The ability to communicate, both orally and in writing, is increasingly important. They also need tact, good judgment, and the ability to establish effective personal relationships to oversee supervisory and professional staff members. Financial analysis and management have been revolutionized by technological improvements in personal computers and data processing equipment. Knowledge of their applications is vital to upgrade managerial skills and to enhance advancement opportunities. 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 head 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 job openings, resulting in competition for jobs. Employment of financial managers is expected to increase about as fast as the average for all occupations through the year 2005. In addition, job openings will arise each year as financial managers transfer to other occupations, start their own businesses, or retire. Although the need for skilled financial management will increase due to the demands of global trade, the proliferation of complex financial instruments, and continually changing Federal and State laws and regulations, employment growth among financial managers will be tempered by corporate restructuring and downsizing in many industries.