Many people, especially students, often wonder about how to become a financial manager. Becoming a financial manager typically requires the right education, efficient training and enough experience. You should also be able to develop the right skills required to analyze financial reports, oversee investments and develop viable financial objectives. Learn how to become a financial manager with the steps discussed below.

Earn a Bachelor’s Degree

The minimum educational requirement for a meaningful job as a financial manager is a bachelor’s degree in finance, accounting, economics or business administration. Other majors may be accepted if they specialize in finance, business and management.

You will learn about financial planning, portfolio management, securities and accounting. Most bachelor’s degree programs take four years to complete. Individuals who have certificates and diplomas take three and two years respectively. It might be a good idea to get an internship during your final year to acquire some work experience.

You can also choose to earn a graduate degree. A graduate degree puts you in a better position to qualify for advanced positions in your career. Common courses in graduate programs include global financial market, financial security, corporate management and financial modeling.

Gain Some Work Experience

Work experience is very critical for those who aspire to become financial managers. Individuals who have some experience are more likely to secure employment than those who are fresh from college. There are several opportunities available out there for those who want to gain some experience. You can apply for a position in companies who run vacation placements or taster courses. You can also try companies who employ financial managers. They include charity organizations, health facilities, government institutions, universities, banks and insurance companies.

Acquire the Right Certification

Certification shows that you are a highly competent and efficient financial manager. There are several professional certifications out there. You need to ensure that the certification body you interact with is fully recognized by companies in your field. Certifications such as the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) will increase your employment prospects across different industries.

Individuals who apply for the CFA certification must pass three examinations administered by the CFA Institute. Completing the examinations can take between 18 months and four years. The CFA requires all eligible candidates to complete a self-study program that consists of reading materials and practice questions. Those who apply for CPA certification must pass the CPA test administered by the American Institute of Certified Public Accountants.

Acquire Essential Skills

You will need certain skills to enable you to perform your duties effectively. You must be able to demonstrate strong written and oral communication skills to help you explain financial jargon in simpler terms. Other essential skills include the ability to analyze financial scenarios and draw suitable conclusions, great problem-solving skills, capacity for innovation and rich knowledge of IT software.

Salary and Career Outlook for Financial Managers

Financial managers earn an average salary of $121,750 per year. This translates to $58.54 per hour. According to the Bureau of Labor Statistics, the employment rate will grow by seven percent in the next 10 years. Candidates with graduate degrees will enjoy the best job prospects.

Related Resource: What is a Business Development Manager?

Financial managers enjoy some of the best salaries and work environments in the US. To become a financial manager, you need the right education, enough training, appropriate work experience and a set of skills that will enable you to function effectively.