[First Last Name]
Business [Number]
[Date Month Year]
My career target begins with the occupational title of Financial Manager. Finance management is essentially a forward oriented function, which focuses on optimal asset allocation with an objective of ensuring the growth of corporate assets in the future (Boundless, n. p.). The Financial Manager is responsible for ensuring the financial health of the company. To accomplish that, he produces financial reports, perform direct investments, and develop strategies for long-term financial goals of the company (Bureau of Labor Statistics n. p.).
Description of Requirements
The various tools associated with this occupation of Finance Manager consist mostly of computers of myriad types (e.g. desktop, notebook, personal digital assistant/organizer, and tablet) and non-computer equipment (e.g. scanners). With regards to technology, it comes in the form of software with specific professional functions, such as accounting, business intelligence, data analysis, database user interface and query, enterprise resource planning (ERP), and financial analysis.
Academic knowledge necessary in effectively accomplishing the responsibilities of the Finance Manage include financial mathematics, accounting, economics, administration and management, and the English language. Financial mathematics essentially involves the effective use of mathematical models in guiding financial decisions, such as investments in financial instruments, risk management, profit projections, pricing, and hedging among others (Joshi 1).
Accounting and Economics intermingle and influence a better functioning Finance so that at least a basic understanding of both is necessary to better understand Finance. Although backward looking, Accounting communicates the company’s financial history and performance, the knowledge of which will guide the Finance Manager in better estimating the future value of corporate assets (Boundless “Comparing the Fields of Finance, Economics, and Accounting” n. p.). Conversely, Economics provides a market-based context of asset valuation with competitive and market forces considered into the estimation.
Administration and Management are essentially functional knowledge that is central activities of the Finance Manager. Finance administration involves the profitable running of the financial resources of the company primarily through proper capital allocation, investment decisions, and risk management; while Finance management essentially involves the effective coordination of personnel involved in accomplishing administrative goals.
Customer and Personal Servicing competency is essential in the management function of a Financial Manager, both its external (clients) and internal (employees of direct supervision) customers. It is as crucial competency that can adversely affect the effective functioning of the Finance department if not mastered by the Finance Manager because it involves effective interpersonal relationships with clients and co-employees. In relation to external customers, the Finance Manager promotes customer servicing through such services as well-designed payment methods, consumer incentives, and the like. (Green n. p.).
Moreover, a very good command of the English language, whether in writing or speaking, is crucial to a Finance Manager in this age of globalization where diversity of languages in the markets exist. In most business environments, it is the favorite medium of communication, which, in its absence, can seriously inhibit work effectiveness.
There are five very important skills that a Finance Manager should be adept with. Two of these are effective communication skills, another two thinking skills, and one crucial administrative skill. Active Listening and Speaking are communication skills that are crucial in today’s financial landscape as a Finance Manager often take an active role in acting as the public face of the organization, particularly in intricate financial matters (Carberry back cover information). Effective communication, particularly clear and accurate speaking, is an essential skill in financial management in the contemporary times. As part of his monitoring function, the Finance Manager is expected to report results of complex financial data analyses to senior managers, advising them on data-based approaches to profit-maximization; but using simple English terms understandable to non-financial executives (Boundless “The Role of Financial Managers” n. p.). In general, the Finance Manager must learn to focus on the speaker while speaking and know the effective approaches in sending his messages when speaking.
Critical Thinking is a mental skill that is critical in making correct and well-reasoned financial decisions. It involves reflective thinking in analyzing available data from which to base decisions in relation to financial actions. In a sense, it mentally manages inherent ambiguities in available information and produce clear motivations for specific actions (“The Importance of Critical Thinking” n. p.). Meanwhile, Reading Comprehension is a basic thinking skill necessary in performing administrative functions. It determines the ability to consume and digest important information from which critical decisions depend. It is also needed in understanding complex financial information for strategic planning and actions (Bureau of Labor Statistics n. p.).
Financial monitoring used to be the main responsibility of the Finance Manager. Thus, it is a foundational skill as old as the position itself. It involves carefully watching financial details, particularly investments and the financial state of the company, to ensure legal requirements are met and developments remain within the expected variations towards the achievement of long-term financial goals (Boundless “The Role of Financial Managers” n. p.).
The top abilities associated with financial management include language abilities (oral expression, oral comprehension, and speech clarity) and problem solving abilities (deductive reasoning and problem sensitivity). Oral Expression is essential in the reporting functions of the Finance Manager, particularly in clearly and simply discussing financial results and concepts, clearly and simply, to senior managers with no finance or accounting educational backgrounds (Boundless “The Role of Financial Managers” n. p.). The Finance Manager is also increasingly involved in work teams, which advise top executives on business issues, particularly financial issues. Conversely, Oral Comprehension is crucial in the reporting structure where the Finance Manager is located, wherein the manager has to understand the work issues of both the subordinates and the senior managers (Boundless “The Role of Financial Managers” n. p.). Meanwhile, Speech Clarity is a subset of the Oral Expression ability, which is earlier discussed.
Meanwhile, Deductive Reasoning is cognitive ability that is critical in performing financial analysis and reviews, which the Finance Manager conducts regularly as a central function in the job (Boundless “The Role of Financial Managers” n. p.). Similarly, Problem Sensitivity plays a large part in the administrative functions of the Finance Manager. It is a crucial element in strategic problem solving, which requires both adequate sensitivity to existing problems and the ability to formulate accurate strategies in resolving problems. Moreover, certain functions such as risk analysis and management require this ability (Banwait 1).
The primary work activities of the Finance Manager revolve around data processing, inter-level communications, and people management and development. The functions of the Finance Manager, particularly the analytical and reporting functions, require computers to effectively perform. In fact, interacting with computers is a routine activity in the Finance department. Inter-level communication, i.e. communicating with Supervisors, Peers, and Subordinates, are indispensible activities in the management functions of the Finance Manager. It requires skills in communication and English language use. It accompanies such activities as Establishing and Maintaining Interpersonal Relationships with all stakeholders that the manager must deal with in the course of the job. These activities are essential in both the administrative and management functions of the Finance Manager, particularly in effectively mobilizing human resources inside and outside the finance department.
Guiding, Directing, and Motivating Subordinates are three leadership activities that are essential activities to the Finance Manager. In order to effectively deploy finance personnel to accomplish specific tasks, the manager must be effective in guiding them in the systems involved in those tasks, direct them when necessary along the correct approaches, and motivating them to give their best performance in each task assigned to them. Conversely, Coaching and Developing Others are also leadership activities that have long-term impacts in the organization, specifically in the finance department. These developmental activities must be performed to develop direct reports and prepare them for more responsibilities within the department.
The scope in the responsibilities of the Finance Manager requires that the person is highly dependable to deliver on targets, possesses the integrity to act on the basis of sound ethical principles, highly attentive to the minutiae of financial analysis and reporting, and possesses the heart to persist amidst expected occupational pressures. The Finance Manager is also expected to be mature enough to handle the rigors of the job as well as resolve routine problems in the area of responsibilities. Thus, personal independence to make well-considered decisions is necessary. He also values a working condition that is conducive and supportive to the effective performance of his responsibilities. Moreover, like most workers, he needs recognition for the works well done from senior executives.
Current Skill Inventory
Currently I have no specific skills involving technology and technological tools as well as theoretical and practical knowledge of Finance. However, I have specific skills associated with the management of workers, particularly assigning workers to specific jobs on a daily basis, and inventory management, specifically on inventory transfers and related inventory monitoring.
Moreover, I experienced important successes in persuading workers to take certain actions (e.g. attending trainings, increasing training participation rate by 30 percent) and in operational efficiency (e.g. successfully reducing inventory transfer time spent). I have also performed administrative and management functions in the marketing context with my job as Vice Manager of Marketing in a company that sells solar panel products.
Ordinarily, I work easily with consistent patience, optimism, care, warm-heartedness, and achievement-orientation. I believe this is the internal environment I can function best and find myself in my best elements. My award as the best salesman in the marketing department where I currently work resulted from this internal strengths. Moreover, I strongly prefer to work where I can stay honest, light-hearted (humorous), and leisurely with strong opportunities to lead others and earn high income.
Gaps Summary
Currently, I observed no urgent and significant gaps in relation to required Work Activities and Interests associated with the position of the Finance Manager. However, I found total developmental gaps in efficiently handling technological tools, understanding electronic and financial technology, in theoretical and practical finance, specific finance abilities, and typical work values of the Finance Manager. Moreover, I have limited experience in coordinating a large team of workers and primarily involving inventory transfers. Meanwhile, although I have a strong interest in communication, I still need to develop my communication skills, particularly expressive speaking and active listening, and social perceptiveness. I also observed significant gaps in interacting with computers as well as in coaching and developing others. With regards to work styles, except for valuable experiences in achievement valuable organizational goals, I observed serious gaps my current developmental maturity in relation to my dependability, integrity, attention to details, and persistence.
Development Plan
Phase I: Areas of Highest Developmental Priority
I will be enrolling in courses and trainings that will develop my knowledge and skills in technology, technological tool, comprehensive knowledge in Finance, and abilities and typical work values distinct in Finance Managers. Specific courses and training topics will not be adequate to describe in detail in this document. Nevertheless, these interventions are estimated to take 3 to 4 years to achieve depending on the availability of opportunities to study and to train in these related these highly specialized spectra of knowledge and skills.
Phase II: Areas of Secondary Developmental Priority
I will be enrolling in courses and trainings that will develop my specific skills identified as gaps in specific Skills, Work Activities, and Work Styles that are necessary in building competency as a credible Finance Manager.
Works Cited
“Enterprising”. UVA Career Center. Web. 14 Feb. 2016. <https://career.virginia.edu/majors-and-
careers/enterprising>
“The Importance of Critical Thinking.” American Financial Partners 9 Feb. 2010. Web.
<http://financewithafp.com/2010/02/the-importance-of-critical-thinking/>
Banwait, Gurpreet. “What’s a Risk? The Use of Sensitivity Analysis to Measure Your Portfolio’s
Risk.” Treasury Management International. Web. 14 Feb. 2016 <http://www.treasury-management.com/article/1/188/1653/whats-at-risk-the-use-of-sensitivity-analysis-to-measure-your-portfolios-risk.html>
Boundless. “Comparing the Fields of Finance, Economics, and Accounting.” Boundless Finance.
21 Jul. 2015. Web. <https://www.boundless.com/finance/textbooks/boundless-finance-textbook/introduction-to-the-field-and-goals-of-financial-management-1/introducing-finance-22/comparing-the-fields-of-finance-economics-and-accounting-143-3869/>
Boundless. “The Role of Financial Managers.” Boundless Finance. Web. 14 Feb. 2016.
<https://www.boundless.com/business/textbooks/boundless-business-textbook/financial-management-19/introduction-to-financial-management-114/the-role-of-financial-managers-534-10164/ >
Bureau of Labor Statistics. “Financial Managers.” In Occupational Outlook Handbook. 2016-17
Ed. 17 Dec. 2015. Web. <http://www.bls.gov/ooh/management/financial-managers.htm>
Carberry, James. Communications: Methods and Applications for Financial Managers. Durham,
NC: American Institute of Certified Public Accountant, 2013. Print.
Green, Alison. “Customer Service Finance Manager Job Objectives.” Global Post. Web. 14 Feb.
2016. <http://everydaylife.globalpost.com/customer-service-finance-manager-job-objectives-35704.html>
Joshi, Mark S. The Concepts and Practice of Mathematical Finance. 2nd ed. Cambridge:
Cambridge University Press, 2008. Print.
