“Never take your eyes off the cash flow because it’s the lifeblood of business.” — Sir Richard Branson, famed entrepreneur
Many elements go into making a successful enterprise, but money is without question what keeps a business alive. As such, managing the flow of money—what’s coming in, going out, and moving within—is a critical role in any business organization. Choosing investments; guiding company leadership in making financial decisions; creating, interpreting, and explaining financial reports; ensuring regulatory and legal compliance; and setting financial goals for an organization fall to one very important individual: the financial manager.
If you’re considering pursuing a financial management career—the ongoing objective for which is nicely encapsulated in Sir Richard Branson’s above advice—you’ll want to know what the profession has to offer and how you can get started. Let’s review those now.
A Diversified, Revered, and Rewarding Profession
“Financial manager” does not refer to a single job. It’s a broad category that encompasses banking, insurance, manufacturing, government, and other fields. A financial manager in any of these sectors may choose from a variety of jobs and perform diverse duties under titles including:
- Cash manager
- Controller
- Credit manager
- Finance officer
- Insurance manager
- Risk manager
- Tax manager
- Treasurer
Financial managers have a direct influence on a business’s bottom line, its future viability, and its overall success, making theirs one of the most critical and revered roles within their organizations. Financial managers may also be highly compensated and have many job opportunities to choose from, as we will soon explain.
Eye-Catching Statistics on Pay and Employment Potential
The U.S. Bureau of Labor Statistics (BLS) has published some very enticing earnings data for anyone looking to become a financial manager or advance within their existing career. The median annual pay for financial managers is $131,710 per year. The BLS also projects employment in the profession will grow by 17%—much faster than the average rate for all professions—between 2021 and 2031. That adds up to roughly 71,300 new financial manager job openings each year in the U.S. alone.
Career-Advancing Qualifications and Credentials
As reported by the BLS, financial managers must have a minimum of a bachelor’s degree and at least five years of work experience in business or finance. In some cases, however, having a graduate degree can also be advantageous. The Association for Financial Professionals (AFP) offers the esteemed professional designation of Certified Treasury Professional (CTP) to some financial professionals who hold a graduate degree and meet specified experience requirements. CTP and other respected certifications and credentials can help elevate a candidate’s resume. Many Chief Financial Officer (CFO) positions require a candidate to be a Certified Public Accountancy (CPA). Generally, a degree in accounting or finance or an MBA is the minimum expectation to pursue the career of financial manager. BLS data also reveals that master’s degree holders in general earn 18% higher median pay and are more likely to be employed than those who hold a bachelor’s degree alone.
Online Degree Programs for Aspiring and Ambitious Financial Managers
The University of Texas Permian Basin offers online undergraduate and graduate degree programs that can help you qualify for or perform better in a financial manager career. Our AACSB-accredited programs include:
Undergraduate Degrees
Graduate Degrees
- 4+1 MBA
- Master of Business Administration
- Master of Business Administration in Accounting
- Master of Business Administration in Finance
- Master of Business Administration with Certificate in Energy Business
- Master of Science in Finance
Rigorous Curriculum, Acclaimed Faculty, Exceptional Convenience
Our online degree programs are built on the same robust curriculum taught by the same distinguished faculty who lead the programs in person at our Odessa, Texas campus. Our programs’ asynchronous format enables you to access the virtual classroom 24 hours a day from just about anywhere on earth and work at your own pace! You’ll find these advantages invaluable when simultaneously managing your professional and personal responsibilities and earning your degree.
We welcome the opportunity to answer any questions you may have about our finance-related programs, financial aid, or any other aspect of earning a career-transforming degree online with UT Permian Basin! Reach out today!