Money Managers may be referred to as financial managers, controllers, treasurers, cash and credit managers, risk managers, and international banking managers. The money managers’ duties within these roles are varied.
As a financial manager, Money Managers prepare financial reports. They also develop strategies to manage cash flow. They sustain programs for long-term growth.
Nearly all money managers hold a degree in finance or a related field. Check out the programs below which offer free information:
As a controller, Money Managers also prepare financial reports to include the income and cash flow statements. They prepare expense reports and summaries of the company’s position financially. They typically supervise the accounting and budget departments. They work closely with regulatory bodies to ensure compliance with banking and money management policy and laws.
As a treasurer, Money Managers invest institutional funds and evaluate corporate risk and cash flow. They raise capital and manage corporate mergers.
As a credit manager, Money Managers issue credit and monitor collections policy and activities. As a cash manager, Money Managers monitor cash disbursements and gross receipts. They establish loan policy and determine the viability of cash surplus.
As a risk manager, Money Managers oversee insurance transactions. They evaluate and project corporate loss. They purchase corporate insurance. They hedge risk.
Money Managers specializing in international banking are responsible for international banking transactions.
Money Managers also oversee other types of financial instruments such as mortgages, investments, and trusts. They manage personnel. They solicit and advertise for business. They develop policies related to lending. They typically work for banks and other financial institutions. They may also work for the federal government in budget development departments.
Technology has made it much easier for Money Managers to work in the field, prepare financial reports, and minimize risk through projected financial summaries. The need for Money Managers is expected to grow rapidly. Those holding a master’s degree and one of more forms of certification designations can expect to find the best opportunities for employment and fully enjoy all that the field has to offer.
Money Management Job Responsibilities
Money Managers typically work with executive-level staff. They work over forty hours of week. They frequently travel to affiliate companies. They work closely with clients of the financial institutions.
Money Management Training and Education Requirements
Money Managers must have a bachelor’s degree in math-related major such as finance or business, with supplemental coursework in economics. Most employers prefer a master’s degree. Money Managers must have a strong aptitude for business math, be analytical, and understand financial methods and terminology. Money Managers that work in accounting must be licensed as a Certified Public Accountant (CPA). Money Managers must be interpersonal and be able to manage people, communicate well, explain financial concepts, and understand the broad arena of business. Money Managers can certify their knowledge in the field.
Money Management Salary and Wages
According to the Bureau of Labor Statistics, the median annual wage for Money Managers was $99,330 in May 2008, with the highest ten percent earning $135,070. Money Managers who worked in the securities industry earned $130 less than the highest ten percent in May 2008. Money Managers who worked for management companies earned $115,520, that’s $4,770 less than Money Managers who worked in the insurance industry. Money Managers who worked for the federal government earned $78,650, slightly more than those who worked for depository institutions ($77,280). On average, Money Managers who work for large organizations often earn more in salary compensation than those who work for the smaller companies.*
*According to the BLS, http://www.bls.gov/oco/
Money Management Certifications
Money Managers, with the exception of those working in accounting, are not required to be certified in their field, but may pursue certification as part of their professional development.
Money Managers may pursue the Chartered Financial Analyst certification through the CFA Institute. To receive the designation, Money Managers must have a bachelor’s degree in the field, have suitable work experience, and sit for three exams.
Money Managers may complete the Certified Treasury Professional program offered by The Association for Financial Professional (AFP). The certification is conferred once Money Managers pass an exam. They must also have two years of industry experience. They must agree to enroll in continuing education coursework for professional development to keep the credential.
Money Managers may complete the Certified Management Accountant (CMA) program. The Institute of Management Accountants (IMA) confers this designation. Most Money Managers who work in accounting, who have a bachelor’s degree in the field, and who have two years of experience may sit for the examination. Money Managers must agree to continue their education beyond the certification to keep the designation.
Money Managers Professional Associations
Money Managers may join the Institute of Management Accountants (IMA). IMA provides advocacy services to its members. It offers licensing opportunities, namely the designation of Certified Management Accountant. It advocates for roughly 60,000 member professionals, from those who serve in the academic community to those who serve the business communities.
Membership benefits include programs to increase professional development, seminars on the web, conference and network opportunities, and quarterly and educational journal publications.
IMA also provides its members with career services and an online job resource.
IMA offers the following types of membership opportunities:
- Professional Members
- Young Professional Members
- Student Members
- Academic Members
Professional Members may join for $195. Professional Members are typically Money Managers who work as accountants. Young Professional Members who are eighteen to thirty-three may join IMA for $130. This rate is discounted for members who are just entering the field. Student Members may join IMA for $39. They have roughly the same benefits as Professional Members. Academic Members may join for $98. They would have access to IMA’s training curriculum. All members have access to the CMA handbook that includes exam information.