Financial management is the careful planning, organising, arrangement and rearrangement of financial activity. It is one of the most respected aspects of the business world. There is a wide range of careers available in financial management. More information about this is available in reviewsbird.co.uk. Financial management elements include financial planning, management consulting and financial control.
Salient Advantages of financial management
Financial management is unique and it has many advantages. It is important for the following reasons.
- Without it, financial planning will be difficult and cumbersome
- It assists businesses to effectively utilise and allocate received or acquired funds.
- It is needed for critical and tough financial decision making.
- Critical thinking and tough decision making helps in gaining more profit for the organisation
- It raises the reputation and the overall value of the business in which it is incorporated
- It encourages money saving which in turn brings about financial stability.
- It also helps to control spending in a situation whereby the owner of the business is a careless spender.
- It is important forcapital investment.
Postgraduate Careers and Opportunities Available in Financial Management
1) Financial analyst: The job description for a financial analyst will include researching financial opportunities and recommending the same to clients, government or organizations. It is also the job of a financial analyst to search for financial information, collect them, go through them, make additions when necessary and create a statistical report. A financial analyst must look out for financial risk and provide lasting solutions to them.
2)Financial manager: Financial managers can work in many places including financial institutions, private companies, ministries etc. They are needed to make sure that the organisation is healthy financially. They make a financial report. They design long term financial goals for their clients. They need special strategy and analytical skills to be able to safely dive into the financial ocean. There are different types of financial manager which include: credit manager, risk manager, cash manager, treasurer and insurance manager. Insurance managers determine how to reduce losses by insuring the company against the risks that are prevalent in the industry.
3)Accountant: They work for companies, non-governmental organisations, financial institutions, central banks, government agencies and accounting firms. They also work in the education sector as an instructor. These are the type of people children want to be like when they are of age. They are responsible for the fun part of the working system which is the administrative payroll system – everybody wants paycheck which is why they are working in the first place. Sometimes, they are also responsible for writing a paycheck.
4)Chief financial officer: This is one of the top positions in business organisations. It is accompanied by great responsibilities and benefits. One of their many responsibilities is to supervise the finance department. They have to analyse the market and come up with a backup plan when risk-taking is unavoidable.
5)Financial sales agents: They provide maximum financial security for their client. They also ensure that their client makes huge returns in all their investment.
Careers in financial management are diverse and all of them come with a huge amount of benefits. By all means, you should invest in a career in the field if you find it desirable.