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 this assignment, 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
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 the 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 the effective performance of Finance Manager Responsibilities includes financial mathematics, accounting, economics, administration and management, and the English language. Financial mathematics essentially involves an 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 of the Finance so that at least a basic understanding of both is necessary to obtain a better understanding of the 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 property valuation with competitive and market forces considered in the estimation.
Administration and Management are the essentially functional knowledge and the 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 a 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 other related services (Green n. p.).
Moreover, a very good command of the English language, whether in writing or speaking, is crucial to the Finance Manager in this age of globalization where diversity of languages in the markets exists. In most business environments, it is the favorite medium of communication, which, in its absence, can seriously inhibit the work effectiveness.
There are five very important skills that the Finance Manager should be acknowledged with. Two of them 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 the results of complex financial data analyzed 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 how to focus on the speaker while speaking, and know the effective approaches in sending his messages uring the speech.
Critical Thinking is a mental skill that is vital in making correct and well-reasoned financial decisions. It involves reflective thinking in analyzing available data from which the decisions related 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 for performing administrative functions. It determines the ability to consume and digest important information the critical decisions depend on. 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, particular 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 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 advice 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 has been earlier discussed.
Meanwhile, Deductive Reasoning is cognitive ability that is critical for 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 sensitivities to existing problems and the ability to formulate accurate strategies for 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, people management and development. The functions of the Finance Manager, particularly the analytical and reporting ones, require computers to perform effectively. 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 indispensable 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 motivate them to provide their best performance in each task assigned to them.
Conversely, Coaching and Developing Others are also leadership activities that have long-term impacts on 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 of 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 from senior executives for the well-done works.
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 success in persuading workers to take certain actions (e.g. attending training, 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 I can function in the best way in the internal environment. 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 receive a high income.
Gaps Summary
Currently, I observed no urgent and significant gaps about 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 in my current developmental maturity regarding my dependability, integrity, attention to details, and persistence.
Development Plan
In order to get a clear understanding of my future actions, I have to appeal to the profound analysis of the things I am planning to accomplish. In this chapter I am going to provide more details on the part of Development Plan, and name the ideas for what I can do to develop knowledge, skills, abilities and experiences necessary to satisfy the most common requirements for your desired job or career.
While analyzing my skills and abilities, I came to the conclusion that there are a lot of things to work with. Thus, after precise analysis of the required for the position skills, I tried to describe the skills that have to be improved. First of all, I noticed a gap in my knowledge and skills regarding technologies. Thus, first of all I am planning in three weeks
- to enroll in courses directed at training my technological skills.
These particular abilities will provide the necessary knowledge and experience. Secondly, I understand that my knowledge in Finances have to be perfect that is why I am planning
- to read the information that can be helpful for my knowledges in Finances, and get a valuable experience in Finances in two months
Thirdly, I noticed that my leadership skills are weaker than the required for the position that is why I am planning in months
- to develop my leadership skills in order to be able to cope with all the needed assignments.
Besides, I am planning this week
Thus, from my perspective, I hold the view that applying a degree in master of finance will be a good way to learn profession knowledge. To apply for such an important degree, I should register a GMAT test and try to achieve a higher score. In this way, I could study in a good business college, like Fisher College at Ohio State University.
I will be enrolling in courses and training that will develop my specific skills identified as gaps in specific Skills, Work Activities, and Work Styles that are necessary for building competency as a credible Finance Manager. To learn these skills, I think I should take some particular training program and take some internship to practice them. Thus, I think having a good working attitude is also important.
Works Cited
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Banwait, Gurpreet. “What’s a Risk? The Use of Sensitivity Analysis to Measure Your Portfolio’s
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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>
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