Financial management training offers participants knowledge relating to how financial organizations, such as insurance firms and banks, conduct business in today’s world. Financial management is the process planning for the future for an individual or business to ensure a positive cash flow. The process includes administration and maintenance of financial assets, as well as the process of identifying and managing risks. The financial management course would provide detailed analysis of the use of special instruments and tools to manage risk and increase profits. There are various fiscal related products that are essential in the corporate world. Bonds, options, futures, and stocks require management to finance long-term products and raise short-term funds.
Financial Management Training and Education
A course related to this field of expertise, would help to pass on skills and knowledge that underlie the importance of finance institutions in the economy as a whole. Related areas of study may include: MBA finance degree, personal finance, finance certificate, masters in finance, business finance, and economics and financial accounting.
There are in fact many programs and courses related to financial management training. They can be attended at a university, school, college, online, conducted in-house by a company, or through a seminar or event. Many businesses operating in this sector expect their employees to constantly stay abreast of the latest concepts and changes. For this reason, learning is often an ongoing process throughout a career, and not just taken as a means of finding employment. Courses may include:
The financial management training programs available cover various topics, this will depend partially on current demands and the aspirations and career goals of the student population. For example, a public finance management course will provide modules relating to markets such as the NYSE (New York Stock Exchange), fiscal planning, identifying and targeting investment goals, and how to correctly administer stocks and bonds to create a diverse portfolio.
Licenses and Certification
The Bureau of Labor Statistic (BLS) reports that brokers and investment bankers are required to register as representatives of their firm with the Financial Industry Regulatory Authority (FINRA). To obtain the license, those who wish to become agents must pass several exams. Various licenses are available for selling different investment products and services.
Although not always a requirement, certification is an added advantage for those seeking employment or career advancement. Brokers, investment bankers, and financial services sales agents may earn the Chartered Financial Analyst (CFA) certification through by the CFA Institute.
For Financial Examiner working for the Federal Deposit Insurance Corporation (FDIC), they must have at least six semester hours in accounting.
Financial Management Careers
By undertaking this type of study, a graduate would be able to find employment in a wide range of businesses. As the economy is still not in the desirable state it was prior to the recession, more companies and organizations require experts in this field to help ensure they remain in the healthiest situation financially.
Typical profiles would include project coordinators, investment bankers, market traders, venture capitalists, accountants, auditors, and of course finance managers. The creation of new companies and the expansion of established businesses will also spur demand for professional finance managers. It is worth noting that the mergers of institutions and corporate downsizing that can take place in a poor economy would restrict the opportunities available.
Estimated Income and Projected Career Outlook
According to data made available from the United States Bureau of Labor Statistics, the growth in opportunities in this sector are expected to be equal to the average for all occupations in the country. There may be a lot of competition in the coming decade for the most rewarding profiles, for this reason, individuals holding a master’s degree will be able to have access to the best opportunities. Ongoing regulatory changes, as well as the globalization and expansion of finance and business, will be the driving force behind job growth.
The Bureau of Labor Statistics (BLS) reports the following data for 2010:
The median annual wage of financial clerks was $33,710. The lowest 10% earned less than $22,920, and the top 10% earned more than $49,500. The employment of financial clerks is expected to grow by 11% from 2010 to 2010.
The median annual wage of securities, commodities, and financial services sales agents was $70,190. The lowest 10% earned less than $31,330, and the top 10% earned more than $166,400. The employment of securities, commodities, and financial services sales agents is expected to grow 15% from 2010 to 2020.
The median annual wage of financial examiners was $74,940. The lowest 10% earned less than $43,170, and the top 10% earned more than $134,820. The employment of financial examiners is projected to grow 27% from 2010 to 2020.
The median annual wage of financial analysts was $74,350. The lowest 10% earned less than $44,490, and the top 10% earned more than $141,700. The employment of financial analysts is expected to grow 23% from 2010 to 2020.
The median annual wage of financial managers was $103,910. The lowest 10% earned less than $56,120, and the top 10% earned more than $166,400. The employment among financial managers is expected to grow 9% from 2010 to 2020.
The median annual wage of personal financial advisors was $64,750. The lowest 10% earned less than $32,660, and the top 10% earned more than $166,400. Employment of personal financial advisors is projected to grow 32% from 2010 to 2020.
The median annual wage of budget analysts was $68,200. The lowest 10% earned less than $44,860, and the top 10% earned more than $101,660. The employment of budget analysts is expected to grow 10% from 2010 to 2020.
Statistics indicate that, as of May 2009, the median annual salary for a financial manager stood at $99,300. The most desirable packages were offered to individuals with financial management training and those working in the securities and commodity brokerage sector, followed by insurance companies and related firms. The salary also depends upon the size of the employer and location. Bonuses are often available that can add to the overall compensation.
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