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If you’re a first-time manager or hoping to assume a management role sometime in the not-too-distant future, then you should consider “brushing up” on your general management skills with an online course, including financial management! In any management role, it’s imperative to understand the financial ins and outs of the business, so that you can grasp the profit-loss implications.
You’ll need a good grounding in basic financial skills, like managing a unit’s finances, managing risk, prepping financial forecasts, drafting budgets, and deciphering financial codes.
If you find you have a natural aptitude for finances, then maybe a career as a financial manager is something to aspire to? Who knows…One day you could become the Chief Financial Officer – a position which pays an average salary of R1 122 493 p.a. according to PayScale! If this sounds like something you would be interested in, check out our online courses.
For now, here’s what a career as a financial manager looks like:
What do financial managers earn?
The average financial manager’s salary is R490 496 p.a. according to PayScale.
What personality traits do I need to be a financial manager?
- Confidence as a decision-maker
- Adaptable to change
- Very analytical
- A strong problem-solver and critical-thinker
- Excellent at communication
- Strong leadership capabilities
- Technically proficient
- Ability to self-manage and manage others
- Scrupulously ethical with an impeccable reputation
- Good maths skills
Industries in need of a financial manager:
Financial managers are musts for businesses across most industries, however, they’re very commonly synonymous with financial consultancies, banks, real estate agencies, investment companies, and insurance companies.
Bodies and associations for people in the financial profession:
If you are considering a career in finance, then it is worth reading up or even attending some of these industry events. It could be an excellent place to network and maybe even look for job opportunities.
The Banking Association of South Africa (BASA):
- An organisation aiming to enable a conducive banking environment in SA.
South African Institute of Financial Markets (SAIFM):
- The professional body for financial markets practitioners, aiming to promote professionalism and integrity.
Financial Planning Institute of South Africa (FPI):
- A SA qualifications authority for financial planners in SA.
Trends in financial management:
Digitalist Magazine interviewed CFOs on top trends they expect to see in financial management in 2019. Here are three interesting predictions:
1. Data, data, data:
It’s a global conversation currently. In the world of financial management, it’s about how to synergise teams to use data-informed insights to action digital transformation in-line with a business’s overarching strategy. It’s also about using data to transform the customer experience, and to predict internal and external influences that could affect a company in the future, in order to influence decision-making now. Plus, with the great data debate there comes an increased focus on data security and cybersecurity.
2. Digital transformation:
CFO Todd McEhhatton suggests that the integration of technology is a must to differentiate businesses from their competition. He sees a crucial part of financial management being “creative thinking and calculated risk-taking to lead organisations through digital transformation journeys”. The prediction of risk is imperative for financial management teams. Another big part of the digitisation process is the effective upskilling and re-skilling of team members through relevant continuous learning opportunities, such as our online courses.
3. Real-time modelling:
CFO Michael Coveney suggests that sometime soon there’ll be an emphasis on “collaborative enterprise planning” with sophisticated organisational modelling that shows real-time impacts of real-world events. So, you can see immediately what influence a sudden market downturn is likely to have on your company, for example.
Typical jobs in a financial management team:
You could be a financial controller, financial forecaster, insurance manager, treasurer, finance officer, credit manager, cash manager, risk manager, financial analyst, accountant, or financial adviser, to name a few.
If you’re a powerhouse of potential with strong skills in people management, plus number crunching and future forecasting, you might be perfectly suited to becoming a financial manager.
According to Business Insider, the pay gap between a CEO and CFO is narrowing. This is an area that will take you places because no matter what line of business a company is in, the finances need strong management! Have a look at the courses that we offer online that can help you in your endeavours.
Are you keen to put these steps into action? Register for one of our online financial courses and download our Financial Management e-book here for an comprehensive look at financial risk management.
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