Choosing a career as a financial manager can set you on a path with numerous opportunities for growth and success. As a financial manager, you will play a crucial role in guiding a company’s financial decisions. You will ensure the stability and drive the growth of your business, overseeing everything from capital investments to asset management.
However, to lead a successful career as a financial manager, you will need more than just an interest in finance. That means you will need a solid educational foundation, relevant experience, and strong skills. This includes earning a degree in finance or a related field to gaining hands-on experience in financial analysis.
In this article, we will help you understand how to become a financial manager in South Africa. We will walk you through the essential steps and qualifications to become a financial manager. We will also explore the various roles within financial management to help you get a successful career in this field.
Table of Contents
Who is a Financial Manager?
A financial manager is a professional who oversees and manages an organisation’s financial health. Their primary role is ensuring the organisation maintains adequate cash flow and liquidity, which is essential for sustaining day-to-day operations and achieving long-term financial goals.
Financial managers have to handle a wide range of tasks, including budgeting, financial planning, and accounting. They gather and analyse financial information, monitor market trends, and create financial forecasts to help guide the organisation’s financial strategy. They also partake in investment decisions, raise capital, and make recommendations to optimise financial performance while minimising risks.
Therefore, when you learn how to become a financial manager, you must know that their key goal is to increase the organisation’s value by ensuring financial stability and promoting long-term growth.
Educational Requirements To Become a Financial Manager
A structured educational path ensures you acquire the necessary knowledge and skills to excel in financial management. Therefore, as you learn how to become a financial manager, you must select the right high school subjects to earn relevant degrees and enhance your expertise. The following are the key requirements to become a financial manager:
High School Subjects:
While there are no compulsory high school subjects for becoming a financial manager, certain courses can be particularly beneficial. Studying Accounting, Economics, and Business Studies provides a strong foundation in areas like financial principles, economic forecasting, and business operations.
Bachelor’s Degree:
A bachelor’s degree is the minimum educational requirement to become a financial manager. A bachelor’s degree in Finance, Accounting, or a related field provides the foundational knowledge necessary for the role. So, if you are wondering how to become a financial manager, you can consider enroling in a Bachelor of Accounting Science (BCOMPT) or Bachelor of Business Administration in Banking (BBAB) programme. These programmes will help you get the essential knowledge and skills to excel in your career and will also be a stepping stone for higher education.
Postgraduate Qualifications:
While a bachelor’s degree is essential, many employers prefer candidates to hold a master’s degree. A postgraduate qualification can offer a competitive edge in the job market and enhance career advancement opportunities. It will help you focus on areas like financial modelling and strategic decision-making, preparing you for higher-level roles.
Know how a finance degree in South Africa can enhance your career prospects.
What are the Steps To Become A Financial Manager?
Becoming a financial manager involves a strategic approach that goes beyond just meeting educational requirements. Though we have mentioned the necessary educational qualifications, you must also understand the practical steps in pursuing this career. Here, we have outlined the essential steps that explain how to become a financial manager:
- Earn a Bachelor’s Degree: The first step is to complete a bachelor’s degree in Business, Accounting, or Finance. This foundational education typically takes about four years and involves general education, equipping you with the necessary skills and knowledge to advance in the finance field.
- Secure an Internship: Gain practical experience through an internship. This real-world experience will help you apply what you have learned, build a professional network, and may lead to management training opportunities.
- Pursue an Advance Degree or Professional Certification: Obtain professional certifications such as a Certified Public Accountant or earn an advanced degree like an MBA or a master’s in finance. This will help boost your credentials and career prospects.
- Gain Work Experience: Acquire at least five years of relevant work experience in roles such as loan officer, accountant, or securities sales agent. This experience is crucial for developing the skills and knowledge needed for a financial manager position.
- Apply for management positions: Once you have the necessary experience and qualifications, seek management positions in finance. Craft your resume to highlight your relevant experience, skills, and educational achievements to secure a position that aligns with your career goals.
Type of Financial Management Roles
As you explore the financial management field, you will find various roles, each specialising in different aspects. Understanding these roles is essential for anyone interested in how to become a financial manager. So, let us explore the different financial management roles:
- Financial Controllers
- Credit Managers
- Senior Financial Managers
- Financial Directors
- Risk Manager
- Insurance Managers
- Cash Managers
- Treasurers
Also, find out the top finance jobs in South Africa.
Conclusion
Pursuing a career as a financial manager offers significant opportunities for growth and impact in the financial sector. This profession involves overseeing an organisation’s financial health and shaping its financial strategy. However, if you want to know how to become a financial manager, you must achieve the necessary educational qualifications, gain relevant work experience, and develop essential skills. This will help you set yourself up for a rewarding career. In the article, we have outlined the educational requirements, key steps to enter the field, and various financial management roles. By following these insights, we believe that you can lead a successful financial management career.
Explore Regenesys School of Finance to access finance programmes and enhance your career opportunities. Visit our website now!
How to Become a Financial Manager in South Africa – FAQs
How to become a financial manager in South Africa?
To become a financial manager in South Africa, you must earn a degree in Finance or Accounting, gain experience through internships or entry-level roles, and consider advanced degrees or certifications.
What is the role of a financial manager?
A financial manager oversees an organisation’s financial health by managing cash flow, budgeting, financial planning, and making strategic investment decisions. They ensure financial stability and drive growth by optimising financial performance and reducing risks.
How important is gaining work experience to become a financial manager?
Gaining work experience is crucial as it provides practical skills and knowledge needed to handle complex financial tasks and advance to managerial positions. Most employers prefer candidates with years of relevant experience.
How long does it take to become a financial manager?
Becoming a financial manager typically involves completing a bachelor’s degree and gaining relevant work experience. The timeline may extend depending on whether you pursue further qualifications like a master’s degree or professional certifications.
What types of roles can a financial manager take on?
Financial managers can specialise in various roles, such as Financial Controllers, Credit Managers, Senior Financial Managers, Financial Directors, Risk Managers, Insurance Managers, Cash Managers, and Treasurers.
