What is Financial Management?
Financial management involves the strategic planning of a business’ operations to ensure their financial success. This generally includes managing income streams, assessing the costs of doing business, and controlling investment and capital acquisition strategies.
An advanced understanding of markets is key to success in financial management. Familiarity with the labour market is crucial for determining competitive salaries and employing strategies to attract top-tier talent while not jeopardising your bottom line.
Financial managers are also fully across the market in which they operate. Depending on the enterprise, this could involve a deep dive into one particular industry or require specialised knowledge across multiple industries.
Effective financial managers can make predictions for fluctuations in the market and ensure their business can respond quickly and efficiently.
Investment portfolio strategies often come under the responsibilities of those in financial management. With most companies keen to pursue financial growth and the acquisition of capital, it is here that financial managers can become strong assets to their businesses.
Law, regulations and financial policy are also central to roles in this field. As the individual or team responsible for finances, financial managers must ensure the enterprise is compliant with all governmental and legal responsibilities. This generally involves liaising with other departments or consultants, as well as potentially regulatory bodies.
The analysis of data has increasingly become a core aspect of financial management. Financial managers interpret and analyse data to create modelling for various scenarios. Corporations rely on this information to influence production, expansion, staffing and more. Data analysis empowers business leaders to make more informed decisions.
Financial managers also need to be masters of risk management. Drawing on data, modelling, and their advanced understanding of markets, financial managers may be required to expertly assess potential risk scenarios and forecast their impact on the business. This, too, is a key influencer in corporate decision making.
What do financial managers do?
Those who specialise in financial management are highly sought after across many industries for their keen understanding of the various approaches that can be used to support a business’ financial success.
Financial managers often put their skills to use by working for a financial institution, such as a bank or credit union. Here, you may be involved in facilitating the everyday operations necessary to keep the economy running. You may find yourself specialising in derivative markets, advising on equity, or handling the buying and selling of bonds. With opportunities to immerse yourself in domestic or international banking, you can pursue the field that interests you most.
Investments can be a prime source of income for individuals and businesses. Financial managers who work in investment portfolio management have a strong understanding of market trends and use this knowledge to increase the profits of their clients. Working in investment portfolio management requires strong decision-making skills, as your choices can have significant implications for your clients.
Financial management is a core concern for almost every business, but particularly large and multinational corporations. You may find yourself working as part of an extensive team to analyse the functions of a sizeable enterprise. Here, you may be called on to make financial decisions to boost the profitability of the corporation. These could involve making further investments, changing design or production elements, or restructuring operations. Your interpersonal and collaborative skills will serve you well here, as you liaise with various individuals and teams.
If you have the desire to influence the financial futures of many, financial policy may be for you. Those who work in financial policy draw on their complex analytical and high-level communication skills to research areas of financial concern, propose solutions and advocate for policy change. Those who have dual interests in interrelated fields such as economics, law or trade can be particularly drawn to these roles.
Financial management offers a vast array of opportunities for you to draw on your analytical skills and passion for finance. There are various areas of specialisation, meaning you’ll be empowered to find the one that works for you.
What jobs are there in financial management?
Financial management is a field that can take you anywhere. JCU graduates find employment both domestically and internationally, working for corporations, governments and non-government organisations.
As every business, large or small, requires management of their financials, there are opportunities to suit every interest and lifestyle.
The Bachelor of Commerce also empowers you with the necessary skills for running your own business. Embrace the opportunity to work for yourself by pursuing business growth in consulting, financial advising or individual investment portfolio management.
You’ll also develop highly transferrable skills within your degree, particularly within analysis, communication and collaboration. These skills are sought after not only in the financial sector, but in numerous industries. You’ll emerge with a qualification that can be adapted to suit new and developing areas of interest.
With a Bachelor of Commerce, majoring in Financial Management, you may excel in roles such as:
- Chief financial officer
- Asset manager
- Financial advisor
- Market analyst
- Investment portfolio manager
- Banking and finance executive
- International banking officer
- Finance executive
- Investment analyst.
Why study Financial Management at JCU?
The JCU Bachelor of Commerce focuses heavily on emerging fields and developing industries. You’ll be empowered to future-proof your career and develop skills that can take you anywhere.
Benefit from our industry connections through internships and the JCU Work Integrated Learning program. With opportunities to apply your knowledge and skills before you graduate, you’ll feel confident to find employment within your chosen industry sooner.
A Bachelor of Commerce at JCU can be tailored in several ways to best suit your career goals. Combine financial management with a complementary major or minor to broaden your horizons or choose an area in which to specialise. With six majors to select from, as well as numerous electives, you’ll create the degree you’ve been looking for.
Depending on your specialisations, you may take advantage of JCU’s study abroad opportunities. Here, you’ll examine your studies through an international lens. Between the connections you forge and the on-the-ground learning experiences you receive, you’ll take your degree to a whole new level.
At JCU, we know that every day is different, and your study needs are just as evolving. The Bachelor of Commerce has options to study on-campus or externally, so you can plan your study around your other commitments. Make university work for you and explore your options within Financial Management today.