Financial Manager Career Guide and Counseling

Question: financial manager??? ok right! well i'm studying business and i decided to do A-levels on Finance but the problem is i don't really know if i will enjoy it later on, and i also dont really know if becoming a Financial manager is the same thing as becoming an accountant. if you know anything about finance can you please tell me if it's a fun job and what the exact role of that job is??? thank you so much! :-)

Answer: An accountant your mostly dealing with taxes and helping balance the books. A financial manager manages people's money and makes it grow. Its fun but people from time to time think they can do better than you and give you a hard time about it.

Question: What do you consider the key skills a financial manager have ? Hi my friends. I am having trouble Please Help me.. What do you consider the key skills a financial manager have ? What do you considers the role that a financial manager in today's economy considering the turnmoil ?

Answer: Someone who is highly organized and stays on top of things. Also being resourceful is a big key especially right now, they should always be looking at things they can change to save money. They must be forward thinking--someone who can see future problems and figure out ways to resolve them before they get too nasty. Good luck!

Question: How does one find a honest, trustworthy financial manager if one was to say win the lottery? If I were to win the lottery or come into a huge amount of money say 5 million plus dollars. How would I find a trustworthy financial manager? I have heard so many horror stories of people wasting or losing lottery winnings do to poor management. I think this is a fair question for someone not use to managing large amounts of money. *Serious answers only please.

Answer: The best thing to do is contact a lawyer at a reputable law firm that specializes in trust and estate planning. This lawyer will be able to refer you to a reputable family office. Many wealth people have their money managed through a family office. So between your attorney and family office, they will collaborate to understand your financial situation, risk tolerance and investment goals in order to develop a customized financial plan tailored to your needs.

Question: What does it take to be a Financial Manager at a Mid to Large sized Company? I have an associates degree in Business Administration and am currently pursuing my Bachelors in Finance. I am wondering if I also need a degree in Accounting to obtain an entry level and then eventually a decent job as a Financial Manager. Thanks

Answer: You will have to obtain your series 7 and 66. Companies used to require the 7 and 63, but most now require the 66. You will also have to be sponsored by a company to be able to take these tests, which means you usually have to obtain employement from the company to begin the process. You can expect to study 2-4 months for the 7, then about 2 weeks to 1 month for the 66. This is if you want to be a financial advisor. There is also the series 6 if you plan to work with only mutual funds and not individual stocks (alot of insurance companies do this).

Question: What's the rationale of capital budgeting and how it links to the goal of financial manager? I believe the goal of the financial manager is to maximize the value of the shareholders' wealth.

Answer: The Capital Budgeting ensures that the right investments are pursued to meet the Company goals. It is a screaning process. Finance Manager who oversees investments makes sure that all investments are on right course or the Financial Manager is to maximize the shareholder's wealth.

Question: How is the job of a financial manager in a nonprofit organization different from that of a financial manager? How is the job of a financial manager in a nonprofit organization different from that of a financial manager with a profit seeking firm?

Answer: The job is basically the same, but the way you do the accounting is different. For profit and non-profit have differing accounting rules.

Question: What kind of jobs can you get as a financial manager? How hard is the school for it? Is it a lot harder to get a degree in finance than a accounting degree? What do financial managers do all day?

Answer: A person with a degree in Finance can do virtually anything. It does not limit you to being a Financial Manager. I went into banking. Financial Managers (which you will not be right out of college in the first place) wear many different hats. They may be in charge of forecasting financials for the company, they may help compile financial statements. They may be in charge of the insurance and risk mitigation group, they may be in charge of an audit team. It is impossible to say. They may run the portfolio for the company. They may reconcile the company's bank accounts. No....A finance degree is no harder than accounting...just different. Accounting is using numbers you already have where finance would be using those numbers to make other decisions as far as capital budgeting goes. (Investment decisions, acquisition decisions, etc). Either one is a very good choice and neither will limit which field you are allowed to go into.

Question: How does the financial manager balance strategies that maximize shareholder value with corporate actions that? How does the financial manager balance strategies that maximize shareholder value with corporate actions that may compromise ethical behavior?

Answer: Unethical policies should not be tolerated. Typically the risk far outweighs the potential reward. If the strategy is truly unethical and still appears to add shareholder value then the risks are not being properly assessed. However, there are situations where there's justifiable disagreement on what's ethical and what's not. For example, some think it's unethical for lenders to charge higher interest rates to poor people. They say, "the people who need the money the most can't afford to borrow it." However, there's nothing unethical about this. Turn the situation around. What if the people were lending money to the company and the company was a high risk of not repaying all or part of the loan? Most people would agree that it would be fair for the people to charge a higher interest rate to that company to compensate them for the extra risk of not getting all of their money back. In fact, that's exactly what happens. Companies with lower credit scores pay higher interest rates on debt. So, it's important to think through the situation fully before arriving at the conclusion that it's unethical. A few tests might help. First, is it legal? If so, next try the Golden Rule. Would this practice upset you if it was done unto you? If so, why? Third, does it pass the red-faced test? Would you have any trouble rationalizing this practice to your mother? Finally, consider the economic business rationale. Is there a case to be made that the business is legitimately justified in carrying out the strategy? For example, lenders are justified in charging higher rates to high credit risk customers because of the higher risk incurred. If the practice has difficulty passing all of these tests, then there's a good chance that its unethical. If so, give strong consideration to the downsides. Again, if it is truly unethical and it appears to be a value adding practice, then all the risks either have not been identified or have been grossly underestimated in magnitude. I hope this helps.

Question: What is major for Career financial manager? I don't know which major I must choos for financial manager...

Answer: A bachelor's degree in finance, accounting, economics, or business administration is the minimum academic preparation for financial managers. However, many employers increasingly seek graduates with a master's degree, preferably in business administration, economics, finance, or risk management. These academic programs develop analytical skills and provide knowledge of the latest financial analysis methods and technology.

Question: For which decision areas is the financial manager responsible? What are the functions of the controller and the treasurer? What is the relationship between accounting and financial management? A little insight would be great from anyone who can help?

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