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Role of financial managers
Any corporation that does business has to deal with money. Not just cash, but all its economic affairs in entirety have to be taken care of. This is where financial managers step in. They are completely in charge of the pecuniary aspects of every transaction that takes place. Financial managers are the vertebrae of the fiscal health of any organization. Holding management positions, they are essential for the smooth functioning of all businesses.
The many types of financial managers are controllers, treasurers, credit managers, cash managers, risk managers, insurance managers, and international banking managers. While there can be separate individuals performing the various tasks involved in managing the finances, there could also be just one or two people with a subordinate team who handle all of these aspects collectively.
Generally employed by the banking and related activities industry like Depository Credit Intermediation, Accounting, Tax Preparation, Bookkeeping, and Payroll Services, Insurance Carriers, Securities and Commodity Contracts Intermediation and Brokerage Firms and such, financial managers’ tasks include, but are not confined to the following activities:
Having modern computer systems with up-to-date technological applications and data organizers makes the job of financial managers less tedious. Keen analytical skills, clear communication, valuing attention to detail, being systematic and organized and, of course, an outstanding mathematical proficiency are all capabilities important to become a financial manager.
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