Finance Manager

In this career guide, you’ll learn everything you need to know about finance as a career, from roles and responsibilities, to work environment and roadmap to becoming a Finance Manager.

Who's a Finance Manager?

Have you always been great at calculations? Are you really good at managing your pocket money? Think you can make a successful career in the dynamic field of Finance? If so, consider a career in finance management!

As a finance manager, you will be in charge of the overall finances of a company. You will create financial plans, maintain the budget of the company and come up with different ideas to increase profits.

Take, for instance, a chocolate manufacturing company, where there are workers in the factory. To make chocolates, they need raw material like cocoa powder, sugar and wrappers among other things. For all this, they need capital or money. This is one of the many situations where finance managers come into the picture. They create reports based on the entire process. They calculate the cost of all the raw materials and other costs like packaging and distribution. They then figure out ways to manage this cost.  They might even work with the marketing team to arrive at a cost for the chocolate.

Responsibilities

What will you do?

Analysing the finances of a company

By analysing the finances of a company, you would help the management with their functions of planning, decision-making, controlling, etc. You must also help reduce fixed costs through these analyses and provide ways to better manage the company’s capital and reform their credit terms.

Example: If the management needed to make important decisions like developing a new product, or launching a new marketing campaign, they would turn to you to understand whether they’re in the right financial position to go ahead with their plans.

Managing the company’s budget

This includes calculating the profit and loss made by the company in one financial year. Based on this, you must decide on the budget to be allocated to each department in the company.

Example: If you notice that the company is running on tight finances, you would advise the company to cut back its costs especially with new hires or bonuses.

Preparing financial reports

You must prepare the company’s financial statements, business activity reports and forecast to seek ways to reduce costs. On the basis of the reports, you must conduct research as to how business can be expanded and risk minimised. You will also monitor and interpret cash flows and predict future trends.

Example: You will look at the companies financial statements and costs for the past five years to determine how to go about the next steps for the business.

Analysing competitor and market trends

You must keep a close eye on the financial status of your competitors and look for ways by which they can help your company expand. For this, you will monitor the market’s performance and likewise advise the management about the changes required in terms of product, service, cost, staffing, etc.

Example: You will keep a close eye on the company’s and its competitors’ stocks in the market.

Setting financial goals for the company

You must set the company’s financial goals. ou must also approach new ideas and initiatives in terms of investors and the funding of the company.

Example: The goal may be to increase the business’s financial position by 50% in the next year. For this, you might decide to merge with another company or acquire one to make business more efficient.

Examining financial and legal documents

You must examine all financial and legal documents to verify their accuracy and adherence to financial regulations and acceptable financial principles.

Example: You will finely look through these documents to ensure that none of what is stated poses a risk to your company.

Take the Mentoria career assessment test, to find out how well-suited you are as a Finance Manager.

Workplace

Where will you work?

Office

As a finance manager, most of your time will be spent at an office where you will work on analysing account statements and building strategy. 

Client Visits

If you’re working as a consultant, your workday would involve meeting with different clients either at their places of work or homes to provide them with financial advice. 

Financial institutions

Since most of your time is spent working on financial plans and reports, you may have to visit institutions from time to time to file documents, make investments on behalf of your client, etc. 

Education

How do you get there?

STEP 1: Class XI-XII/Junior College

While commerce should be your ideal choice for a career in finance, you can choose arts in junior college.

STEP 2: Graduation

Pursue a three-year Bachelor of Management Studies or a three-year Bachelor of Finance and Accounting from colleges like NMIMS University (Mumbai), St. Xavier’s College (Kolkata), Narsee Monjee College of Commerce and Economics, (Mumbai), etc. The eligibility for these courses is a minimum of 60% marks in Class 12.

STEP 3: Internship

You can join an accounting firm or a management firm as an intern to gain hands-on knowledge. Here, you would be required to assist with keeping records and processing invoices. While at the job, try developing your skills about how departmental costing works.

STEP 4: Land a Job

Now that you have your qualifications as well as good internship experience, you are ready to apply for a job! Your first job may require you to do tasks like keeping a track of billing activities or handling cash accounts for the organisation.

Congratulations, you are now officially a Finance Manager!

STEP 5: Professional/ Postgraduate Degree

You can pursue professional degrees along with your graduation. You could pursue Chartered Accountancy (C.A.) or become a Chartered Financial Analyst (C.F.A.).

Alternatively, you could also opt for a postgraduate degree. You could pursue a two-year MBA in Financial Management. This will help you gain an understanding of managing finances.

Or pursue a two-year Master of Commerce in Accounting and Finance. You would need a minimum of 50% marks in your graduate degree to be eligible for these courses.

 

Thinking of a career as a Finance Manager? Take the Mentoria assessment test & talk to our career counsellors to get personalized step-by-step guidance for your future career path.

STEP 1: Class XI-XII/Junior College

Commerce is the ideal path as it introduces you to subjects like finance and accounting early on. Remember to focus on subjects like maths and accounting. If your college offers them, take on additional accounting subjects to strengthen your foundation.

STEP 2: Graduation

Pursue a three-year Bachelor of Commerce in Accounting and Finance from colleges like Narsee Monjee College of Commerce and Economics, (Mumbai), Shri Ram College of Commerce (Delhi), etc.

Alternatively, pursue a three-year Bachelor of Management Studies or a three-year Bachelor of Finance and Accounting from colleges like NMIMS University (Mumbai), St. Xavier’s College (Kolkata), Narsee Monjee College of Commerce and Economics, (Mumbai), etc. The eligibility for these courses is a minimum of 60% marks in Class 12.

STEP 3: Internship

You can join an accounting firm or a management firm as an intern to gain hands-on knowledge. Here, you would be required to assist with keeping records and processing invoices. While at the job, try developing your skills about how departmental costing works.

STEP 4: Land a Job

Now that you have your qualifications as well as good internship experience, you are ready to apply for a job! Your first job may require you to do tasks like keeping a track of billing activities or handling cash accounts for the organisation.

Congratulations, you are now officially a Finance Manager!

STEP 5: Professional/ Postgraduate Degree

You can pursue professional degrees along with your graduation. You could pursue Chartered Accountancy (C.A.) or become a Chartered Financial Analyst (C.F.A.).

Alternatively, you could also opt for a postgraduate degree. You could pursue a two-year MBA in Financial Management. This will help you gain an understanding of managing finances. Or pursue a two-year Master of Commerce in Accounting and Finance. You would need a minimum of 50% marks in your graduate degree to be eligible for these courses.

 

Thinking of a career as a Finance Manager? Take the Mentoria assessment test & talk to our career counsellors to get personalized step-by-step guidance for your future career path.

STEP 1: Class XI-XII/Junior College

While commerce should be your ideal choice for a career in finance, you can choose science in junior college.

STEP 2: Graduation

Pursue a three-year Bachelor of Management Studies or a three-year Bachelor of Finance and Accounting from colleges like NMIMS University (Mumbai), St. Xavier’s College (Kolkata), Narsee Monjee College of Commerce and Economics, (Mumbai), etc. The eligibility for these courses is a minimum of 60% marks in Class 12.

STEP 3: Internship

You can join an accounting firm or a management firm as an intern to gain hands-on knowledge. Here, you would be required to assist with keeping records and processing invoices. While at the job, try developing your skills about how departmental costing works.

STEP 4: Land a Job

Now that you have your qualifications as well as good internship experience, you are ready to apply for a job! Your first job may require you to do tasks like keeping a track of billing activities or handling cash accounts for the organisation.

Congratulations, you are now officially a Finance Manager!

STEP 5: Professional/ Postgraduate Degree

You can pursue professional degrees along with your graduation. You could pursue Chartered Accountancy (C.A.) or become a Chartered Financial Analyst (C.F.A.).

Alternatively, you could also opt for a postgraduate degree. You could pursue a two-year MBA in Financial Management. This will help you gain an understanding of managing finances. Or pursue a two-year Master of Commerce in Accounting and Finance. You would need a minimum of 50% marks in your graduate degree to be eligible for these courses.

 

Thinking of a career as a Finance Manager? Take the Mentoria assessment test & talk to our career counsellors to get personalized step-by-step guidance for your future career path.

What skills do you need?

Critical thinking

Critical thinking

Marketing strategies involve a lot of trial and error. You will come up with a lot of ideas that sound great on paper. When you analyse them, you might learn that they can’t be executed as per the budget. You should be able to look at an idea practically and see if it will serve its purpose.

build this skill
Attention to Detail

Attention to Detail

Working with eggs and embryos is a very tedious task. Every little detail matters when you are observing them. If you are good at giving attention to detail, then your job at the laboratory will be made much easier.

build this skill
Technical Skills

Technical Skills

As a marketer, you will work on different platforms to communicate with people. If you don’t understand how they work, you won’t be able to come up with the best strategy. You will also use various kinds of software like Google Adwords, MailChimp, SurveyMonkey, etc., during your promotions. You need to know how they work, and how to use them to your advantage.

build this skill
Analytical and Data Skills

Analytical and Data Skills

You will receive huge amounts of data from your client. This data will have to be analysed effectively so you can find ways that will help your client reach their customers is the best way possible. While it is true that the more data you analyse, the more insights you generate; analytical thinking will help you narrow down your search and find your key actionable items, thus saving you a lot of time and resources.

build this skill
Problem-solving Skills

Problem-solving Skills

Patients will be coming to you with different issues with fertility. You must be able to assess their problem, analyse the reason and work on coming up with a solution.

build this skill
Communication Skills

Communication Skills

It’s harder than ever to get people’s attention, what with so much information being thrown at them. But, people cannot resist a good story. Every good marketing campaign has a story to tell their customers and relate to them on an emotional level. Marketers who tell great stories through their marketing campaigns are always in great demand.

build this skill
Adaptability

Adaptability

As a marketer, you will deal with different types of customers. You could be working with a manufacturing company that sells paper to businesses, or a company that sells chips to the masses. Your skill will be measured by how you deal with different consumers.
Promotion levels

How do you make it to the top ranks?

  • promotion-1
  • promotion-2
  • promotion-4
  • promotion-6
  • promotion-7

Intern

As an intern, you would get practical knowledge about how things actually work in the field of finance. You would perform simple tasks such as learning how to prepare reports, preparing statements and assisting the team with audits.

Financial Associate

You would be performing a variety of accounting and financial duties such as coordinating with budget preparation, creating financial reports, analysing cost, etc. You would also be assessing the performance of asset accounts and capital expenditures.

 

Financial Analyst

As a financial analyst, you would be assessing and working towards building the financial portfolio of the company. You would study economic and business trends, evaluate current and historical data to ensure the company doesn’t fall into losses. You would also be developing a strong investment for the company.

Financial Manager

At this stage, you would have a team of financial analysts and associates working under you. You would produce financial reports, direct investment strategies, and develop strategy for the company’s long-term financial goals.

Director of Finance

You would be looking after the overall financial health of the company. This includes controlling operational, strategic as well as financial strategies of the company. This is a challenging role that requires you to have good knowledge of how to handle the operations and finances of the company.

 

Scope

Pursuing your career locally versus overseas

If you have studied finance in India, you would have a good understanding of the market here that would make it easy for you to get a job here. Almost every company requires a finance manager to look after the workings of the company in terms of money. There are a lot of startups setting up in the country that require finance managers to take care of funding as well as other accounting activities. To become a finance manager, you can opt to pursue CA, MBA, CFA, CS, BFA, etc. After graduation or Class 12, opt to pursue any one of the above degrees. Furthermore, you can also opt to do a masters in this field. Many colleges in India also offer campus selection that allows you to get a job easily. Top colleges from where you can pursue a degree in finance are Amity Business School, MIT, Christ University, etc. Depending on the degree and the university you opt for, pursuing a career in this field would cost you anywhere between INR 75,000 – INR 5,00,000.

If you are graduating in finance outside India, look for job opportunities in that country. Pursuing masters in finance with a graduation degree from India would not really make it easy for you to get a job there. But, if you build a good network and display excellent skills, then getting a part-time job to support your finances would be easy. You can always opt to do an MBA, a Masters or diploma in finance from any of the top colleges abroad. Pursuing finance overseas would cost you anywhere between INR 10,00,00- INR 20,00,00 depending on the university and the course you want to pursue. If you don’t want to move abroad, you can also pursue an online certification course to enhance your knowledge on the subject. Studying abroad would help you work with international clients, build a great network and reputation that would make it easy for you to get a job in the country. This could help you get good job offers from all over the world.

Payscale

How much does a Finance Manager get paid?

The exact number will depend on where you’re working, your education, skillset and internship experience. But we can give you a general idea.


Specialisations

What are your career options?

Financial Planning

A financial planner advises clients on how to manage their finances. You will study market trends and apply your finidings to your client’s finances. You will crunch numbers and use accounting skills to curate a suitable financial plan for individual investors. Strong interpersonal and persuasive skills are a must have here.

Financial Analysis

A financial planner advises clients on how to manage their finances. You will study market trends and apply your finidings to your client’s finances. You will crunch numbers and use accounting skills to curate a suitable financial plan for individual investors. Strong interpersonal and persuasive skills are a must have here.

Investor Relations

This job involves creating, preparing and presenting the financial information of a company to investors, analysts and business media. You will have to analyse a company’s financial statements and present accurate data to the investors. Having good knowledge of financial tools and models is a must have skill.

Actuarial Sciences

This job involves calculating the likelihood of events and assessing financial consequences associated with it. You will mainly work with insurance, banking and credit rating agencies. Strong mathematical and technology skills are important to become a successful actuary.

 

Credit Analysis

A credit analyst’s job is to evaluate an individual’s financial standing of loans and asses the risk involved in financing them. You will interpret credit data of individuals or companies seeking loans. You will then scrutinise the legitimacy of the financial information provided by these clients.

Sign‌ ‌Up‌ ‌for‌ ‌Mentoria‌ ‌-‌ ‌India’s‌ ‌Most‌ ‌Reliable‌ ‌Career‌ ‌Discovery‌ ‌Platform‌ ‌

Mentoria‌ ‌promises‌ ‌to‌ ‌handhold‌ ‌you‌ ‌during ‌your‌ ‌career‌ ‌discovery‌ ‌journey‌ ‌-‌ ‌from‌ ‌the‌ ‌time‌ ‌you‌ ‌sign‌ ‌up‌ ‌until‌ ‌you‌ ‌get‌ ‌into‌ ‌a‌ ‌career‌ ‌you‌ ‌love.‌

You’ve only scratched the surface.

Unlock the full Mentoria Solution to get helpful updates on your chosen industry!

UNLOCK NOW