Education

What Degree Do You Need To Be A Finance Manager

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 3 minute read

In order to achieve the status of a financial manager, one must have both a bachelor’s degree and several years of relevant experience in the industry.

While a bachelor’s degree is required, students can choose from a variety of college majors and select whether or not to pursue a master’s degree as well. 

This field comprises positions like controller, financial officer, and credit manager. If you want to work as a financial analyst, accountant, securities sales agent, or loan officer, you’ll need a four-year college degree and at least five years of experience in those positions. 

Additionally, certifications such as the CFA Institute’s Chartered Financial Analyst certification, the Certified Treasury Professional accreditation from the Association for Financial Professionals, or a certified public accountant (CPA) license might be advantageous.

Financial Management Field Employment

According to the Bureau of Labor Statistics, a financial manager is responsible for a company’s financial health and stability (BLS).

There is a wide range of responsibilities that financial managers must perform, from preparing financial reports to advising the firm on its investment decisions.

 As a member of the company’s executive team, they bring their financial expertise and knowledge to bear on developing plans, strategies, and policies that are tied to the company’s financial well-being.

Financial managers get an average annual salary of $127,990, according to the BLS. The BLS predicts a 19% rise in job openings for financial managers over the next decade, compared to a 7% increase for all professions. This is quicker than the average for all employment.

In the C-suite, the job of the chief financial officer (CFO) takes precedence over that of the finance manager (CFO). CFOs and other top-level executives make an average of $189,600 a year, according to the Bureau of Labor Statistics (BLS).

Options for Financial Managers’ Bachelor’s Degrees

Financial managers often require a bachelor’s degree in order to succeed in their roles. There are a number of undergraduate majors that can lead to a career in financial management. 

Finance, of course, is an excellent course of study for this career. Finance bachelor’s degree students could study investments, managerial finance, financial analysis of corporations, financial accounting and portfolio management, banking, global finance, and risk management.

Financial management may be a rewarding career path for those with degrees in other business fields.

The breadth of a BBA curriculum is wider than that of a standard finance degree program. Students in a BBA degree typically select a concentration or specialty. 

A background in accounting is also appropriate, according to the BLS, because financial reporting is such an important part of the job of a financial manager.

Students pursuing a bachelor’s degree in accounting are likely to study intermediate and advanced courses in areas such as cost accounting, managerial accounting, auditing, taxes, and accounting information systems.

The study of scarcity and the allocation of money and other resources can potentially be a major in economics for aspiring financial managers, as well.

In most business degrees, including finance, students must take courses in management, marketing, finance, economics, and accounting.

Master’s Degree Programs for Aspiring Financial Executives

When it comes to financial management, a bachelor’s degree has traditionally been sufficient and is still for some roles today, but the BLS indicated that businesses are increasingly searching for people with a master’s degree.

Master’s students can pursue the same courses of study that were available at the bachelor’s level if they like.

Finance theory, corporate financial accounting, financial mathematics, the financial markets, and financial analytics and regulations may all be taught in a Master of Finance degree. 

MBA programs, like BBA programs, depend on a variety of business specializations to teach their students how to run a corporation.

Financial accounting, financial management, marketing management, managerial economics, and organizational behavior and leadership are all possible options.

Financial reporting, management accounting, cost accounting, data analytics for accountants, and federal income tax and auditing and assurance services are some of the topics covered in a Master of Accounting degree program.

Mathematical economics, microeconomic theory, macroeconomic theory, applied econometrics, economic development, labor economics, and public economics are some of the subjects that students can take in a master’s degree in economics program.

According to the BLS, this job path is best suited to programs that integrate the study of financial analysis methodologies and software. Graduate students should aim to strengthen their analytical skills no matter what program they pick.

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