Tue. May 30th, 2023

how to become a finance manager

How to Become a Finance Manager

Finance managers help executives choose policies, make investments and spend money in ways that will benefit the company. They also monitor company finances to spot financial risk.

To become a finance manager, you need at least a bachelor’s degree in business or accounting. Some employers prefer candidates who have earned a master’s degree.


Financial managers oversee all aspects of a business’s finances, including accounts, payroll, tax preparation and accounting. They also use research, analytics and reporting tools to develop strategies that promote long-term financial success.

Obtaining the right education is essential to becoming a finance manager. Most aspiring managers earn bachelor’s degrees, typically in finance, accounting or economics. However, a degree in business is also useful. The degree will teach you how to handle the financial aspects of businesses and increase your employability after graduation.

High school students can prepare for careers in finance by taking courses such as math, economics and business statistics. The courses will help you learn how to analyze data and understand the basics of accounting.

After graduating, pursue internships in a variety of industries to gain experience in the field and get an idea of what you’d like to do with your career. An internship is also an opportunity to network with professionals in the industry and build relationships.

One of the most important skills a finance manager should have is financial reporting skills. This includes being able to generate reports and present them to top executives and management. There are a number of online financial reporting courses that can help you improve your skills.

Another important skill to possess is computer skills. This includes being able to manipulate and modify computer software. It is also helpful to have a good understanding of data storage and security.

Leadership and attention to detail are other skills that a financial manager should have. These are necessary for managing budgets, preparing and analyzing reports and ensuring legal compliance.

Depending on the type of position a finance manager holds, he or she may have to work with other departments and leaders throughout the company. This is why the qualifications for a finance manager vary by organization.

While there is no exact path to becoming a finance manager, obtaining a bachelor’s degree is a key step in the process. You can also earn a master’s degree or professional certifications to boost your chances of getting a job in this career.

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Financial managers manage the financial health of a company or organization, and they are responsible for developing strategies to maximize profit. This includes exploring investment data, preparing financial reports, and overseeing financial transactions that adhere to legal requirements.

They also evaluate current financial situations and use their insights to help the organization make decisions. They can find employment in a variety of organizations and industries, including insurance companies, banking firms, healthcare companies, and government agencies.

The Bureau of Labor Statistics estimates that about 64,900 openings for finance managers are expected each year over the next decade. The demand for these jobs should increase because businesses have accumulated more cash on their balance sheets as the economy has grown, and companies need to maintain and invest that cash.

Generally, you need at least a bachelor’s degree to work as a finance manager, but some employers prefer candidates with master’s degrees in business administration, economics, or finance. In addition, many employers require work experience that is related to the field of finance or accounting.

As a finance manager, you can expect to spend most of your time managing the finances of a small or medium-sized organization. Your job duties can vary from industry to industry, but you typically oversee the accounting department, analyze data, and advise senior management on ways to maximize profits.

In addition, you need to know the topics, tax laws, and regulations that are specific to your industry or organization. For example, government financial managers must understand the appropriations process and budgeting rules, while healthcare financial managers need to be familiar with billing and reimbursement procedures.

The experience you gain as a financial manager will be essential if you want to move up in your career. Most companies that offer this position will give you the opportunity to progress to a management role over time.

Some of the skills that are essential for a finance manager include analytical and communication skills. Analytical skills assure that you are able to interpret financial information and understand how it affects the company’s operations, and communication skills enable you to communicate your ideas clearly and effectively with other staff members.


There are several certifications available for finance managers, ranging from the Chartered Financial Analyst (CFA) to the Certified Management Accountant (CMA). These credentials can be beneficial in demonstrating an individual’s financial expertise to employers and clients.

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The Chartered Financial Planner certificate is one of the best finance certifications for those seeking to work in the high net worth area of wealth management. It is a well-known designation that can set you apart from other finance professionals and help you distinguish yourself in the field.

A chartered financial planner is a professional who specializes in high net worth planning, working with individuals and businesses to help them achieve their financial goals. They offer a range of services, including financial planning for retirement and estate plans.

Those who hold the Chartered Financial Analyst (CFA) credential are experts in portfolio investment management and securities analysis. The CFA Institute calls this certification “the most respected and recognized investment management designation in the world.” It requires candidates to pass three exams and complete three years of work experience, demonstrating competence, integrity, and extensive knowledge in accounting, economics, ethical and professional standards, portfolio management and securities analysis.

Another certificate geared to those interested in working in the mutual fund industry is the Chartered Mutual Fund Counselor (CMFC) designation. This two-level program from the College for Financial Planning teaches designees about the complex world of mutual funds and other packaged investments.

Many financial managers choose to obtain the Chartered Management Accountant (CMA) designation, which is administered by the Institute of Management Accountants. It’s a popular certification that’s used by a wide range of financial organizations, as it demonstrates general accounting and management skills.

These accountants often work on the corporate side of a business and use their accounting skills to make strategic business decisions. They provide advice to clients on a broad spectrum of financial issues, such as business financing, capital investment, and business growth.

The Certified Management Accountant (CMA) designation is the most commonly sought-after finance certification for those looking to work in the corporate finance and accounting fields. The Institute of Management Accountants administers the CMA exam, which has two parts and tests for 11 financial competencies. The average pass rate is less than 50%, and it takes about 12 to 18 months to complete the two-part CMA exam.


Finance managers are responsible for managing the financial health of an organization or business. They use research, analytics, and reporting tools to make decisions that promote long-term financial success for the company. These professionals work with different departments to set and manage financial goals. They also manage budgets and forecast revenue.

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The first step to becoming a finance manager is to earn a bachelor’s degree in a field such as accounting, economics, or business administration. This will give you a solid theoretical base for your career. It’s also a good idea to pursue an internship, which will teach you practical skills in the field.

You may also find that networking is a great way to learn about new opportunities in your field of interest. For example, you might join a professional networking site like LinkedIn or Facebook to build your network of contacts.

Another way to network is to volunteer for a local cause that you are passionate about. This can be a great way to meet new people and gain leadership experience. You can also find a lot of networking opportunities through meetup groups that are related to your industry or interest.

For many people, networking is a natural skill that comes easily. However, for others it may take some time to develop.

In most cases, the ability to network effectively is a key part of your job as a finance manager. It helps you get the right jobs and leads to a more fulfilling career.

Aside from the obvious benefits of networking, it’s important to remember that if you network well, you can make your life easier and increase your chances of success. Having the right contacts in your network can help you find new employment, gain insight into new sales techniques and get advice from other professionals about how to improve your career.

Almost all interviewees discussed networking for knowledge, either actively or passively (Figure 13). A minority mentioned networks for support, career management and influence; a smaller proportion referred to networking in order to scan a community or to find new ideas or to learn lessons from previous experiences.

Jeffrey Augers
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By Jeffrey Augers

Jeffrey Augers is a highly skilled and experienced financial analyst with over 12 years of experience in the finance industry. He has a proven track record of delivering exceptional financial insights and recommendations to clients, empowering them to make informed decisions and achieve their financial goals. Jeffrey holds a Bachelor's degree in Finance from the University of Michigan, and an MBA from the Wharton School of Business.