How to Become a Finance Manager? A Complete Guide

By | January 10, 2022

Do you want to become a finance manager? Do you want to know how one can become a finance manager? then you are in the right place. In this article, I have covered all the information that you need to know in order to become a finance manager.

How to Become a Finance Manager? - Full Information

The backbone of any industry is it’s finance department. It deals with all the money related matters of a company. A finance manager’s main duty is to deal with investing, saving, borrowing and forecasting of money. As it is directly related with money, the job of a finance manager is known as one of the most valuable, challenging and rewarding job of the world.

It is the finance manager who is responsible for managing all the financial activities of all the big companies, government agencies and corporate banks. The job of a finance manager is full of responsibilities. They don’t only track the cash flows of a company but also prepares financial reports. So, every company needs a finance manager.

Process of Becoming Finance Manager

To become a finance manager, you should have master degree in financial management. You should have to specifically understand the financial management and for this you can complete one of the following courses:

  • Master of Business Administration ( Finance )
  • Master of Financial Controls ( MFC )
  • Post Graduate Diploma in Financial Management ( PGDFM )

The duration of master degree program is 2 years whereas the duration of PG diploma program is 1 year. You have to go through aptitude test, group discussion and interview process in order to get admission in these courses.

Eligibility For Becoming a Finance Manager

Option 1: After passing 12th class and completing graduation, you have to do master degree in finance or join PG diploma program.

Option 2: After passing 12th class in any extreme, you have to complete B.Com or BFI ( Bachelor in Financial and Investment Analysis ) or B.Eco ( CA Foundation Course ). After this, you have to complete a professional course like Chartered Accountancy or Chartered Financial Analyst or Masters in Finance Control.

Option 3: After passing 12th class, you can do BA in Economics or graduation from BSC Mathematics. After graduation, you can do masters in finance or finance control.

So, these are the three options that you can use to become a finance manager. You can choose any one option that is suitable for you to become a manager.

The minimum requirements for entry level job in multinational banks, export houses, trading firms and financial institutions is MBA Finance, Masters in Finance Control or Chartered Accountancy.

It can take approximately 10 years to get promoted from entry level to mid level and then senior level position.

World’s Best Institutes to Learn Finance Management

The finance manager is the one who oversees a company’s finances. They make sure that the company is spending money wisely, and they need to be able to understand the balance sheet.

The finance manager needs to be able to understand financial statements, project cash flow, and have knowledge of tax law. These skills can be learned in any of these institutes:

– University of California Los Angeles (UCLA)

– University of Illinois

– University of Michigan

– Harvard Business School

– Massachusetts Institute of Technology (MIT)

India’s Best Colleges For Finance Management Course

  1. AIMA ( Center for Management Education )
  2. ICFAI ( Institute of Chartered Financial Analyst of India )
  3. IGNOU ( Indira Gandhi National Open University )
  4. IBMR IPS ( Institute of Business Management and Research )
  5. Institute of Management Studies Devi Ahilya Vishwabidhyalay
  6. NMIMS School of Management Bengaluru
  7. SIBM Pune Symbiosis Institute of Business Management
  8. Banaras Hindu University
  9. University of Lucknow
  10. AIMA ( All India Management Association )
  11. Aligarh Muslim University
  12. Department of Bank Management Alagappa Institute of Management ( Tamil Nadu )

Why Finance Manager Needs to Study the Analytics

The finance manager needs to study the analytics to better understand how their business is performing. This can help them make better decisions and improve the company’s performance.

1. To identify problem areas in their business that need fixing

2. To understand how their business is performing in relation to other competitors in their industry

3. They should study the analytics so they can make better decisions about future investments

4. They should study the analytics so they can make better decisions about future expenditures.

What is the Main Responsibility of a Finance Manager in a Company

The main responsibility of a finance manager is to ensure that the company has enough cash flow. They are also responsible for ensuring that the company has enough funds to cover any unexpected expenses.

He is a person who is responsible for overseeing the financial aspects of a company. They are in charge of financial reporting, budgeting, forecasting, and making sure that the company has enough money to cover its expenses.

So, this is how you can become a finance manager. They need to be able to speak in front of large groups, write reports, and make presentations. Below is the comment box where you can post your question if you have any confusion.

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