Financial Management As A Profession Essay

941 words - 4 pages

INTRODUCTIONFinancial Management means the efficient and effective management of money (funds) in such a manner as to accomplish the objectives of the organization. It is the specialized functions directly associated with the top management. The significance of this function is not only seen in the 'Line' but also in the capacity of 'Staff' in overall administration of a company. It has been defined differently by different experts in the field.It includes how to raise the capital, how to allocate it i.e. capital budgeting. Not only about long term budgeting but also how to allocate the short term resources like current assets. It also deals with the dividend policies of the share holders.The nature of financial management is the relationship with economics and accounting, as well as its functions and scope. Financial management is important in many aspects of life. One needs it for business, as well as for their personal life.Finance is used by individuals (personal finance), by governments (public finance), by businesses (corporate finance), as well as by a wide variety of organizations including schools and non-profit organizations. In general, the goals of each of the above activities are achieved through the use of appropriate financial instruments, with consideration to their institutional setting. Finance is one of the most important aspects of business management. Without proper financial planning a new enterprise is unlikely to be successful. Managing money (a liquid asset) is essential to ensure a secure future, both for the individual and an organization.CAREERS IN FINANCIAL MANAGEMENTManagement accountant - this type of post would involve working closely with the head of finance, to establish systems and processes to enable the timely and accurate delivery of monthly management accounts and budget information. The post holder would be involved in the annual budget setting process, provide ongoing support and direction for the budget holders as well as investigating and reporting on variances. They would also be involved in ad hoc projects and reports, such as contributing to the five-year business planning processes. The employer in this example was looking for candidates to be an active finalist or qualified accountant with experience of delivering a financial management service. Alongside expertise in computerized finance packages and proven analytical skills, an ability to demonstrate strong inter-personal, planning and team working skill.Assistant director of finance - working closely with the director of finance and commissioning. This would be an operational role focused on delivering high quality finance, planning and reporting function. The post holder would be responsible for improvements in systems and processes to improve the speed of reporting, financial analysis and planning and internal controls. This type of role would demand an ability to implement tight controls, effective communication, interpersonal and staff...

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