They gather financial statements to report on business activities and forecast the future finance of a business.
Management often consult with financial managers first before making important decisions.
Financial Mangers work to prevent or decrease risks that may be caused by natural disasters, global pandemics, fires and more.
They work with key decision makers to and forecast the business’ finances and growth.
They review the expenses of a company and come up with ways they can spend less.
What to Study
What is a Financial Manager?
A Financial Manager is an individual that handles the financial health of a business. They draw up reports, manage statements, review budgets and plan for the financial future of the business. Financial managers also work with the executives to make decisions that would benefit the business.
The Role of a Financial Manager
The role of a financial manager in a business had changed over time. As a financial Manager, you will help make financial decisions and track the business finances. Tasks of a financial manager differs from each industry.
How Much Does a Financial Manager Earn?
Financial Managers in South Africa currently earn an average of R540.623 a year. With hard work and dedication, you have the potential to earn even more money.
The top companies in South Africa hiring Financial Managers:
- Entelect Solutions
How do I become a Financial Manager?
Going into this job is not as hard as you think. People only assume it’s hard because you’ll work with numbers. Below are a few steps you can take to become a Financial Manager.
Get an Education
Getting a qualification is the first step. We have three accredited Financial Management courses from N4-N6. Each course has its own set of entry requirements and duration period. When you finish the course you will receive a National Certificate and a certificate of completion from Skills Academy.
- N4 Financial Management
- N5 Financial Management
- N6 Financial Management
Already a financial professional and would like to brush up on your skills for a promotion? No problem we have options for you as well.
Non accredited Courses:
Get an Internship
After completing your course you will need 18 months of practical experience. You can gain your experience by applying to companies that hire interns in your field. if you work hard enough, the business might offer you a permanent job.
Look for a job
The final step to starting your career would be to get a job. Here are a few ways you can look for a job.
Step 1 – Make sure that you have a well written CV. Your CV makes the first impression on employees so it has to be good.
Step 2 – Sign up to job search websites. This will make your CV public to potential employees.
Step 3 – Do as much research about the companies you have interviews with. This will prepare you for the questions they ask in the interview.
Different Types of Financial Managers
It’s important to know what type of financial managers companies look for. With that information, you will know what your work will be tailored for. You could also search for specific types of financial manager jobs.
Here are a few different types of Financial Managers:
- Credit managers
- Insurance managers
- Risk managers
- Cash managers
Duties and Responsibilities of a Financial Manager
To know how to do a job, you should know what skills you need first. These skills along with your qualification will enable you to tackle all tasks.
Skills Needed to be a Financial Manager
- Good communication skills – both written and verbal
- Be self motivated
- Able to lead and work in a team
- Problem solving abilities
- Smart thinking
Responsibilities of a Financial Manager
Risk Management – all businesses face internal and external risks. It will be your duty to analyse all possible risks to the business. You will manage them by coming up with solutions to avoid or control it.
Forecast and Plan – along with other management, you will meet and lay out plans for the future of the business.
Investments – you will be responsible for what the business invests in.
Raising funds – receiving funding for investments and daily operations.
Author: Tia Sauls
Last Updated: May 5, 2020