Description
Financial Management.The nature of financial management is the relationship with economics and accounting, as well as its functions and scope.
INTRODUCTION
Financial Management means the efficient and effective management of money (funds) in such a manner as to accomplish the objectives of the organization. It is the specialized functions directly associated with the top management. The significance of this function is not only seen in the 'Line' but also in the capacity of 'Staff' in overall administration of a company. It has been defined differently by different experts in the field. It includes how to raise the capital, how to allocate it i.e. capital budgeting. Not only about long term budgeting but also how to allocate the short term resources like current assets. It also deals with the dividend policies of the share holders. The nature of financial management is the relationship with economics and accounting, as well as its functions and scope. Financial management is important in many aspects of life. One needs it for business, as well as for their personal life. Finance is used by individuals (personal finance), by governments (public finance), by businesses (corporate finance), as well as by a wide variety of organizations including schools and non-profit organizations. In general, the goals of each of the above activities are achieved through the use of appropriate financial instruments, with consideration to their institutional setting. Finance is one of the most important aspects of business management. Without proper financial planning a new enterprise is unlikely to be successful. Managing money (a liquid asset) is essential to ensure a secure future, both for the individual and an organization.
CAREERS IN FINANCIAL MANAGEMENT
Management accountant - this type of post would involve working closely with the head of finance, to establish systems and processes to enable the timely and accurate delivery of monthly management accounts and budget information. The post holder would be involved in the annual budget setting process, provide ongoing support and direction for the budget holders as well as investigating and reporting on variances. They would also be involved in ad hoc projects and reports, such as contributing to the five-year business planning processes. The employer in this example was looking for candidates to be an active finalist or qualified accountant with experience of delivering a financial management service. Alongside expertise in computerized finance packages and proven analytical skills, an ability to demonstrate strong inter-personal, planning and team working skill. Assistant director of finance - working closely with the director of finance and commissioning. This would be an operational role focused on delivering high quality finance, planning and reporting function. The post holder would be responsible for improvements in systems and processes to improve the speed of reporting, financial analysis and planning and internal controls. This type of role would demand an ability to implement tight controls, effective communication, interpersonal and staff management skills, together with strong negotiating skills. A good understanding of finance, including financial planning, budgetary control and performance management would also be essential. Financial planning manager - working for any trust or clinical commissioning group to provide a financial planning service to commissioning acute services. Key responsibilities would include providing the financial data to support local delivery plans and the Service Level Agreement process. Effective communication, excellent analytical and problem-solving ability would be required. Assistant director of finance - financial planning and control - Qualified Accountant to lead the day-to-day running of the busy financial planning and control function. The post holder would be a key member of the Finance Senior Management team, with main areas of responsibility to lead the maintenance and development of finance systems and formulate business cases to develop and modernize the trusts services. They would also provide a comprehensive financial service in relation to the Trusts Corporate Governance Agenda. This type of role would require strong communication, management and interpersonal skills, and ideally, candidates would need to have experience of financial planning and control. Head of finance - This example post has responsibility for the financial leadership of the Information Communication and Technology Programme across a number of organizations to ensure that all statutory financial requirements are met. Candidates would need to hold a recognized CCAB qualification and have experience working at a senior level within a finance department in any organisation or an organisation of a comparable complexity.
Types of profession in FM
CORPORATE INVESTMENT BANKER- Corporate investment bankers provide a range of financial services to companies, institutions and governments. They manage corporate, strategic and financial opportunities, including mergers, acquisitions, bonds and shares, lending, privatizations, and initial public offerings (IPOs). Corporate investment bankers also advise and lead management buyouts, raise capital, provide strategic advice to clients, and identify and secure new deals. The main role of a corporate investment banker is to advise companies, institutions and governments on how to achieve their financial goals and implement long and short-term financial plans. Corporate investment bankers work in dedicated teams, focusing on specific transactions or market sectors. They also work alongside other related professionals such as lawyers and accountants. Investment analyst- An investment analyst undertakes research to provide information and investment ideas to fund managers. The information they provide enables fund managers to make decisions relating to the investment portfolios they manage. Work activities includes: conducting due diligence on companies and industries by researching, reading financial statements and market data, analysing financial information relating to specific companies monitoring the financial news using specialist media sources, financial modeling and projection. Financial Manager- A financial manager is responsible for providing financial advice and support to clients and colleagues to enable them to make sound business decisions. Specific work environments vary considerably and include both public and private sector organisations, such as multinational corporations, retailers, financial institutions, NHS trusts, charities, manufacturing companies, universities and general businesses. Providing and interpreting financial information.
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doc_299950623.docx
Financial Management.The nature of financial management is the relationship with economics and accounting, as well as its functions and scope.
INTRODUCTION
Financial Management means the efficient and effective management of money (funds) in such a manner as to accomplish the objectives of the organization. It is the specialized functions directly associated with the top management. The significance of this function is not only seen in the 'Line' but also in the capacity of 'Staff' in overall administration of a company. It has been defined differently by different experts in the field. It includes how to raise the capital, how to allocate it i.e. capital budgeting. Not only about long term budgeting but also how to allocate the short term resources like current assets. It also deals with the dividend policies of the share holders. The nature of financial management is the relationship with economics and accounting, as well as its functions and scope. Financial management is important in many aspects of life. One needs it for business, as well as for their personal life. Finance is used by individuals (personal finance), by governments (public finance), by businesses (corporate finance), as well as by a wide variety of organizations including schools and non-profit organizations. In general, the goals of each of the above activities are achieved through the use of appropriate financial instruments, with consideration to their institutional setting. Finance is one of the most important aspects of business management. Without proper financial planning a new enterprise is unlikely to be successful. Managing money (a liquid asset) is essential to ensure a secure future, both for the individual and an organization.
CAREERS IN FINANCIAL MANAGEMENT
Management accountant - this type of post would involve working closely with the head of finance, to establish systems and processes to enable the timely and accurate delivery of monthly management accounts and budget information. The post holder would be involved in the annual budget setting process, provide ongoing support and direction for the budget holders as well as investigating and reporting on variances. They would also be involved in ad hoc projects and reports, such as contributing to the five-year business planning processes. The employer in this example was looking for candidates to be an active finalist or qualified accountant with experience of delivering a financial management service. Alongside expertise in computerized finance packages and proven analytical skills, an ability to demonstrate strong inter-personal, planning and team working skill. Assistant director of finance - working closely with the director of finance and commissioning. This would be an operational role focused on delivering high quality finance, planning and reporting function. The post holder would be responsible for improvements in systems and processes to improve the speed of reporting, financial analysis and planning and internal controls. This type of role would demand an ability to implement tight controls, effective communication, interpersonal and staff management skills, together with strong negotiating skills. A good understanding of finance, including financial planning, budgetary control and performance management would also be essential. Financial planning manager - working for any trust or clinical commissioning group to provide a financial planning service to commissioning acute services. Key responsibilities would include providing the financial data to support local delivery plans and the Service Level Agreement process. Effective communication, excellent analytical and problem-solving ability would be required. Assistant director of finance - financial planning and control - Qualified Accountant to lead the day-to-day running of the busy financial planning and control function. The post holder would be a key member of the Finance Senior Management team, with main areas of responsibility to lead the maintenance and development of finance systems and formulate business cases to develop and modernize the trusts services. They would also provide a comprehensive financial service in relation to the Trusts Corporate Governance Agenda. This type of role would require strong communication, management and interpersonal skills, and ideally, candidates would need to have experience of financial planning and control. Head of finance - This example post has responsibility for the financial leadership of the Information Communication and Technology Programme across a number of organizations to ensure that all statutory financial requirements are met. Candidates would need to hold a recognized CCAB qualification and have experience working at a senior level within a finance department in any organisation or an organisation of a comparable complexity.
Types of profession in FM
CORPORATE INVESTMENT BANKER- Corporate investment bankers provide a range of financial services to companies, institutions and governments. They manage corporate, strategic and financial opportunities, including mergers, acquisitions, bonds and shares, lending, privatizations, and initial public offerings (IPOs). Corporate investment bankers also advise and lead management buyouts, raise capital, provide strategic advice to clients, and identify and secure new deals. The main role of a corporate investment banker is to advise companies, institutions and governments on how to achieve their financial goals and implement long and short-term financial plans. Corporate investment bankers work in dedicated teams, focusing on specific transactions or market sectors. They also work alongside other related professionals such as lawyers and accountants. Investment analyst- An investment analyst undertakes research to provide information and investment ideas to fund managers. The information they provide enables fund managers to make decisions relating to the investment portfolios they manage. Work activities includes: conducting due diligence on companies and industries by researching, reading financial statements and market data, analysing financial information relating to specific companies monitoring the financial news using specialist media sources, financial modeling and projection. Financial Manager- A financial manager is responsible for providing financial advice and support to clients and colleagues to enable them to make sound business decisions. Specific work environments vary considerably and include both public and private sector organisations, such as multinational corporations, retailers, financial institutions, NHS trusts, charities, manufacturing companies, universities and general businesses. Providing and interpreting financial information.
BIBLIOGRAPHY Google.com Wikipedia Encyclopedia Yahoo.answer.com
doc_299950623.docx