It comes as no surprise that many people do not have an idea of what the role of a finance manager is. Their main responsibility is to provide financial support and advice to clients with the aim of guiding them in making informed choices. They can work in both the private and public sectors. This could be financial institutions, multinationals, charities, trusts etc. Usually, major business decisions heavily depend on the financial assessments and considerations. The manager helps shed light on the financial implications before any business can be conducted.
They will give advice and ensure that the proper rules and procedures are followed. The roles can change depending on the organization that they are working for. When they are working for a large organization, they are more inclined to deal with strategic analysis while those working in smaller companies may only have to deal with preparation and collection of accounts.
Other duties of a financial manager include analyzing financial data and making suggestions. They also have to create long term business strategies and find new ways to reduce costs. In addition, they should look for opportunities where the business can earn additional income and also manage the company’s debt.
To be a successful finance manager, it is essential that you are involved actively in your company’s budget process. Learn to work hand in hand with the accountants since you need all the help you can get especially when faced by financial difficulties. Keep them up-to-date with any financial changes or progress. Ensure that you have hands on approach when it comes to your company’s budget. Keep track of your performance against the planned one, and if one is not planned, then make it your business at the earliest opportunity. This way, you will be able to manage your challenges when they are still small.
METAC Image by International Monetary Fund
(L-R) International Monetary Fund (IMF) Senior Advisor MiddleEast and Central Asia Department Alfred Kammer, IMF Deputy Managing Director Murilo Portugal, and Minister of Finance of Lebanon and Chair of the Middle East Regional Technical Assistance Center (METAC) Steering Committee H.E. Raya Haffar pose for a photo after the IMF, Donor Partners and Recipient Countries Pledge Contributions of US.5 million to Support the METAC.
The International Monetary Fund (IMF), the European Commission, France, Kuwait, Oman, as well as the Middle East Regional Technical Assistance Center (METAC) beneficiary countries—Lebanon, Egypt, Jordan, Libya, Syria, Sudan, and Yemen—pledged to contribute US.5 million to METAC during a pledging session held in Washington DC today. The pledges received cover about two thirds of the center’s requirements for its third phase of operation, which runs from May 2010 to April 2015. Discussions are ongoing with a number of other donors who have also expressed interest in contributing to METAC.
The center, which is located in Beirut (Lebanon), provides technical assistance and training to Afghanistan, Egypt, Iraq, Jordan, Lebanon, Libya, Syria, Sudan, the West Bank and Gaza and Yemen, with a focus on banking supervision, public debt management, revenue administration, public financial management, and macroeconomic statistics.
After the conclusion of the pledging session, IMF Deputy Managing Director Murilo Portugal made the following statement:
“The IMF is pleased that our partners – both traditional donors and recipient countries alike have again pledged their support to METAC.”
October 10, 2010, IMF Headquarters in Washington, D.C.
IMF Staff Photo/Michael Spilotro
Are you dreaming to head a Finance Empire in future? A traditional master degree in finance may not be adequate to help you reach your goal. The reason behind is top positions in FINANCE is generally restricted to Professional Accountants. Even an MBA (Finance) from a top B school is, often, not considered as an optimum qualification for this purpose.
To be a Professional Accountant, you neither, always, have to be a Public Accountant (Auditor) by struggling for 5-8 years including your article ship period nor you need to get disappointed by repeated failures in examinations and eventually turning nowhere with a demoralized, half-accountant status as it happens to majority of the aspirants.
A faster yet challenging CMA (Certified Management Accountant) route provides you faster earning opportunity. By the time your friends pass the auditing exam, you would earn Rs 20-25 lacks and occupy 1-2 level positions above them.
Management Accountants are also Professional Accountants and learn the same body of knowledge the Public Accountants learn. Although the CMA exam is held by IMA, US, a student can take the preparation and appear for an online exam from any part of the globe.
The best features of CMA are
It is a compact examination consisting of only 2 papers.
The syllabus is focused to the needs of the modern world of finance.
There is facility to appear for the exam online from any metro city.
CMA has international brand value.
It is officially equivalent to ICWA (India) if the student appears for CMA from a country outside India.
Job opportunity of a CMA is huge.
CMA is a quite affordable exam.
Classroom Coaching or coaching in distant mode is available. (www.ifcpld.com)
Even Harvard, IIM, XLRI graduates do this robust, convenient, industry-relevant CMA (US) to extend their career choice in finance functions.
Why CMA is only a 2 papers exam?
The world is moving in faster pace nowadays and most of the students neither have the patience nor the time to face many shorter exams over number of years. Hence, all American exams including CMA have evolved, in a scientific manner, as compact exams encompassing all subject areas within fewer papers. It requires hard work over a shorter period to pass the exam. CMA is an internationally portable qualification – a passport to work in all countries, including US.
CMA can be extremely beneficial for
Current MBA students / MBA aspirants – CMA will be synergic with MBA as it will help them do very well in Financial Management, Cost & Management Accounting, Corporate Finance, Security Analysis & Portfolio Management, Financial Institutes and Markets, International Finance & Derivatives and Management papers of the MBA examination. However, students doing CMAs will not need to do an MBA (Finance) as it automatically covers most areas of MBA (Finance).
B Com / M Com students – CMA will help you separate yourself from other lacks of MBAs. With a CMA, you can work in any area of Finance or Accounting in Managerial positions. CMAs drive performance in business – auditors just express opinions. Even an ordinary MBA (Fin), MFC, B Com, or M Com can have extraordinary career with the international CMA. CMA alone can get you all the material benefits life and job has to offer. The CMA option will save substantial money for the B Com/B Sc graduating students and they will start working early.
CA aspirants – Cost of doing a CA over an average 4.5 years period is Rs 23.54 lakhs including the opportunity cost of lost earning (as compared to a CMA) during CA studentship.
IT professionals – A good programmer with an additional CMA qualification will be a hot cake in the international job market. If you want, you may also move to the career line of a Finance Manager or MIS Manager where your IT background will be accepted as a plus.
Ambitious Science/Engineering graduates who have a knack in finance and dreaming to hold a prestigious position with a handsome salary as early as possible.
So, do not wait for your chance to come anymore. Go and grab your dream through the CMA way of success.
for more details go to www.ifcpltd.com
Bill Dorotinsky of the IMF presents research and analysis about trends in PFM at the June 2008 ICGFM DC Forum
US Asset Management provides knowledge, skills, and resources needed for concepts in management such as Asset Management, Financial Risk Management, Public Finance Management, Investments, Bank risk management, Market risk management and many other management aspects.
US Asset Management provides knowledge, skills, and resources needed for concepts in management such as Asset Management, Financial Risk Management, Public Finance Management, Investments, Bank risk management, Market risk management and many other management aspects.
0