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The Meaning, Objectives, and Functions of Finance Management

Financial management is a fast-paced, exciting field that combines skills with numbers with skills with people. With a median pay in the six-figures and a 9% projected growth rate over the next decade, understanding this field is vital for those interested in understanding what it takes to be the person who the people who count our money count on. This field is growing because of its expanding role: in the age of technology and big data, financial managers are now being counted on to have well-rounded educations that allow them to tackle everything from the human to the screen.

Writing from the U.S. Bureau of Labor Statistics says that, “The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ideas as to how to maximize profits. They often work on teams, acting as business advisors to top executives.”

In this way, it’s becoming increasingly common for financial managers to have advanced degrees to supplement the myriad requirements of the field. One way of achieving this is by an online MBA. In programs like Benedictine University’s accredited online MBA Degree Program, numerous concentrations, financial management included, allow the student to carve out their desired educational process while preparing for well-paying and challenging careers.

Within this degree, the financial management concentration gives one an idea of the types of challenges they’ll face in this career. Courses on cost analysis, financial reporting, and investment theory and portfolio management emphasize the importance of tracking and discussing financial markets with clients and colleagues alike.

These managers function in the way that they serve as both adviser and teacher, breaking down the complex financial language into digestible parts for investors and dazzling superiors with comprehensive reports that project future earnings and allow for companies to make the smartest decisions possible. Ranked as one of the best jobs in America by U.S. News and World Report, this field is perfect for those who enjoy the full-fledged financial experience: pitching strategies and crunching numbers go hand-in-hand, and with an MBA to back up a bachelor’s degree in a relevant field, career opportunities are just around the corner.

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