The title "financial management associate" is given to a financial manager who works under a senior financial manager at a firm. The job duties of a financial management associate will vary depending on the nature of the organization and the exact title held. Financial managers are employed under a variety of different positions, including controller, treasurer, credit manager, branch manager, risk manager and budget manager, just to name a few. In addition, financial managers can find work in a variety of different settings, such as corporations, banks, government agencies and financial firms. The primary functions of a financial manager are to produce financial reports, manage finances and plan investment strategies.
A financial management associate who gains employment as a controller, budget manager, cash manager or treasurer can expect to prepare financial reports and analyze the data to plan budgets and make financial decisions on behalf of the organization. Financial managers who work as credit managers are responsible for deciding credit guidelines, monitoring credit accounts and deciding credit budgets. Associates working in the banking industry as branch managers typically handle all aspects of running a banking operation, including marketing as well as implementing and approving financial products and services. A financial management associate working as a risk manager or insurance manager will be expected to develop and implement plans to minimize the risks involved in daily business transactions. International finance managers perform the same duties but play a specialized role in the financial aspects related to global expansion.
Financial management associates are expected to work long hours and to keep abreast of new technologies and developments related to the field of finance. Many financial organizations offer continuing education programs that enable associates to take additional graduate courses and attend conferences. Laws and financial products are constantly changing, and successful financial managers must take steps to stay ahead of their competition. The field of finance is a competitive industry, and failing to keep up can potentially hurt a financial manager's career.
In order to find employment as a financial management associate, one must first gain the necessary education. A bachelor's degree focusing on finance, accounting or business is the minimum requirement. Many employers prefer candidates with a master's degree in one of the same fields of study. Some positions may even require special licenses or certifications such as a Certified Public Accountant (CPA) license or a Certified Management Accountant (CMA) certification. Working experience in the area of finance is also vital to getting a position as a financial management associate, so it's recommended for aspiring financial management associates to volunteer for internships while in school.
