the money will come from, its worth, and how to use it appropriately for the benefit of the business. I also want to help business managers make a decision on how to spend the company money. As a financial manager, I will help business managers decide how to invest money to get maximum returns. Financial managers use spreadsheets that show detailed company’s cash flows, expenses, and profitability levels. In a traditional setup, financial managers look for methods of freeing up the company capital, decreasing expenses, as well as increasing profitability.
In essence, being a financial manager will help me find the best growth paths for the business. As illustrated by Derval and Bremer (2012, p. 36), financial managers use various strategies such as acquisition of other companies, diversification, as well as reinvestment in order to attain the best growth path for the company. The business’s complexity, size, stage of development and industry is purely determined and influenced by financial managers. A financial manager is essential to every business because they all need balanced books. Large companies require financial wizards to manage the many dollars they own.
As indicated above, financial managers are imperative professionals in the business field, and that is why there is a high demand for financial managers. The demand for financial managers increases every year. The worldwide financial management job outlook is forecasted to grow by 18% by the end of 2020. In essence, the financial management profession presents a world of opportunities to aspiring individual in the business field. For this reason, I chose to develop my career plan in the financial management profession. I look forward to become a successful top manager in this profession. I will perfect my skills through educations and on job training.
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