The role of a Financial Manager in any company incorporates a number of requirementsand obligations. The background of a Financial Manager includes firstly, the management of a number of company related accounts and budgets. This involves the individual having experience in coordinating the withdrawal and deposits of small and large sums of money from beneficiaries, external and internal contractors and other associations that the company may have and constantly deals with (Department of Labor, 2014). The background may also include liaison with these contractors and management of the efficiency of the company’s budgets and their impact on current and future capability. Other components involve revenue and expense management, facilitating and also co-coordinating more junior accounts receivable and payroll officers. The Financial Manager can act as a supervisor and manager of the company’s financial division and work closely with the Chief Financial Officer of the particular company (Department of Labor, 2014). Other background requirements include a tertiary education in commerce or Finance and experience within the roles of accounts receivable and payroll. The key factor that makes a Financial Manager unique is their influence on the success and development of every other division of the company and how their decisions can impact the overall success of the particular company.
Three to four companies that a Financial Manager would want to work for include National and State Banks, Financial firms, Insurance companies and Government agencies. A Financial Manager would want to work for these companies as they will always be heavily engaged in financials and have a strong association with the nature and role of finance in society (eFinance Careers, 2015). For example, with regards to Bank Financial Manager roles, there is a wealth of opportunity for progression. Banks focus specifically on financials such as financial assets and these can be easily dealt with and ascertained within a strong financial sector such as banking. Furthermore, there is the potential for rapid career progression within the active banking sector. Additionally, financial roles within the banking sector are interchangeable and also have a large impact on world economies and other financial firms and major corporations. With regards to financial firms, similarly to banks, they are solely focused on finance and hence, require a number of different financial managers (Department of Labor, 2014). They provide opportunities for growth and development as a relatively junior even senior financial manager. In contrast to banks, they can provide financial managers with a range of different environments and expansion into other areas such as accounting and investment banking, Insurance companies also provide fantastic opportunities for growth and rely heavily on financial managers. They focus on managing the financials of long term investments and insurance on property and assets. Government agencies provide a public domain for financial managers and extensive job security. They also allow financial managers to assist with managing Government finances and ensuring that the Government continues to reach a surplus or pay back heavy debt (Department of Labor, 2014).
The best methods for contacting these respective companies focus on developing relationships with current employees and providing the company with some preliminary background on the individual’s experiences and aspirations for becoming a financial manager at their company (eFinancial Careers, 2015). Furthermore, recruitment companies and contacts can connect an individual with a company such as a bank, which is constantly searching for new financial managers. In engaging with people involved with the hiring process, the individual can apply for positions through the company’s site or alternatively, use a recruiting agent to liaise directly with the company (eFinancial Careers, 2015). In many instances, it is difficult to apply for financial manager jobs when the company is solely focused on hiring internally. Banks are renowned for hiring internally, which prevents highly capable individuals from entering into a new financial environment. Maintaining contacts with current employees can connect individuals with key hiring employees.
- Department of Labor. (2014). Occupational Outlook Handbook. 2014-15 Edition, Bureau of Labor Statistics, Retrieved from http://www.bls.gov/ooh/management/financial-managers.htm Accessed on 05 August 2015.