Financial managers generally oversee the financial health of an organization and help ensure its continued viability.
What is the career path of a Financial Manager?
According to the South Africa. Bureau of Labor Statistics, jobs for financial managers are expected to grow by 19% through to 2026 equivalent to 37, 700 new available positions.
As more businesses expand globally, the demand for Financial Managers increases rapidly. However, although many Financial Managers often start off in the same space, many will move on to different sectors altogether after a couple years of experience in the field.
What Does a Financial Manager Do?
Financial managers work to safeguard and improve their organizations’ financial health. Technological advances continue to expedite traditional financial reporting and monitoring duties, freeing financial managers to play a larger role in business decision-making.
Today’s financial managers focus on analyzing financial data and markets to illuminate business possibilities and advise executives accordingly.
A Day in the Life of a Financial Manager
Daily activities for this profession differ based on employer and position, but most financial managers perform financial and market analysis, executive financial advising, and personnel management.
Analysis helps financial managers increase organizational profits by identifying opportunities to cut costs and/or expand business through acquisitions, mergers, and investments.
Financial Manager Salary and Career Outlook
The BLS projects demand for financial managers to grow 16% between 2018-2028. The BLS attributes this positive job outlook to upward trends in the general economy. However, demand for financial managers varies by industry and expertise, and job outlook may change based on economic and industry shifts.
Due to financial crises, regulatory reforms, and increased globalization, the BLS projects increasing demand for financial managers specializing in risk management or cash management.
Below is How To Become Financial Manager In South Africa
Aspiring financial managers usually begin their career by earning bachelor’s degrees in accounting, finance, or another business field. This step usually takes about four years of full-time attendance and may include internships with local businesses.
Some bachelor’s degree graduates enter the job market immediately and obtain entry-level jobs in finance, business, or accounting. Many employers hire and train financial managers from within company ranks, so professionals who demonstrate skills, talent, and success in lower-tier jobs can work their way up and become eligible for promotion to management.
Professional certifications, such as chartered financial analyst or certified public accountant, can help graduates demonstrate their preparedness for finance careers. These certifications often require at least a year to prepare for and pass related examinations.
When combined with relevant professional experience, a master’s degree in finance, economics, or business administration often attracts employers’ attention. Such degrees signify advanced proficiency in areas such as financial modeling, theory, and markets.
Financial Manager Requirements
Financial manager prerequisites typically include several years’ experience working in a financial field, relevant professional certifications, and a bachelor’s or master’s degree.
Financial managers usually hold bachelor’s degrees in finance, accounting, business, or economics, and top-level financial executives often boast master’s degrees. See below for further details on financial manager requirements.
Education Requirements for Financial Managers Become Financial Manager In South Africa
Effective financial managers usually need an education that cultivates advanced financial analysis and decision-making skills and competency in finance software. Financial manager positions typically require at least a bachelor’s degree in finance or a related field, such as economics, accounting, or business.
Financial managers also need on-the-job learning, including at least five years’ experience in a finance-related position, such as financial analyst or accountant. Some employers offer training opportunities for finance employees seeking promotion to management positions.
Many employers favor job applicants with advanced business-related degrees, such as an MBA in finance. Combining a core business and management curriculum with specialized finance courses, this versatile degree can help finance professionals qualify for promotion to upper-level careers.
How do I become a Financial Manager in South Africa?
You should have a financial degree, such as a BComm Accounting or a BComm Financial Management. If you want to take it further, doing your SAICA articles and becoming a CA(SA) will assist your career growth.
What qualifications do you need to become a Financial Manager?
For a career in financial management, you’ll need a variety of skills and qualities, typically including:
effective business acumen.
a high level of numeracy.
excellent attention to detail.
good communication skills.
leadership skills.
organisational skills.
a willingness to work with others and respect their views.
What subjects are needed to become a Financial Manager in South Africa?
A Financial Manager will be expected to have a sufficient Bachelors degree often specializing in a subject like Math’s, Accounting, Finance or Economics. This is usually a four-year degree and, most Financial Managers will not be hired straight out of university without experience in a related organization.
How much money does a Financial Manager make in South Africa?
Finance Manager Salaries
Job Title | Salary |
---|---|
Bidvest Finance Manager salaries – 1 salaries reported | ZAR 1,349,719/yr |
Media24 Finance Manager salaries – 1 salaries reported | ZAR 52,186/mo |
JUMO (South Africa) Finance Manager salaries – 1 salaries reported | ZAR 829,511/yr |
Is it hard to be a financial manager in South Africa ?
It often takes about 10-12 years to become a financial manager. Financial managers need at least a finance-related bachelor’s degree and five or more years’ relevant work history. Some employers may expect relevant professional certifications also.
What are the four functions of financial manager?
Some of the important functions performed by a Financial Manager are:
Planning the Financial Needs:
Acquisition of Funds:
Investment of Funds:
Dividend Decision:
Working Capital Management:
Analysis and Interpretation of Financial Statement:
Profit Planning and Control:
What does a Financial Manager do in South Africa?
The financial manager helps the organization become aware of weaknesses and risks regarding its financial situation. The manager then offers suggestions as to how financial goals can be achieved. Prepare and submit budget and resource reports and statements, with an eye towards compliance.
How long does it take to study financial management in South Africa?
The Financial Management programme consists of three National Certificate courses, of which each course is a length of 12 months. When combined with 18 months practical experience, you will have earned your National Diploma Certificate.
Are financial managers in demand in South Africa?
Financial managers are at the forefront of labour demand for managerial skills. Currently, every 4th managerial vacancy is allocated to a finance role, the group said. Demand for sales consultants has been more volatile, however it remains a top skill sought after by recruiters.
How much do financial advisors earn in South Africa?
The average salary for a Financial Advisor is ZAR 12,524 per month in South Africa, which is 14% higher than the average Old Mutual salary of ZAR 10,980 per month for this job.