Companies, individuals, organizations, banks, and government agencies have financial managers who prepare financial reports, implement cash management strategy, and implement investments. As an advanced financial manager, one could be a treasurer, investment adviser, a controller, chief financial officer, or risk manager since job titles in financial management vary. In order to train for a career in advanced financial management, you will typically study subjects such as economics, finance, or accounting while in school on both the undergraduate and graduate level. Pursuit of both undergraduate and graduate study typically occurs because having the undergraduate degree, a Master of Business Administration (MBA) degree, and a Doctor of Philosophy (PhD) degree in accounting or finance usually increases the chances of getting an advanced financial management job with high levels of responsibility and high levels of compensation.
While doing the work on the undergraduate degree in finance or accounting, it is important to realize that attaining good grades is essential. It is true that undergraduate training for financial management is merely the first part of one's training; however, the fact of the matter is that graduate business programs are extremely competitive. Having a high grade point average (GPA) during the undergraduate phase of training will tend to impress prospective graduate programs and will increase the chances of your being accepted to a graduate finance program.
Also, performing well in a work environment can be an asset if you hope to pursue an advanced financial management career. For example, working hard and impressing your supervisor during the undergraduate internship makes it more likely that you will be offered a job after college. Also, once you get a job after schooling, performing well on the job is something that adds credibility to your resume. If good work performance is combined with excellent school grades, that can be very helpful for you.
When it is time to apply to finance or accounting graduate programs after working for a few years in a job, choose professors who will write good letters of recommendation on your behalf. Write sincere and thoughtful application essays that explain your reasons for pursuing graduate study. Also, take the Graduate Management Admission Test (GMAT) and complete any interviews that you are required to participate in as a part of the application process. Make sure to carefully apply to graduate programs that reflect your specific interests. Keep in mind that graduate programs differ in terms of their focus and in terms of the professors’ research interests.
Once accepted into a graduate finance program, you must successfully finish the required coursework which will include statistics, financial analysis, business ethics, and advanced accounting. Also, you will typically be required to complete an internship in a work setting consistent with the type of job you hope to pursue. In addition, for those who choose to pursue a doctorate, there will be a dissertation requirement where you will do original research and write a dissertation on a finance or accounting topic of your choosing.
Advanced financial management is not the easiest career to pursue. It takes years of focus, study, and hard work. Granted, if you are able to successfully complete the undergraduate and graduate requirements, you can have a successful career in advanced financial management.
