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. 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. Many opportunities will exist for the most skilled, adaptable, and knowledgeable financial managers. Developing expertise in a rapidly growing industry, such as health care, also may prove helpful. Employment of financial managers is expected to increase faster than the average for all occupations through the year 2005.