How do you become a Financial Manager?
Do you love working with numbers? Want to open up the door to an exciting career in financial management? When it comes to progressing your employability potential, a BA (Hons) Financial Management degree can take you one step closer towards a successful career in finance.
What is a Financial Manager?
A financial manager plays a crucial role within a business.
All business decisions have financial implications. Financial managers are responsible for monitoring, advising and assisting senior managers in their decision making. They get involved in creating strategies and leading investment activities to meet long term financial goals and maximise profits, whilst ensuring the current financial position of the business is stable and healthy.
As a financial manager, you’ll be expected to have a good grasp of how the organisation operates and you’ll need to be a good communicator so that you can translate financial data and models into plain English.
Facilities and clinics
Volunteer to help solve financial issues for fellow students who are setting up their own businesses.
Access data from the world's global financial markets and gain experience using industry standard software.
Professional Accounting PracticeHelp local charities with their financial and accounting issues through this practical module.
Where can I work as a Financial Manager?
Many types of organisations employ financial managers, so you can pursue a career in a wide variety of sectors. Job vacancies in the financial services sector in the UK rose by 38 per cent in 2021 and surveys show that 32 per cent of UK firms are suffering shortages in financial, professional and business services skills (Soaring demand for financial services skills, 2021).
Professional financial management qualifications from the UK, like those supported by the University of Portsmouth, are recognised by many countries across the globe, providing vast opportunities to work overseas.
Financial managers in smaller firms are likely to have full responsibility for accounts and all financial decisions, whereas those in larger firms will lead more specific areas within the field such as investment strategies, monitoring cash flows or managing accounts. So, whether you enjoy a structured and stable environment or you prefer thinking creatively and embracing change, being a financial manager offers choice and variety.
How much do Financial Managers earn?
The salary for a financial manager can vary depending on the level of experience, expertise and the sector. Starting salaries range from £24,000 to £35,000. More experienced financial managers can expect to earn around £60,000 to £100,000+. If it’s a high salary you’re after, then this might just be the job for you.
What skills do you need to become a Financial Manager?
To become a successful financial manager, you’ll need the following skills:
- An attention to detail
- High level of numeracy skills
- Leadership skills
- Organisational skills
- Analytical skills
How do you become a Financial Manager?
Now you know a little bit more about the role of Financial Managers, it’s time to take a look at how to become one.
A Bachelor's degree such as BA (Hons) Financial Management, BA (Hons) Accounting with Finance or BSc (Econ) (Hons) Economics are, in most cases, the minimum level of education required to become a financial manager. You’ll receive industry-recognised accreditations, the best and most up-to-date research and an understanding of how finance affects and underpins a whole business. A placement year will also provide relevant work experience helping to enhance your CV and stand out in the job market.
I have really enjoyed my time at Portsmouth and if I could turn back time I would come back and do it all again! What really stood out to me was the breadth of commercial and academic experience of the lecturers and their ability to bring the course to life using real world examples.
So you’ve got yourself a relevant degree, now what?
Like many other management roles, it isn’t just handed to you overnight. Financial managers – especially in larger firms – often start in other financial positions such as financial advisors, financial analysts or accountants and have to work their way up the ladder.
There are a variety of companies offering finance graduate schemes. They take on graduates and train them up to prepare them for management level positions. The more skills and experience you acquire, the more favourable you become when applying for financial management roles. So as long as you keep working hard and learning new skills, you’ll be recognised by employers.
Once you have become a financial manager, your skills are highly transferable and your knowledge can be applied in any environment across any industry. The world is your oyster!