19 Advanced Skills Required for a Finance Manager and How to Attain Them

In today’s fast-evolving workplaces, the success of a business with stable finances is not a layman’s job. Hence, both the public and private sectors employ financial managers for getting professional advice. Apart from a Finance Manager Degree, Financial Managers also hold a powerful position to have a direct impact on the performance of a company, making it one of the most important financial management skills. When it comes to salaries, a Financial Manager with 1-4 years of experience can earn an average of INR 755,459 while it can go up to INR 1,078,972 with time and experience. Also, by 2028, the jobs of financial managers are expected to grow by 16%. Individuals possessing skills required for financial managers witness a spike in their demand which speaks volumes about the importance of financial managers. In this article, let us explore top finance manager skills that you can develop with top finance courses and certifications. Let's explore.

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19 Finance Manager skills

Let us take a look at some of the top money management skills. But the skills alone cannot allow a financial manager to understand the final impact of the decisions they make. To ensure that the resources of the firm do not go in vain, the following are the Financial Management Courses and all the soft skills, hard skills as well as financial management-related skills that can make you a perfect candidate for the job.

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1. The Basic Financial Statements

One of the most important finance manager skills required, basic financial statements are a crucial job of a financial manager and the most basic skills required for finance managers. The statements are prepared for external users with relevant information. However, doing it right requires well-honed hard skills. A financial manager should be well-versed in the structure and content of basic financial statements. One can go for the online Financial Management certification course “Understanding Financial Statements: Company Position” on Class Central for free. The course can provide you with an understanding of financial statements, their assessment, comprehension, and the basic terminology that finance personnel should have a command of, to be called a professional finance manager. This is one of the important skills required for a finance manager.

Also read - Certified Financial Management Professional by Vskills

2. Cash Versus Accrual Accounting

Making business transactions is the job of financial managers of the firm and they can do this job in two different ways. They are cash basic accounting methods and accrual basis accounting. Mostly, medium and large-sized organizations go for accrual accounting. However, for a financial manager, knowledge about both methods is crucial for the job. This is one of the most significant finance manager qualifications and skills.

Also, understanding the difference between the two methods has vital importance in managing cash flow, receivables due from clients, obligations towards the vendors and other jobs of the sort. This comes under the hard skills or financial management-specific skills required for a financial manager. For honing, you can go for the “Cash vs Accrual Accounting” financial management course online on Coursera.

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3. Budget Preparation

Preparing a departmental budget is also the job of financial managers. There is a requirement of hard skills to keep quantification of required resources for achieving the goal of the next fiscal year. By honing the skills of budget preparation, you can satisfy the demands of leaders, investors and top management. An effective and efficient job preparation of budget enhances the efficiency of usage of various resources by the organization.

The finance manager ties the departmental spending with strategies, objectives and action plans with the strategic plan of the company. You can go for an online training course named “Budget Preparation, Allocation and Cost control” on Glomacs, which is one of the best accounting and financial management courses making you excel at finance management skills.

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4. Variance Analysis

This is one of the best skills required for a finance manager. Against any forecast or budget, variances are analyzed by the finance managers. Such skills for finance manager includes examining all the favourable as well as non-favourable variances in the business. Also, it is important for the managers to be able to relate the variances with the happenings in the workplace of the department they work for, during the accounting period.

There are many technical decisions involved in this job that you can learn from some of the best finance manager courses present online. Including or eliminating a variance from a quarter or fiscal year, deciding between one-time and recurrent variance, and many other things require the final call of Finance Managers. In order to do this part right, you can hone these technical skills at Udemy by enrolling in the course named “Flexible Budgets, Standard Costs & Variance Analysis”.

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5. Financial Analysis of Capital Invested

The financial managers also do the job of presenting and defending the capital investments and designing strategic initiatives to improve the financial as well as the operational performance of the organization. For any project to be approved, a financial evaluation is mandatory and acts like an entry pass for it. However, it is a task worth a lot of responsibility.

One faulty financial analysis can cost companies millions in failed projects. There are a lot of skills for a finance manager required for this part of the job like the concept of ROI, net present value or NPV, IRR or internal rate of return and other terminologies. One can enrol in a financial management certificate program named “Making Capital Investment Decisions” on eCornell.

Read more: Career as Financial Analyst

6. Financial Reporting

One of the most important skills for a finance manager is Financial Reporting skills. This skill is getting high in demand with the growing areas like super-forecasting. Yet, finding a potential candidate with strong financial reporting skills is a tough task today. Thus, one thing is clear. A budding finance manager can hone this technical skill and then enjoy a competitive edge among others. A candidate, on completion of a financial management short course on financial reporting skills, can undoubtedly flaunt the portfolio in front of any interviewer. You can go for a financial reporting course on Coursera and hone the required skills.
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7. Management experience

It is not mandatory finance manager skills and qualities that decide your faith as a finance manager in a firm or at a job interview. However, the management skills bode very well for the finance managers. Management experience is highly desirable for candidates aspiring to become a finance managers by hiring employers. Management skills would include managing a team, managing your tasks effectively and others of the like. Highlighting prior experiences of managing teams during your career is also great for your portfolio in the field of Finance Management. The course named “Project Management Professional” on Udemy can hone the desired skill.

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8. Commercial acumen

Out of the best finance certification courses, commercial acumen courses stand as a crucial one. The reason is the importance of understanding the relationship that the fiscal behaviour of the company and the marketplace demands with each other. For aspiring finance managers, knowledge of commercial acumen gives them an edge over the other candidates. An interest in the trends shaping industries and exercising commercial acumen. You can go for the “Business Acumen Online Certification Course” on Courses for Success.

9. Capacity for innovation

Finance, financial planning, and accounting are usually associated with systems and routines. Yet, innovation has a major card to play in strategic financial management. Productivity and time management requires innovation. Creating a data-collection method to streamline the tasks by using innovation can bode well for candidates. Be it streamlining productivity or bringing accuracy to work, the soft skill of innovation always stands out. Looking at the same problem with fresh and innovative minds can do wonders in every single field. The online course named “Innovation Skill for The Future” on innovation training can be taken up for the same.

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10. Good communication skills

Good communication and people skills are those finance manager skills and qualities which are necessities in every workplace. When it comes to a finance manager, the soft skill of communication turns out to be very effective in dealing with executives and fellow workers. The people working within and the clients outside, both require the skills to convey and explain complex financial ideas. These skills wind up making complex situations very easy to understand and comprehend. Without the ability to communicate effectively, persuading board members, clients, or even the hiring employer during an interview, requires developed communication skills. You can go for the “Improving Communication Skills” course on Google Digital Garage.

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11. Self-motivation

Coming to another important finance manager skill required, we need to seriously consider self-motivation. A lack of motivation can leave a dent in the financial health of any individual. Keeping a track of expenses, investments, loans and other aspects during financial management can be tiring and even demotivating at times. Losses are faced by every organization every once in a while. However, the responsibility is on the shoulders of the financial manager only. Thus, honing soft skills of self-motivation help in the long run. A course named “Motivation- Power Guide to Motivate yourself and others” on Alison can be taken up.

12. Commercial awareness

The key employability skill in the job market is commercial awareness. A candidate needs to show financial awareness to be a good fit for the job. Looking just at the website of the company you apply for is important but not enough unless coupled with in-depth research about the crisis it faced and possible solutions for a better future. You can go for “Commercial Awareness” on Open Edu which is a financial management short course. With these types of courses, you can easily develop the skills required for finance managers.

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13. Teamwork

This is one of the most important Finance Manager skills. Every workplace today requires a team of professionals to work together. Managing the preparation of balance sheets, day-to-day records, financial statements and other tasks cannot be micromanaged by a single person but by a team. However, when there is a lack of team spirit, it becomes chaotic and unproductive. For end delivery to be optimal, honing the soft skill of teamwork is important. It creates a happy working environment. Go for the Teamwork Online course on Udemy.

14. Excellent Problem-solving

There are problems that arrive in every department, just like Finance. Working for an organization can be overwhelming. Individuals should deal with financial work with a constructive attitude. Hence, good problem-solving soft skills are in-demand. The course “Effective Problem-Solving and Decision-Making” on Coursera can be taken up.

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15. Analytical skills

Analytical skills are soft skills that make an individual able to identify problems and find logical solutions to tackle them. The budget-making and bridging the gap between the expectations of the firm and the challenges require these soft skills. It also includes digging up important and relevant facts regarding the issue. You can enrol yourself on the “Critical Thinking Course” on Coursera.
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16. Technical skills

In Finance Management, the technical skills required in this field include computing abilities, financial marketing forecasting techniques, quantitative analysis and an array of tasks to hone. There is a finance-specific course named “Technical skills CPD” course on CIMA that is one of the best finance certification courses online and helps one to get well-versed with the technical skills required in the field. This thus becomes one of the most sought-after skills required for a finance manager.

17. Information Technology

The present time has increased the focus on automation and digitization for the efficiency of work in all fields. This is why even financial management hiring employers are inclined towards financial professionals who have adequate IT skills to leverage the new system of finances. The candidates who can demonstrate knowledge in predictive analysis, SAP accounting software Oracle, accounts payable automation and others get an edge. Finance certification courses like IT- Online Course on Lynda can be taken up.

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18. Interpersonal Skills

Interpersonal skills are very important for individuals to work together in a team and resolve financial problems together. Candidates who can oversee the tasks and have the ability to work seamlessly with other people and departments are preferred by employers. You can enrol yourself on the course named “Interpersonal skills Course 2020” on ClassCentral.

19. Time management

Time is money. To be a world-class financial manager, you should be able to manage the finances of your firm and time of your own. Time management is a very crucial soft skill for all professionals, no matter what the field. If you end up spending a lot of time on one task, you might not give your best for the others. You can enrol in the “Work Smarter, Not Harder” finance certification courses on Coursera for the same. So take such courses and develop these skills required for finance manager.

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What are Some Good Career Options after pursuing a Financial Management Course?

1. Investment Banking

One of the most prestigious career options in the finance industry is Investment Banking. The work includes financial remodelling and making calculated decisions. At the entry-level, a bachelor of financial management degree is required for a job. With the top skills required for a finance manager, you pursue this career.

Also Read: Career as Investment Banker

2. Corporate Finance

Those who love playing with numbers, can go for Corporate Finance and make money out of their interest. The work includes allocation, investments and saving money for the firm. The educational requirement to pursue this career is a bachelor of financial management or simply finance as well.

3. Public Accounting

The work includes maintaining the money flow of the company. Those interested in pursuing corporate finance-related careers can go for this job. An entry-level position requires a bachelor's degree in Finance/Commerce or CPA with a master's in Finance Management.

4. Portfolio Management

It is a beautiful amalgamation of Science and Commerce. Work includes making decisions about investment policies and maximizing the profit of the firm. Eligibility criteria include a bachelor’s degree in Finance or related fields while a Master's degree in Finance is ideal. This is an ideal career once you develop the skills required for a finance manager.

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