A financial manager who works under a senior financial manager is referred to as a “financial management associate.” The responsibilities of a financial management associate vary depending on the organization and the specific title held. Controllers, treasurers, credit managers, branch managers, risk managers, and budget managers are just a few of the positions held financial managers. Financial managers can also work in a variety of settings, including corporations, banks, government agencies, and financial firms, among others. A financial manager’s main responsibilities include preparing financial reports, managing finances, and devising investment strategies.
When working as a controller, budget manager, cash manager, or treasurer, a financial management associate can expect to prepare financial reports and analyze data in order to plan budgets and make financial decisions on behalf of the company. Credit managers are responsible for establishing credit guidelines, monitoring credit accounts, and establishing credit budgets. Branch managers in the banking industry are typically responsible for all aspects of running a bank, including marketing, implementation, and approval of financial products and services. As a risk manager or insurance manager, a financial management associate will be expected to develop and implement plans to reduce the risks involved in daily business transactions. International finance managers have the same responsibilities as domestic finance managers, but they specialize in the financial aspects of global expansion.
Financial management associates are expected to work long hours and stay up to date on new financial technologies and developments. Continuing education programs are available at many financial institutions, allowing associates to take additional graduate courses and attend conferences. Laws and financial products are constantly changing, and successful financial managers must stay on top of their game. Financial management is a competitive field, and failing to keep up can jeopardize a financial manager’s career.
To work as a financial management associate, you must first complete the necessary education. The minimum requirement is a bachelor’s degree in finance, accounting, or business. Many employers prefer candidates who have a master’s degree in a related field. Special licenses or certifications, such as a Certified Public Accountant (CPA) license or a Certified Management Accountant (CMA) certification, may be required for some positions. Working experience in the finance field is also necessary for becoming a financial management associate, so aspiring financial management associates should volunteer for internships while still in school.