In professional and personal life, wise stewardship of resources is vital. If this is something that you have a natural knack for, you might want to pursue a career in finance management. Finance managers are entrusted with overseeing the financial health of an organization. This person must know how to approach money in a responsible, strategic and discerning way. The role of finance manager requires wisdom from God to manage wealth in a way that honors Him and meets the needs of a company. A career in financial management requires an MBA degree, and what better way to start exercising your financial prudence and gaining valuable knowledge than pursuing an affordable online MBA.
The following provides an overview of types of finance managers as well as their responsibilities, salary, and qualifications.
Types of Finance Managers
There are several types of finance managers:
- Controllers oversee financial reports that summarize and forecast the organization’s financial position. They oversee the accounting, audit and budget departments.
- Treasurers and finance officers direct the organization’s budgets to meet its financial goals. They oversee investments and strategies for raising new capital, and they develop plans for mergers and acquisitions.
- Credit managers manage a firm’s credit business by setting credit-rating criteria, determining credit ceilings and monitoring collections of past-due payments.
- Cash managers monitor and control cash flow to help a company meet its business and investment needs.
- Risk managers control financial risk. They implement strategies that limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty.
- Insurance managers help a company limit its losses by obtaining insurance against risks.
A finance manager produces financial reports, directs investment activities and develops plans for the long-term financial goals of an organization. The Bureau of Labor Statistics (BLS) adds specific duties of a finance manager:
- Prepare financial reports and forecasts
- Oversee financial details to ensure legal requirements are met
- Supervise employees who perform financial reporting and budgeting
- Review company financial reports and look for ways to reduce costs
- Analyze market trends to enhance profits and look for expansion opportunities
- Assist management with financial decisions
The median annual wage for finance managers is $121,750, according to the BLS. The highest 10 percent earn more than $208,000, and the lowest 10 percent earn less than $65,000.
Employment of finance managers is projected to grow 19 percent by 2026, which is much faster than the average for all occupations. Trends such as globalization and an increased emphasis on risk management are two major factors for the expected growth of finance managers.
Qualifications: Affordable Online MBA
Typically, finance managers have at least a bachelor’s degree and five years of experience in a business or financial occupation.
A bachelor’s degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers, but many organizations are also looking for someone with a master’s degree, preferably in MBA finance, business administration, accounting, or economics.
Grace College’s affordable online MBA provides students with a strong foundation in finance, marketing, accounting and human resources as well as coursework in entrepreneurship. This program helps prepare its graduates to fulfill leadership roles in businesses such as finance management. Grace’s faith-based affordable online MBA program applies biblical values to the coursework.
Grace also offers a fully online bachelor’s degree in business administration that focuses on the skills and tools graduates need to adapt and excel in the business world.