Financial managers must have excellent communication skills to explain complex financial data. Because financial managers work extensively with various departments in their firm, a broad overview of the business is essential. Financial managers should be creative thinkers and problem solvers, applying their analytical skills to business. They must be comfortable with computer technology. 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. Expertise in accounting and finance is fundamental, and a master s degree enhances one s job prospects. Strong computer skills and knowledge of international finance are important, as are excellent communication skills as the job increasingly involves working on strategic planning teams. Mergers, acquisitions, and corporate downsizing will continue to adversely affect employment of financial managers, but growth of the economy and the need for financial expertise will keep the profession growing about as fast as the average for all occupations through 2008. The banking industry, which employs the most financial managers, is expected to continue to consolidate and reduce the number of financial managers.