Finance Managers analyse data and offer senior management suggestions for maximising profits. They are responsible for maintaining the financial stability of an organisation. Finance Managers prepare financial reports, oversee investment activities, and plan for the organization's long-term financial objectives. Finance Managers guide and advise upper management and corporate employees about how and why the company assets were acquired and allocated. Finance Manager as a career, demands certain skills and degree which when acquired, helps students gain a basic understanding of the subject that eventually helps them excel in the field.
In order to become a Finance Manager After 12th, students can pursue various Diploma, Undergraduate and Postgraduate Finance Courses, Management Courses or Financial Risk Management Courses. India is home to several Top Finance Colleges and Institutes, who enroll students on the basis of various Management Entrance Exams such as CAT, MAT, XAT, SNAP etc. Also Check: Finance Certification Courses
The average course fees usually ranges between INR 10,000 – 8,00,000. After completing a degree in Financial Management, students can earn an average salary of INR 7,50,000 – 10,00,000 per annum. Some of the top rectuiters who hire for the position of Finance Managers are JP Morgan Asset Management, Capital Research Management Co, Blackrock Fund Advisor, Goldman Sachs Asset Management etc.
Read More:
- All About Career as Finance Manager
- Steps to become a Finance Manager
- Types of Finance Managers
- How to become a Finance Manager in India
4.1 After 12th
5.1 B.Sc Finance
5.2 BBA Finance
5.3 MBA Finance
6.1 UK
6.2 USA
6.3 Canada
6.3 Australia
- Benefits of becoming a Finance Manager
- Skills Required become a Finance Manager
- Salary of a Finance Manager
9.1 Average Salary
9.3 Gender Wise
All About Career as Finance Manager
| Industry | Commerce, Finance & Management |
| Eligibility | Minimum 10+2 passed with 50% aggregate marks from a recognised board. |
| Average starting salary | INR 99539 per annum. |
| Job opportunity | Charities, Financial institutions, Manufacturing companies, Retailers, multinational corporations, public and private sector organisations. |
Steps to Become a Finance Manager
There are a number of necessary steps which will be followed to grasp a way to become Finance Manager , here we tend to justify those steps in detail:
- Step 1 – Clear Class 12 board exams: The first step in becoming a Finance Manager is clearing class 12 board exams with a minimum score of 55% aggregate marks or equivalent CGPA from a recognised board. Students from commerce background with prior knowledge in subjects such as Mathematics, Accounts, Economics and Financial Management would be preferred over the rest.
- Step 2 – Complete Graduation in Relevant Subject: In order to become a Finance Manager candidates can consider choosing to study finance, bookkeeping, business administration, financial matters, or a related degree path. One can research their certificate options at the school or college that best suits their personal preferences. Post which they can pursue a graduate degree in one of these areas, which will help stand out from other up-and-coming candidates in the eyes of hiring managers and make them feel more equipped for their chosen profession.
- Step 3 – Get into Internships: Getting extensive work experience is a further crucial step in becoming a Finance Manager. Whether the candidate fill in as a bank employee or are a part of your organization's accounts receivable team, they can start by working in finance at a business while pursuing a career as a Finance Manager. Candidates might also consider a career in insurance negotiations, either as a guarantor or in the capacity of a credit official, budget examiner, or personal financial advisor.
- Step 4 – Join the Industry: Post gaining relevant degree and experience, candidates must hereafter create their resume and send it across top corporates and organizations post which they would be called in for a formal discussion, which if cleared the candidates get hired as Finance Managers.
Types of Finance Managers
Finance Managers are stratified into 7 broad classifications. Listed below is a brief explanation about each profile for your reference,
- Cash Managers: A cash manager works as in charge of cash receipts and disbursements and ensures the accuracy of cash receipts and oversees cash transactions. If the company is low on cash, he may ask for a loan.
- Risk and Insurance Managers: Risk and insurance managers' role is to minimize the company's risk to those factors that are a threat to their ability to operate, such as natural disasters. They use various methods to help the company for the benefit, or remain unaffected, by changes in the prices of other currencies or commodities.
- Branch Managers: Branch managers lead and guide the operations of a branch office such as- hiring employees, approving loans or credit lines, assisting customers or developing a relationship with members of the community to help increase business. They also attend meetings with other company executives for discussion of current and future financial objectives.
- Credit Managers: Credit managers work is to establish credit standards for the company which includes deciding the person to whom company will issue credit, developing the company's credit rating criteria, determining and analysing the maximum amount of credit a given individual or company may receive.
- Treasury and Finance Officers: Treasury and financial officers work is to manage and oversee the company's budget and make adjustments to the budget as per need. Treasury and finance officers are also in charge of matters such as investment funds and fund raising.
- Controllers: The controller works as in charge of the accounting and budget department or audit department. He oversees and evaluates the accuracy of completion of accounting statements. He is also required to prepare statements that outline the company's financial situation for a government or regulatory authority.
- Chief Financial Officers: The chief financial officer works as a top executive. He is the highest level Finance Manager and responsible for all of the financial reporting within the company, and must ensure its accuracy.
How to become a Finance Manager in India
Considering the cruciality and importance of Finance Managerial posts in India, there are a list of steps that one should follow, for a hassle free experience. Below mentioned are few of the most vital steps that one should abide by, if they aspire to become Finance Managers in India.
- Education for Finance Managers: A bachelor in finance, accounting, economics, or business administration is commonly the minimum education required for Finance Managers. However, several employers currently ask for candidates with an academic degree, ideally in business administration, finance, accounting, or economic science. These educational programs facilitate students develop analytical skills and learn money analysis strategies and software packages.
- Licenses, Certifications, and Registrations for Finance Managers: Although skilled certification isn't needed, some Finance Managers still get the picture to demonstrate level of competency. The CFA Institute confers the leased analyst (CFA) certification to investment professionals World Health Organization have a minimum of a bachelor degree, four years of labor expertise, and pass 3 exams. The Association for financial professionals confers the Certified Treasury Professional papers to those that pass associate degree communication and have a minimum of two years of relevant expertise. Certified public accountants (CPA's) area units authorized by their state's board of job associate degreed should pass a communication administered by the yankee Institute of Certified Public Accountants (AICPA).
- Work Expertise in a Connected Occupation for Finance Managers: Finance Managers sometimes have expertise in another business or finance occupation. for instance, they'll have worked as a loan officer, accountant, securities sales agent, or analyst. In some cases, corporations offer formal management coaching programs to assist prepare extremely actuated and delicate money employees to become money managers.
How to become a Finance Manager after 12th?
Some of the crucial steps that needs to be followed in order to become a Finance Manager after clearing Class 12th board exams are listed below for your reference,
- UG Preperation: After completion of class 10+2, one will have to clear the entrance examination and complete a 3-4 years undergraduate course. The graduation course is for 3-4 years in India and then I will have to do an internship to gain experience. The student must have commerce subject in class 12 with 50% in class 12 boards.
- Post Graduation: After completion of the undergraduate course, candidates will do an internship for a year and then can pursue further higher education to enhance their salary package.
Financial Management Courses
Some of the top courses that can be pursued in order to become a Finance Managers are listed below for your reference,
BSc Finance
BSc Finance is a three year classroom program that deals with the sector of occupation, money Management, Consulting, Investment Banking or any connected field within the finance sector..
Admission Process: Most of the institutes associated with universities in India follow an entrance-based admission method for admission to BSc Finance program. Prime BSc Finance faculties like NMIMS city, Anil Surendra Modi college of Commerce, Mumbai etc. provide admission to the present program through NPAT.
The steps of the entrance-based admission method ar as follows:
- on-line Registration: Aspirants are needed to register themselves for the entrance by providing their email address, mobile number after then a login id is going to be generated.
- Filling up the application form: After making the login id, candidates have to complete the form by providing their personal and tutorial details and enter the course they're choosing.
- Uploading of documents: During this step, candidates got to transfer the mandatory documents like photograph, signature, id proof, category ten and 10+2 certificates etc.
- Application Fee: On uploading the requisite documents, students got to pay the application fee via mastercard, open-end credit or web Banking.
- Transfer Application Form: when paying the application fee, candidates have to save and transfer the confirmation page for future references.
- Admit Card: Print out admit card 10-15 days before your exam.
- Entrance Examination: After obtaining the admit card, Candidates have to sit for the entrance, take a look at and qualify an equivalent to urge admission.
- Declaration of Result: within the end, admission authorities would disclose the results of the entrance and take a look at what they need to appear for.
- give-and-take and private Interview: the chosen candidates got to seem for additional admission rounds like give-and-take and private interview.
Eligibility Criteria: The minimum eligibility criteria for BSc Finance course ar given below:
- The candidates should have passed 10+2 or the other equivalent examination from a recognized board with a minimum aggregate marks.
- Aspirants should have studied arithmetic or Statistics as a required subject in 10+2.
- Candidate’s age should be below twenty five years.
- Candidates World Health Organization have completed their 10+2 from Distance Learning are eligible to use the present program provided they need to study beneath an associate institute recognized by NIOS.
BBA Finance
BBA in Finance is a 3-year graduate level program which teaches candidates about predictions in insurance and investment.
Admission Process: Students 10+2 passed with minimum 50% aggregate marks are required for taking admission in BBA Finance. Required percentage for the admission may vary from one university to another. Some universities give admission on the basis of merit of 10+2 marks but some universities take the joint entrance test for the admission in BBA in Finance.
Eligibility Criteria: Candidates interested in looking for the IPMAT entrance should fulfil the fundamental needs set by the conducting body. These include:
- Exam Qualification: Candidates should have passed their 10+2 or equivalent level examination in 2021/2022 or showing in 2023.
- Marks Qualification (General): a minimum of 60% marks at school 10/ SSC normal yet as in 12/ HSC is required.
- Marks Qualification (SC/ST/PwD): Reserved candidates are given a relaxation of fifty. a minimum of 50% marks at school 10/ SSC normal yet as in 12/ HSC is required.
- Foreign Candidates: those that have completed their 10 or 10+2 level from international boards like IGCSE also are eligible.
- Other Criteria: IIM Indore reserves the correct to make your mind up the candidates eligible victimization parameters like equivalence, share marks, and recognition of the qualifying examination, intake, and more.
MBA Finance
MBA in Finance is a post-graduation program that deals with managing the accounts and finances of corporations for them to achieve bound finance goals.
Admission Process: MBA Finance Admission is completed on the basis of entrance exams like CAT, MAT, SNAP, CMAT etc or on the basis of merit. Shortlisting Process: Faculties shortlisted students on the basis of scores obtained within the entrance exams. Final Admission Round: Faculties conduct these rounds to check a candidate’s ability and skills through give-and-take (GD), Written Ability check (WAT) and private Interview (PI).
Eligibility Criteria: The eligibility critria for pursuing MBA in Finance are listed below for your reference,
- Candidates must have a bachelor's degree with minimum 50 percent aggregate or equivalent CGPA from a recognised board or university.
- Candidates appearing for the final year of bachelor's degree/equivalent qualification or waiting for the result of the final year are also eligible to apply for the CAT exam.
How to become a Finance Manager Abroad
Pursuing management courses from abroad is one of the most sought after professions, one does not have to worry much about the future if they become Finance Managers. The top countries to pursue management courses abroad are Canada, USA, UK and Australia.
How to Become a Finance Manager in UK
In order to become a Finance Manager in UK, the steps as discussed below should be followed,
Admission Processes:
- Applications for masters in finance in the UK are principally accepted for the intake in Sep. Students are needed to own a bachelor in finance or a connected field to use in UK universities.
- The essential admissions method for following masters in finance in the UK has been represented within the sections below. Candidates should note that a number of the scores and documents needed are generic and thus, they ought to continuously visit the university web site before making ready their application package.
Students applying for masters in finance in UK ought to meet the subsequent requirements:
- Bachelor's degree in finance, accounts, commerce or connected field
- Basic data of arithmetic, as well as calculus and statistics
- Scores of entrance exams needed for learning in Britain.
- GRE or GMAT score
- Average GMAT: 680
- Average GRE: 325
- Proof of English proficiency
Top colleges
| University | Total Program Fees (in GBP) |
|---|---|
| University of Oxford | 45,000 |
| Imperial College of London | 35,900 |
| University of Edinburgh | 31,350 |
| University of Manchester | 30,000 |
| London School of Economics and Political Science | 36,984 |
| University of Bristol | 29,600 |
| University of Warwick | 35,500 |
| University of Glasgow | 28,420 |
| University of Sheffield | 23,750 |
How to Become a Finance Manager in US
In order to become a Finance Manager in US, the steps as discussed below should be followed
Admission Process:
- International students like the USA because it is the final study abroad destination for its tutorial excellence. The range within the land permits the scholars to move with culturally heterogeneous entities.
- The candidates should recognize the trivial things needed for the admission method in MS in Finance within the USA. The admission method in the USA needs a variety of documents.
The section below provides details on Masters in Finance admissions.
To be eligible for Masters in Finance in USA, associate degree human is needed to-
- Have a bachelor's degree during a relevant field of study from a recognized university with eightieth and higher than marks
- Provide several GRE or GMAT
- Provide proof of English proficiency through IELTS, TOEFL or equivalent examination
Top University
| University | Annual Tuition Fee (in USD) |
|---|---|
| University of California Berkeley (UC Berkeley) | 72,920 |
| University of California Los Angeles (UCLA) | 31,949 |
| Columbia University | 70,000 |
| University of Southern California (USC) | 27,660 |
| University of Texas at Austin | 38,326 |
| University of Illinois Urbana Champaign | 54,646 |
| Georgia Institute of Technology (Georgia Tech) | 19,037 |
| Georgetown University | 41,972 |
| Boston University | 56,412 |
How to Become a Finance Manager in Canada
In order to become a Finance Manager in Canada, the steps as discussed below should be followed,
Admission Process
- Like most programs, the admission method for masters in finance varies from university to school. The admission method for international students is split into 2 elements.
- Required Academic Qualification: Prospective candidates should have completed their college boy degree from Associate in Nursing licensed university/ establishment with requirement categories in fields like business statistics, monetary theory, business finance, etc.
- Minimum GPA: usually, candidates United Nations agencies wish to review masters in finance should have a minimum grade point average of 3.0.Most on-line graduate programs don't have the minimum grade point average demand for admission.
- Standardized check Scores: International students applying for MS in Finance in Canada should submit the check various standardized tests like GMAT or GRE. The minimum necessities of those tests vary from university to school.
- English Proficiency Requirements: Non-native English speakers needed to prove their proficiency. International students will submit the various tests just like the International West Germanic checking System (IELTS) or Test of English as an overseas Language (TOEFL) for identical.
Top Universities
| University | Tuition Fees (Per Year) (USD) |
|---|---|
| University of Toronto | 17,827 |
| 32,895 | |
| 47,572 | |
| 38,625 | |
| McGill University | 17, 760 |
| 32,930 | |
| Universite de Montreal | 20,350 |
| University of Alberta | 7,875 |
| York University | 59,388 |
| Concordia University | 27,825 |
How to Become a Finance Manager in Australia
In order to become a Finance Manager in Australia, the steps as discussed below should be followed,
Admission Process
-
Most of the Australian universities supply masters in finance degrees via their business colleges. Hence, the admission method applicable to Australian management faculties will apply to a master in finance admission.
Some of the other prerequisites are listed below for pursuing Financial Management courses in Australia,
- Undergraduate Degree: Bachelors in business, commerce or equivalent discipline is needed to urge admission to the master of finance in Australia. Some universities like the University of Sydney accept students from all disciplines.
- GRE Score: A GRE score is needed by only a few universities for master in finance admission. In some cases, students not having minimum eligibility grades within the academic degree will submit a GRE score as a substitute.
- Work Experience: Though not an obligatory demand for admission in most of the colleges, relevant work expertise within the field of finance offers students a position within the admission method of masters in finance in Australia.
- Reference Letters: 2 or a lot of reference letters from associate leaders or professors of associate college boy degree will facilitate in establishing the quality of scholars.
Top Universities:
| University | Total Program Fee (in USD) |
|---|---|
| University of Sydney | $67,661 |
| University of New South Wales (UNSW) | $34,956 |
| University of Queensland | $61,132 |
| Australian National University | $66,114 |
| University of Adelaide | $60,757 |
| University of Technology Sydney | $42,575 |
| University of Wollongong | $32,510 |
| Queensland University of Technology | $47,915 |
| Curtin University | $47,500 |
| University of South Australia | $42,530 |
Benefits of becoming a Finance Manager
Every job comes with its own share of benefits, similarly becoming a Finance Manager also has its own benefits that are listed below for your reference,
- High Earning Potential: Careers in finance services pay a good deal over most different fields, with a number of the very best paying entry-level positions. On prime of that, if you're employed arduously early, you'll be able to terribly quickly create immense strides forward in your career and skill a generous increase in pay.
- Job Security: Job security is a vital perk to a career in Finance, because it is an Associate in Nursing in-demand occupation. Positions within the field are typically secure. As a result of Finance being prime to existence, there are several job choices offered. This provides you a lot of freedom to change firms, cities, etc if you’re feeling such as you need a new challenge or perhaps modification for the sake of modification.
- Difficult Career: A job in finance isn’t precisely straightforward. It takes brains, labor and education to achieve success, keeping employees on their toes. As a result of it's Associate in Nursing intellectually stimulating field, it may be terribly appreciated within the long-run. Moreover, if one works arduously and applies themselves early within their career it doesn’t take long to maneuver up in the ranks, thus a personal will earn a lot of and face new and exciting obstacles.
- The Chance to Continue your Education: Employers within the Finance sector wish to see their workers continue advancing their education. Earning a better degree additionally means that earning a better bank check, so effort to coach yourself extremely pays off.
- Unique Expertise: The finance sector is various and choked with many various career choices for professionals. There are a good kind of specializations one will attain to focus in on one side of the finance sector. Because there are an oversized range of financial positions out there, there's a great deal of area to maneuver upward in your career. Moreover, it’s easier to relocate with a foothold in Finance as a result of the work isn’t location-specific. There are several choices to figure in Finance abroad, if you’re wanting to expand your career outside of your home country.
Skills Required to become a Finance Manager
The most crucial set of skills that are essential to become a Finance Manager are tabulated below for your reference,
| Commercial and Business Awareness | Negotiation Skills and therefore the ability to influence others | Good time management skills |
| Excellent Communication and Presentation Skills | Strong Attention to detail Associate in Nursing and Inquiring Nature | The ability to think on behalf of the team |
| An Associate in Nursing Analytical Approach to figure | Ability to balance the strain of Labour with study commitments | Potential to guide and inspire others |
| High Attainment and Sound Technical Skills | Problem Solving Skills and Initiative | Capability to create fast as well as rational selections |
Salary of a Finance Manager
Salary of different job roles of a Finance Manager vary as per their experiences and the level of seniority. A comparison between salary of different categories of Finance Manager are given below in table-
Average Annual Salary
| Name of organisation | Average Annual Salary |
|---|---|
| Private | INR 3.36 L |
| Public | INR 3.27 L |
Specialisation Wise Salary
| Specialisation | Average Annual Salary |
|---|---|
| Accountant Manager | INR 5.3 L |
| Financial Analyst | INR 5.5 L |
Experience Wise Salary
| Experience | AverageAnnual Salary |
|---|---|
| 0-2 year | INR 2.78 L |
| 2-5 years | INR 3.37 L |
| 5-10 years | INR 4.80 L |
| 10-15 years | INR 7.79 L |
| 15-20 years | INR 11 L |
| 20+ years | INR 13 L & above |
How to Become a Finance Manager: FAQs
Ques.: What is the job outlook of a Finance Manager?
Ans.: The Bureau of Labor Statistics came up with a Sixteen Personality Factor Questionnaire to increase employment opportunities for finance managers between 2018 and 2028. Finance managers' experience in areas like risk management and financial management is anticipated to be in high demand within the coming decade.
Ques.: What do I want to become a licensed finance manager?
Ans.: Certification needs for a finance manager rely on the communicating and space of certification.
Chartered money Analyst: Candidates should have a baccalaureate, four years of labor expertise and pass 3 exams administered through the CFA Institute.
Certified Treasury Professional: Candidates would like 2 years of skilled expertise associated should pass an communicating administered through the Association for money Professionals.
Certified skilled Accountant: Candidates should be licenced to figure in their state associated pass and communicating administered through the yankee Institute of Certified Public Accountants.
Ques.: How long will it take to become a finance manager?
Ans.: Most Finance Managers take four years to earn a bachelor's degree—often a finance degree—and then continue to get experience upto 2 or additional years of labor expertise within the field.
Ques.: Why must you contemplate a career as a finance manager?
Ans.: If you're curious about finance, sensible with numbers, and prepared to deal with it, you may simply create it into that top-earning 10 %.
Ques.: What are the top recruiting Companies of a Finance Manager?
Ans.: Some of the top companies are-
- Morgan Stanley
- Boston Consulting Group
- Goldman Sachs
- Bain & Company
- JP Morgan Chase & Company
- McKinsey & Company
- Barclays
Ques.: What are the top job roles of a Finance Manager?
Ans.: Some of the top job profiles are-
- Cash Managers
- Manager Consultants
- Investing Sales Traders
- Investment Banker
- Investment Banking Associates
- Credit Managers & Specialists
- Financial Analyst
Ques.: What are the top companies offering MBA in finance management?
Ans.: Some of the top companies are-
- Canada
- United Kingdom
- Germany
- Australia
- Singapore
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