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Financial management associates work under senior financial managers and have varying duties depending on the organization and position. They can work in different settings and positions, such as controller, treasurer, credit manager, and risk manager. They must stay updated on new technologies and developments and have a bachelor’s degree in finance, accounting, or business, with some positions requiring a master’s degree or special licenses/certifications. Work experience is also important, and internships are recommended.
The title “financial management associate” is assigned to a financial manager who works under a senior financial manager of a company. The duties of a financial management associate will vary depending on the nature of the organization and the exact position in question. Finance managers are employed in a variety of different positions, including controller, treasurer, credit manager, branch manager, risk manager and budget manager, just to name a few. Additionally, financial managers can find work in a variety of different settings, such as corporations, banks, government agencies, and finance companies. The main duties of a financial manager are to produce financial reports, manage finances and plan investment strategies.
A financial management associate who obtains employment as a controller, budget manager, cash manager or treasurer can expect to prepare financial reports and analyze the data to plan budgets and make financial decisions on behalf of the organization. Financial managers who work as credit managers are responsible for deciding credit guidelines, monitoring credit accounts, and deciding credit budgets. Associates working in the banking industry as branch managers typically handle all aspects of running a banking operation, including marketing as well as implementing and approving financial products and services. A financial management associate working as a risk manager or insurance manager is expected to develop and implement plans to minimize the risks involved in day-to-day business transactions. International finance managers perform the same functions, but play a specialized role in the financial aspects related to global expansion.
Finance management associates are expected to work long hours and stay abreast of new technologies and developments related to the field of finance. Many financial organizations offer continuing education programs that allow members to take additional graduate courses and attend conferences. Laws and financial products are constantly changing, and successful finance managers must take steps to stay ahead of the competition. The field of finance is a competitive industry and a lack of follow-through can hurt a finance manager’s career.
To find employment as a financial management associate, one must first obtain the necessary education. A bachelor’s degree with a focus in finance, accounting or business is the minimum requirement. Many employers prefer applicants with a master’s degree in one of the same fields of study. Some positions may even require special licenses or certifications, such as a certified public accountant (CPA) license or certified management accountant (CMA) certification. Finance work experience is also vital to obtaining an associate in financial management position, so it is recommended that aspiring financial management associates volunteer for internships while in school.
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