Becoming A Financial Manager: What You Need To Know


A career in financial management requires both education and experience. Typically, employers will look for candidates who have a qualification in finance or business administration with a focus on finance.


Financial managers are also responsible for planning, directing and coordinating the day-to-day business of an organization in accordance with its overall objectives.

Access to information is one of the most important resources for a financial manager. Information can be collected from a number of sources including reports, interviews with employees and surveys of customers.

Financial Manager Tasks

Tasks Financial managers are responsible for the following tasks:

  • Determining the capital requirements of a business or government agency
  • Managing the assets of a business or government agency
  • Advising management on long-term strategies
  • Monitoring market trends
  • Interpreting financial information to determine a company's growth prospects
  • Evaluating new products and services as they relate to company finances
  • Allocating funds
  • Creating short-term and long-term budgets
  • Managing profit margins and expenses
  • Oversight of investments and expenditures
  • Analysis of competitors' finances
  • Preparing forecasts and projections for future growth and profitability

What is the difference between financial management and accounting?

Financial management includes accounting but also includes other aspects of finance. Financial managers are concerned with the overall health of a company, from investments to long-term goals.

Although both accountants and financial managers deal with financial information, their positions differ in terms of authority and responsibility within an organisation's hierarchy. Accountants are responsible for compiling and maintaining information in the form of reports and records, while financial managers interpret that data, make recommendations based on it, then monitor the results to ensure that goals are met.

Accountants work independently in a team. They are responsible for ensuring that all internal controls are in place, that data is accurate and timely, and that standards are met. Accountants have little control over business decisions.

Financial managers evaluate data collected by accountants to examine business performance from a profit/loss perspective. They also use this information to predict future trends, identify opportunities for profit enhancement, and make recommendations for strategic planning to senior management.

One of the reasons financial managers enjoy their work is because they are able to use many different skills and are given a high degree of responsibility within their organisation. 

You may also like:

Becoming An Actuary: What You Need To Know




Other Articles

Are you wanting to apply for a Sassa grant but need access to your One Time Pin, which is also known as an OTP? Here's a guide on how to access your Sassa OTP to access your form.

Cape Peninsula University of Technology have opened their applications for the 2023 intake. CPUT aims to have an impact on the world of technology.


Latest SASSA Articles

Are you wanting to apply for a Sassa grant but need access to your One Time Pin, which is also known as an OTP? Here's a guide on how to access your Sassa OTP to access your form.

Many applicants have been experiencing delays with their R350 grant appeal process which may be causing some frustration. Here is what may be causing these delays.


Careers Advice

Welding is one of the many kinds of trades that can provide a decent living and secure job. There are many jobs available for welders, but it's important to note what kind of welding you want to do before choosing your trade. It's also important to understand that besides knowing how to weld, you must know how to properly use tools and read blueprints, so that you can be as safe as possible while on the job.

When you hear the word "welder," perhaps your mind conjures images of a burly man or woman covered in a suit, hunched over an electric arc welder, furiously fusing two pieces of metal together.  Welding is a process that can be used in many different industries. Although the word "welder" might bring to mind someone who works with metal, welding is done in all sorts of industries – from construction to the manufacturing industry.