Finance management career: Financial advisor career

Financial Management

Financial management is a field in finance education that deals with every part of running a successful organization, from managing cash flows and tracking corporate performance to making plans that ensure business owners make the most of opportunities. A corporation with a financial management has undeniable advantages over one that does not. A company with a finance manager has a successful developing business because they practice proactive fiscal management and ensure that they have the necessary capabilities (Epstein & Buhovac,2014).. In addition, the corporation has broader strategic planning and delegated some of the work required to employees or outside experts. It is always looking ahead ensuring that it looks at the future and achieve full potential.

Importance of Financial Management

It also has an excellent research, time and knowledge which requires a significant amount of information which takes the time to collect. One the data is gathered, it can take a chance to analyze it accurately and discuss it with others involved. The company has a very real price tag that it must take into account. The companies also have control over their assets including its investment and cash to maximize their efficient use. Finance managers analyze sales, expenses and economic trends to prepare financial reports and forecasts for the company (Epstein & Buhovac, 2014). They then use the information to advise top executives on how to generate wealth and maintain market positioning for the enterprise.

Skills Required for Financial Managers

According to Brautigam (2011), financial managers need to have some skills starting with the personal attributes to be successful on the job. Strong analytical skills are required so as to organize the company’s financial operations and make adjustments as necessary. They also need to be detail-oriented and have excellent mathematics skills to ensure accuracy in financial reports. Should also have strong communication skills to share information with other employees. Work ethic is also needed to help them navigate through different jobs and responsibilities. To be a finance manager, one also needs at least a bachelor’s degree in either accounting, finance, economics or a related discipline.

Financial Advisor Career

This is an officer who builds, advice and maintains updates based on finances to the company. A company which has such an officer has their clients contacted periodically to determine if there have been changes in their financial status. It also has device debt liquidation plans that include payoff priorities and timelines. The company has documents explaining for clients the types of services that are to be provided to them (Stark, 2015). Such a company can get details of financial assistance available from various banks offering loans and grants. He/she helps the company in gathering information such as bank account records’ income tax returns, life and disability records, pension plan information, and wills for its employees. Also, he/she implements financial planning recommendations for the company. According to Brautigam (2011), the company has their clients interviewed to determine their income, expenses, insurance coverage, tax status, financial objectives, risk tolerance, and other information needed to develop a financial plan.

Skills Required for Financial Advisors

Skills required for one to be a financial advisor include the ability to analyze and research financial reporting. In most cases, financial reports will not be detailed, and it will be the work of the financial advisor to study in details then analyze this financial information. Another skills needed is the sales negotiation and report-writing skills. He/she make all the sales for the company and therefore needs to have high negotiation skills. On report writing skills, he/she should write any financial plan in a business-like manner. Financial advisors also need excellent mathematics, computer and communication skills as the core skills because any report needs to be explained to in details to executive mathematically orally or in a written form (Stark, 2015).

References

Epstein, M. J., & Buhovac, A. R. (2014). Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. Berrett-Koehler Publishers.

Stark, J. (2015). Product lifecycle management. In Product Lifecycle Management (pp. 1-29). Springer International Publishing.

Brautigam, D. (2011). 13Chinese Development Aid in Africa. Rising China, 203.