Duties performed by a financial management specialist may vary, but they generally involve overseeing the finances of a company, individual or city. A financial management specialist's responsibilities differ from other finance workers' such as accountants. Where an accountant may analyze and record the financial happenings of an employer, a financial management specialist may direct financial investments and develop strategies for cash management. They may also spend a great deal of time preparing financial reports or overseeing the work of other finance employees.
Job specifics of a the position may be different from one employer to the next or even from one title to another. Possible titles for a financial management specialist include finance manager, controller, treasurer and cache manager. These positions are typically considered to be in the upper management class. It is not uncommon for a finance manager to work in a private office of generous size.
Laws governing a financial management specialist can often vary from state to state in the US and from country to country around the world. Specific rules and listed duties can also change from one employer to the next. Most financial management specialists recommend being aware of local laws and national regulations to avoid trouble or complications. This may require continued study for the duration of a financial management specialist’s career in order to stay informed. It is also common to belong to an organization of other finance professionals and utilize information provided to the group through communications and meetings to stay current on necessary information.
To become a financial management specialist, most companies require a bachelor's or possibly graduate degree in any related field, such as finance, accounting or statistics. Some businesses, such as banks, may require an experience equivalency, as they normally choose to hire from within the company. A thorough understanding of statistics, economics and business is generally important. There are many schools available in countries around the world which offer the necessary courses and degree. Depending on an individual's responsibilities and local laws, proper licensing may also be required.
Financial management specialists can typically expect to earn an income which is higher than national medians. In the US, the average wage for a financial management specialist is about twice the national median. In some positions, yearly or quarterly fees are due to keep licenses and certifications up to date.
