Skills required for finance manager
Most skills required for finance manager is a person should be good in team work and have qualities of leadership. Finance managers are workers in banks, insurance company, government financing sector and other corporation or company that are responsible for their financial growth. The finance mangers creates plans and strategies for the financial goal of the corporation. They produce the company financial status and control every activity in investments of the company.
Finance mangers are individuals with good communication and analytical skills that work with other company officials and the company executives in carrying out their daily work. They function in getting involve in funds generation and how the funds are being managed in the financing of the corporation.
Skills required for finance manager are good in the aspects of business analysis and organisational skills trying to put everything together in managing the company funds and generating profit for the company on every investment made.
Role of finance manager in an organisation
There are different types of finance mangers and their work varies from one another. In finance manager, we have who we call the controller, financial managers, risk manager, debt manager, and insurance manager. All the careers stated above are all classified under finance manager.
READ: How to manage finances
Debt manager: this is a finance manager that sees to the debt of the company. They see to how debt is being issued and how they are paid back. They actualise the balance in debt issued and debt paid.
Insurance manger: this type of finance manager sees to how the company is being insured. They get the company registered under any good insurance company in the country or that vicinity to protect the risk the company might go through in the future. They decide the type of insurance the company should engage into. Any company with burglary insurance, fire insurance or accident insurance is being compelled by the assurance manager. He pays the insurance company from the company funds and gets the assurance company to get to incidents or risk depending on the type of insurance the company is into.
Cash manager: this one the major finance manager a company must have if the affair of the company in terms of money is to be run properly. A cash manager sees to the flow of money in the company. Thy give account for every money that comes into the company and how the money leaves. They give advice to the company on if or not to spend money on particular expenditure or output.
Risk managers: they provide every strategy to clear the risk a company might be going through. The risk in investments are looked into by the risk manager and ensure that the risk is minimised for the company to be able to gain their own profit form the investment. The risk managers believes that the higher the investment, the higher the risk, and the higher the profit.
Controllers: they are the finance manager that oversees special financial activities in the company. They are the head and the directors of the audit and accounting department of the company. They produce and provide the financial report of the company on investments and the money spent by the company.
What does a finance managers do
- They prepare the financial report of the company and give the company financial status
- They assist the company in setting their budget right
- They create analysis on the current funds raising programs in the country and also create analysis on the investment of the company
- They see to the profit maximisation of the company on every investment made by the company.
- They control other employees in the financial sectors
- They see to how money comes into the company that is how funds is being generated and also see to how money leaves the account of the company.
- They work hand in hand with the executives of the company in running the affairs in the aspect of finances.
Characteristics of finance managers
- Communication is the most required skill from the list of skills required for finance manager. They are able to communicate well with the executives of the company and other officials to get them informed about the state of the company.
- They are business analytical experts.
- They have good organizational skills
- They are good in using technology.
- Most are master’s degree holders and had also have up to 5years working experience in the finance sector.
- They are calculation experts in business and finance field.