MBA with Finance Degree, Career & Job Outlook
Job Outlook: As per US gov. studies and historical datas about 3 out of 10 financial managers work in finance and insurance industries and held about 506,000 jobs in 2006, employment of financial managers over the 2006-16 decade is expected to grow by 13 percent. Employment growth for financial managers is expected is to be about as fast as the average for all occupations.
A bachelor’s degree in finance is the minimum academic preparation, but employers increasingly seek graduates with a master’s in business administration (MBA). Experience may be more important than formal education for some financial managers.
Capella University
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Kaplan University
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Strayer University online
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Walden University
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Grand Canyon University Online
Request more information>>Businesses – like Intel, Hewlett-Packard, Disney, IBM, and other Fortune 500 companies – constantly have to make a variety of financial decisions that play a vital role in defining the long-run well-being of the company and it's exactly those decisions that are the focus of the MBA with finance specialization.
Work environment: Top executives typically have spacious offices and numerous support staff. General managers in large firms or nonprofit organizations usually have comfortable offices close to those of the top executives to whom they report. Long hours, including evenings and weekends, are standard for most top executives and general managers, although their schedules may be flexible.
Almost every firm, government agency, and other type of organization has one or more financial managers. Financial managers oversee the preparation of financial reports, direct investment activities, and implement cash management strategies. Managers also develop strategies and implement the long-term goals of their organization.
The duties of financial managers vary with their specific titles, which include controller, treasurer or finance officer, credit manager, cash manager, risk and insurance manager, and manager of international banking.
Some Job Titles & Nature of Works
- Finance Controllers: Controllers direct the preparation of financial reports, such as income statements, balance sheets, and analyses of future earnings or expenses, that summarize and forecast the organization’s financial position. Controllers also are in charge of preparing special reports required by regulatory authorities. Often, controllers oversee the accounting, audit, and budget departments.
- Duty as Treasurers and finance officers: Treasurers and finance officers direct the organization’s budgets to meet its financial goals. They oversee the investment of funds, manage associated risks, supervise cash management activities, execute capital-raising strategies to support a firm’s expansion, and deal with mergers and acquisitions. Credit managers oversee the firm’s issuance of credit, establishing credit-rating criteria, determining credit ceilings, and monitoring the collections of past-due accounts.
- Cash managers: Cash managers monitor and control the flow of cash receipts and disbursements to meet the business and investment needs of the firm.
- Risk and insurance managers: Risk and insurance managers oversee programs to minimize risks and losses that might arise from financial transactions and business operations. They also manage the organization’s insurance budget.
- International finance managers: Managers specializing in international finance develop financial and accounting systems for the banking transactions of multinational organizations.
- Financial managers: Financial institutions—such as commercial banks, savings and loan associations, credit unions, and mortgage and finance companies—employ additional financial managers who oversee various functions, such as lending, trusts, mortgages, and investments, or programs, including sales, operations, or electronic financial services.
In addition to the preceding duties, all financial managers perform tasks unique to their organization or industry. Moreover, financial managers must be aware of special tax laws and regulations that affect their industry. Financial managers now perform more data analysis and use it to offer senior managers ideas on how to maximize profits.
Other skills: Financial managers requires interpersonal skills are important because these jobs involve managing people and working as part of a team to solve problems they must have excellent communication skills to explain complex financial data. They should be creative thinkers, comfortable with the latest computer technology, aware about international finance and problem-solvers, applying their analytical skills to business, proficiency in a foreign language may be an added advantage to them.
Earnings: Directors of finance earned between $79,000 and $184,000 in 2007, and corporate controllers earned between $61,250 and $149,250. Large organizations often pay more than small ones, and salary levels also can depend on the type of industry and location. Many financial managers in both public and private industry receive additional compensation in the form of bonuses, which, like salaries, vary substantially by size of firm. Deferred compensation in the form of stock options is becoming more common, especially for senior-level executives.
Source:www.bls.gov
