Those working in corporate finance act as financial managers who are responsible for supervising investment on behalf of the company, use various strategies to manage funds, supervise creation of financial reports and work with the company to outline future financial goals and strategies.
Nearly all corporate finance positions require a degree in finance or a related field. Check out the programs below which offer free information:
Corporate Finance Job Responsibilities
There many various positions that financial managers can take within a corporation, including: cash manager, international banking manager, finance officer or risk an insurance manager. In the capacity of a controller, this individual will supervise creation of balance sheets, earning statements and financial reports. They also analyze possible spending patterns and future income that will be utliized by the company. This analysis is outlined in a report that is a legal requirement of federal agencies that regulate corporate finance.
Those who work as a cash manager oversee and are in charge of how much money is spent in the company for investing and day to day business needs. They make evaluations of the company’s spending and project how much funds will be needed in the future, which may call for the company to take out a loan to meet these needs. Individuals who oversee risk and insurance for the company are responsible for reducing possible losses and identifying risks that may be involved in certain investments. Corporate finance also requires an individual to do various tasks or have special knowledge that is unique to an organization. For instance, a financial manager working for the federal government needs to have special knowledge regarding government budgets and related issues.
These individuals may work for extended periods of time, up to 50 or more hours a week. They have to have good interpersonal skills due to working extensively with a variety of departments and contacting meetings. Excellent math and business skills are also required in order to be successful in this position. Having training in accounting, finance, and/or business is critical when entering this profession, and real world experience can give the individual an edge when applying for a position.
Corporate Finance Training and Education Requirements
In order to this field, the individual will need to have a minimum of a bachelors degree in business, accounting, finance or economics. Increasingly, having a masters degree is preferable to most employers. Academic training will involve learning how to analyze finances, deal with technology related to this field and to learn the necessary analytical skills that are needed to do the work. Experience is gained through working at a bank in moving up the management chain, while others may enter a company through their manager training program.
Corporate Finance Salary and Wages
according to the United States Bureau of Labor Statistics, job opportunities in this area will have a possible growth of 8% by 2018. There is high competition for these jobs, but positions will become open as new businesses are created and need for corporate finance managers increases with new legal requirements for corporate financial transactions and mergers. the average annual salary for a person in this area is approximately $99,330. Those in the middle level of earnings in the industry are paid between $72,030 $135,070. Pay for corporate finance can vary based on the type of industry at the individual works in in the size of the company. Generally, larger corporations will offer higher pay than those on a smaller scale. Salary can also be affected by bonuses, and many have the choice to take part in stock options.*
*According to the BLS, http://www.bls.gov/oco/
Corporate Finance Certifications
Becoming a certified public accountant, or CPA, may be required if the individual who will be working in an accounting position in corporate finance. The CFA Institute offers a Chartered Financial Analyst title that the individual may pursue. To obtain this, he or she must pass three in-depth and difficult tests, meet experience requirements and have a minimum of a bachelors degree. Certified Treasury Professional certification can be obtained by those who have two years of experience in this area and successfully complete a computerized test. In order to keep this title current, the individual must get yearly continuing education credits. One last certification that can be attained in this area is Certified Management Accountant, or CMA. This is offered through the Institute of Management Accountants who are members of the organization with two years experience in the field, successfully complete a four section test and have a bachelors degree. They must also obtain annual continuing education credits keep the certification.
Corporate Finance Professional Associations
The Association for Financial Professionals, which is located in Bethesda, Maryland, offers its members resources, conferences and educational opportunities to advance their skills. They can also obtain certification through the association. The American Bankers Association, which is headquartered in Washington, D.C., gives its members the chance to take part in professional development and advocates for those in this field.
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