A finance career is usually opted by individuals who possess strong analytical, quantitative, communication and IT skills. Most companies seek graduates who have the following skill set:
- Strong work ethics
- Excellent written and verbal communication skills
- Ability to work in a team
As the finance function is a necessity in every industry, countless finance career opportunities come up from time to time. There are two basic career paths in finance:
- Managerial finance: In this career path, one would be managing the finance function for businesses in the manufacturing and trade industries.
- Financial services: If you choose a career in the financial services industry, you would be involved in the creation and sale of financial products or services, such as securities, bonds and insurance.
Finance Career Opportunities: Options in Managerial Finance
A career in managerial finance can lead to the highest positions in a company. Careers in managerial finance have become more intellectually challenging than before as a result of rapid globalization.
Financial Analyst: Individuals in this position require to work closely with the accounting department. They are involved in the:
- Preparation and analyses of the firm’s financial plans and budgets
- Financial forecasting and assisting in the preparation of proforma statements
- Analysis of other aspects of the firm, such as liquidity, short-term borrowing, fixed assets and capital structure
Credit Manager: A credit manager administers the firm’s credit policy by analyzing or managing the evaluation of credit applications and the collection of accounts receivables. He would also:
- Analyze the financial condition of applicants, check their credit history and determine the appropriate terms and amount of credit to offer.
- Supervise the collection of current and past due accounts receivables.
Cash Manager: As a cash manager, you would be responsible for maintaining and controlling the daily cash balances of your firm. If your firm is large, you may need to:
- Manage foreign currency risks
- Coordinate national or international banking relationships
- Manage cash transfers and lockbox arrangements
- Invest surplus funds in short-term marketable securities
- Arrange necessary short-term financing through sources such as trade credit, bank notes and accounts receivable, in case of a deficit
A cash manager must have an in-depth understanding of the business and cash cycles of the firm to be able to project the firm’s daily cash surplus or deficit.
Capital Budgeting Analyst: In this position, your responsibilities could include:
- Evaluation of a proposed project by compiling relevant data
- Selection of proposed projects
- Projecting cash flows of the proposed projects
- Allocation of funds for these projects
- Overseeing the financial aspects of the implementation of projects