9 Reasons to Become a Financial Manager

Financial management is a lucrative career choice. Not only can you make an excellent income, but you can also work virtually anywhere in the world.

Financial managers also enjoy traditional work hours, a low educational threshold, and a good job outlook.

In this guide, we’ll discuss these and many other reasons why you might consider becoming a financial manager.

A Bachelor’s Degree is All You Need

One of the biggest reasons to become a financial manager is that you only need a bachelor’s degree to do so. After four years, you stand to earn an excellent income (which is explained more in a later section).

What’s more, as you gain experience in this field, you can command even more salary – even if you don’t pursue a higher degree, like a master’s.

You Can Pursue a Variety of Different Degrees

Financial managers often major in finance during their undergraduate studies. However, plenty of other options might qualify you for a career in financial management.

Graduates with a degree in accounting or business administration, for example, often have the basic skills that employers require for a financial management position. Some financial managers have a background in economics as well. This gives you some degree of flexibility in your studies that other career paths do not offer.

The Income Potential is Superb

According to the U.S. Bureau of Labor Statistics (BLS), financial managers make a median yearly wage of $131,710. This is the point at which half of financial managers make less and half of financial managers make more.

On the low end of the scale, you might expect to earn around $77,040 per year. However, with some experience, training, and/or added education, the income potential rises to more than $200,000 per year.

This is a Rapidly Growing Field

In addition to offering excellent income potential, financial management is also a growing field. This means that there should be plenty of jobs waiting for you upon your graduation from college.

The BLS estimates that jobs in this field will grow by 17 percent through 2030. This is a rapid rate of growth – much faster than the average for all jobs in the United States.

Part of the reason for such strong job growth is the continued globalization of the economy. With companies operating around the globe (and accumulating cash and other forms of wealth) companies big and small need the expertise of a financial manager to ensure the long-term viability of the company.

It’s a Challenge

Financial management is all about analyzing data, making predictions, and striving to maximize the financial health of your clients. This can all be very challenging, which is a good thing!

This can be an exciting job. No two days are alike, and the problems you face (and work to solve) are extremely varied. Few financial managers go to work wondering, “what will I do today?” Instead, they look forward to a day full of possibilities.

Financial Managers Enjoy Good Upward Mobility

Not all careers offer a very good pathway to moving into more lucrative roles. Fortunately, financial management is not one of them.

You might start out as a financial analyst or an accountant. From there, you might move into a finance and insurance management role or another managerial-level position. With added experience and education, you could eventually find yourself in an executive role, serving as a Chief Financial Officer (CFO) of a business or organization.

Of course, with upward mobility comes opportunities to earn a larger salary. Top executives, for example, earn a median yearly wage of $179,520.

There is a Good Work-Life Balance

While the finance industry can change rapidly and be highly stressful, most of the time, financial managers enjoy traditional 9-5 work hours. There might be some late nights and weekends of work, but you’ll typically get to enjoy nights, weekends, and holidays off.

Naturally, this means that you can maintain a good work-life balance. You can enjoy a high-paying career while also enjoying time off to spend with family and friends.

Work Anywhere in the World

As mentioned earlier, the increase in globalization means that companies based in the U.S. have operations abroad. As a financial manager, you could find yourself working in any corner of the globe, even if your employer is based in the United States.

If you like to travel and experience new things, this could be a major reason to become a financial manager. On the other hand, if you want to work remotely, that’s a possibility as well. Many businesses and organizations today are offering jobs on a remote basis, so if you need to be at home to care for a loved one, for example, you might be able to do so while working as a remote financial manager.

Work in a Variety of Industries

Not only do financial managers work around the world, but they also work for a wide variety of industries.

For example, you might work in finance, accounting, or insurance. You might also work in the manufacturing sector or for a government agency. Financial managers are employed in privately and publicly-held companies as well.

No matter which way you look at it, this is a career with loads of potential!