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发信人: myosotis (阿金), 信区: AdvancedEdu
标 题: 98-99 ocupational outlook/Financial Managers
发信站: BBS 水木清华站 (Mon Apr 6 22:25:16 1998)
(D.O.T. 160.167-058; 161.117-018; 169.167-086; 186.117-066, -070, -078,
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Significant Points
* A bachelor's degree in finance or a related field is the
minimum academic preparation, but many employers increasingly
seek graduates with a master's degree and a strong analytical
background.
* The need for skilled financial management will spur average
employment growth; however, the number of applicants is expected
to exceed the number of openings, resulting in competition for
jobs.
* Nature of the Work
Practically every firm has one or more financial managers.
Among them are chief financial officers, vice presidents of
finance, treasurers, controllers, credit managers, and cash
managers; they prepare the financial reports required by the
firm to conduct its operations and to ensure that the firm
satisfies tax and regulatory requirements. Financial
managers also oversee the flow of cash and financial
instruments, monitor the extension of credit, assess the
risk of transactions, raise capital, analyze investments,
develop information to assess the present and future
financial status of the firm, and communicate with stock
holders and other investors.
In small firms, chief financial officers usually handle all
financial management functions. In large firms, these
officers oversee financial management departments and help
top managers develop financial and economic policy,
establish procedures, delegate authority, and oversee the
implementation of these policies.
Highly trained and experienced financial managers head each
financial department. Controllers direct the preparation of
all financial reportsincome statements, balance sheets, and
special reports, such as depreciation schedules. They
oversee the accounting, audit, or budget departments. Cash
and credit managers monitor and control the flow of cash
receipts and disbursements to meet the business and
investment needs of the firm. For example, cash flow
projections are needed to determine whether loans must be
obtained to meet cash requirements, or whether surplus cash
may be invested in interest-bearing instruments. Risk and
insurance managers oversee programs to minimize risks and
losses that may arise from financial transactions and
business operations undertaken by the institution. Credit
operations managers establish credit rating criteria,
determine credit ceilings, and monitor their institution's
extension of credit. Reserve officers review their
institution's financial statements and direct the purchase
and sale of bonds and other securities to maintain the
asset-liability ratio required by law. Managers specializing
in international finance develop financial and accounting
systems for the banking transactions of multinational
organizations. A working knowledge of the financial systems
of foreign countries is essential.
Financial institutionssuch as banks, savings and loan
associations, credit unions, personal credit institutions,
and finance companiesmay serve as depositories for cash and
financial instruments and offer loans, investment
counseling, consumer credit, trust management, and other
financial services. Some specialize in specific financial
services. Financial managers in financial institutions
include vice presidents, bank branch managers, savings and
loan association managers, consumer credit managers, and
credit union managers. These managers make decisions in
accordance with policy set by the institution's board of
directors and Federal and State laws and regulations.
Due to changing regulations and increased government
scrutiny, financial managers in financial institutions must
place greater emphasis on accurate reporting of financial
data. They must have detailed knowledge of industries allied
to bankingsuch as insurance, real estate, and
securitiesand a broad knowledge of business and industrial
activities. With growing domestic and foreign competition,
financial managers must keep abreast of an expanding and
increasingly complex variety of financial products and
services. Besides supervising financial services, financial
managers in banks and other financial institutions may
advise individuals and businesses on financial planning.
* Working Conditions
Financial managers are provided with comfortable offices,
often close to top managers and to departments which develop
the financial data these managers need. Financial managers
typically work 40 hours a week, but many work longer hours.
They are often required to attend meetings of financial and
economic associations, and may travel to visit subsidiary
firms or meet customers.
* Employment
Financial managers held about 800,000 jobs in 1996. Although
these managers are found in virtually every industry, more
than a third were employed by services industries, including
business, health, social, and management services. Nearly 3
out of 10 were employed by financial institutionsbanks,
savings institutions, finance companies, credit unions,
insurance companies, securities dealers, and real estate
firms, for example.
* Training, Other Qualifications, and Advancement
A bachelor's degree in finance, accounting, economics, or
business administration is the minimum academic preparation
for financial managers. However, many employers increasingly
seek graduates with a master's degree, preferably in
business administration, economics, finance, or risk
management. These academic programs develop analytical
skills, and provide knowledge of the latest financial
analysis methods and information and technology management
techniques, widely used in this field.
Experience may be more important than formal education for
some financial manager positionsnotably branch managers in
banks. Banks typically fill branch manager positions by
promoting experienced loan officers and other professionals
who excel at their jobs.
Continuing education is vital for financial managers,
reflecting the growing complexity of global trade, shifting
Federal and State laws and regulations, and a proliferation
of new, complex financial instruments. Firms often provide
opportunities for workers to broaden their knowledge and
skills, and encourage employees to take graduate courses at
colleges and universities or attend conferences relating to
their specialty. Financial management, banking, and credit
union associations, often in cooperation with colleges and
universities, sponsor numerous national or local training
programs. Persons enrolled prepare extensively at home, then
attend sessions on subjects such as accounting management,
budget management, corporate cash management, financial
analysis, international banking, and information systems.
Many firms pay all or part of the costs for those who
successfully complete courses. Although experience, ability,
and leadership are emphasized for promotion, advancement may
be accelerated by this type of special study.
In some cases, financial managers may also broaden their
skills and exhibit their competency in specialized fields by
attaining professional certification. For example, the
Association for Investment Management and Research confers
the Chartered Financial Analyst designation to investment
professionals who have a bachelor's degree, pass three test
levels, and meet work experience requirements. The National
Association of Credit Management administers a three-part
certification program for business credit professionals.
Through a combination of experience and examinations, these
financial managers pass through the level of Credit Business
Associate, to Credit Business Fellow, to Certified Credit
Executive. The Treasury Management Association confers the
Certified Cash Manager credential on those who have 2 years
of relevant experience and pass an exam, and the Certified
Treasury Executive designation on those more senior in
treasury management who meet experience and continuing
education requirements.
Persons interested in becoming financial managers should
enjoy working independently, dealing with people, and
analyzing detailed account information. The ability to
communicate effectively, both orally and in writing, is also
important. They also need tact, good judgment, and the
ability to establish effective personal relationships to
oversee staff.
Because financial management is critical for efficient
business operations, well-trained, experienced financial
managers who display a strong grasp of the operations of
various departments within their organization are prime
candidates for promotion to top management positions. Some
financial managers transfer to closely related positions in
other industries. Those with extensive experience and access
to sufficient capital may start their own consulting firms.
* Job Outlook
Like other managerial occupations, the number of applicants
for financial management positions is expected to exceed the
number of openings, resulting in competition for jobs. Those
with lending experience, and familiarity with the latest
lending regulations and financial products and services,
should enjoy the best opportunities for branch management
jobs in banks. Those with a graduate degree, a strong
analytical background, and knowledge of various aspects of
financial management, such as asset management and
information and technology management, should enjoy the best
opportunities for other financial management positions.
Developing expertise in a rapidly growing industry, such as
health care, could also be an advantage in the job market.
Employment of financial managers is expected to increase
about as fast as the average for all occupations through the
year 2006. The need for skilled financial management will
increase due to the demands of global trade, the
proliferation of complex financial instruments, and changing
Federal and State laws and regulations. Many firms have
reduced the ranks of middle managers in an effort to be more
efficient and competitive, but much of the downsizing and
restructuring is complete. The banking industry, on the
other hand, is still undergoing mergers and consolidation,
and may eliminate some financial management positions as a
result.
* Earnings
The median annual salary of financial managers was $40,700
in 1996. The lowest 10 percent earned $21,800 or less, while
the top 10 percent earned over $81,100.
According to a 1997 survey by Robert Half International, a
staffing services firm specializing in accounting and
finance, salaries of assistant controllers range from
$41,000 in the smallest firms, to $81,000 in the largest
firms; controllers, $47,000 to $138,000; and chief financial
officers/treasurers, $62,000 to $307,000.
The results of the Treasury Management Association's 1997
compensation survey are presented in table 1. The earnings
listed in the table represent total compensation, including
bonuses. The survey also found that financial managers with
a master's degree in business administration average $10,900
more than managers with a bachelor's degree.
Table 1. Annual earnings for selected financial managers,
1997
Chief financial officer $142,900
Vice president of finance 138,000
Treasurer 122,500
Assistant treasurer 88,400
Controller 85,100
Treasury manager 66,900
Assistant controller 56,200
Senior analyst 55,600
Cash manager 51,600
Analyst 40,500
Assistant cash manager 38,800
SOURCE: Treasury Management Association
Salary level depends upon the manager's experience and the
size and location of the organization, and is likely to be
higher in larger organizations and cities. Many financial
managers in private industry receive additional compensation
in the form of bonuses, which also vary substantially by the
size of the firm.
* Related Occupations
Financial managers combine formal education with experience
in one or more areas of finance, such as asset management,
lending, credit operations, securities investment, or
insurance risk and loss control. Workers in other
occupations requiring similar training and ability include
accountants and auditors, budget officers, credit analysts,
loan officers, insurance consultants, portfolio managers,
pension consultants, real estate advisors, securities
analysts and underwriters.
* Sources of Additional Information
For information about financial management careers, contact:
American Bankers Association, 1120 Connecticut Ave. NW.,
Washington, DC 20036.
Financial Management Association, International, College of
Business Administration, University of South Florida, Tampa,
FL 33620-5500.
For information about financial careers in business credit
management; the Credit Business Associate, Credit Business
Fellow, and Certified Credit Executive programs; and
institutions offering graduate courses in credit and
financial management, contact:
National Association of Credit Management (NACM), Credit
Research Foundation, 8815 Centre Park Dr., Columbia, MD
21045-2117. E-mail address: nacm@nacm.org Homepage:
http://www.nacm.org/
For information about careers in treasury management from
entry level to chief financial officer, and the Certified
Cash Manager and Certified Treasury Executive programs,
contact:
Treasury Management Association, 7315 Wisconsin Ave., Suite
600 West, Bethesda, MD 20814.
For information about the Chartered Financial Analyst
program, contact:
Association for Investment Management and Research, 5 Boar's
Head Lane, P.O. Box 3668, Charlottesville, VA 22903.
Homepage: http://www.aimr.com/
For information about financial management careers in the
health care industry, contact:
Healthcare Financial Management Association, Two Westbrook
Corporate Center, Suite 700, Westchester, IL 60154.
State bankers' associations can furnish specific information
about job opportunities in their respective States, or write
directly to a particular bank to inquire about job openings.
For the names and addresses of banks and savings and related
institutions, as well as the names of their principal
officers, consult the following directories:
The American Financial Directory (Norcross, Ga., McFadden
Business Publications).
The U.S. Savings and Loan Directory (Chicago, Rand McNally &
Co.).
Rand McNally Credit Union Directory (Chicago, Rand McNally &
Co.).
Polk's World Bank Directory (Nashville, R.L. Polk & Co.).
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