High School

In high school, take classes in business, economics, mathematics (algebra, geometry, calculus, statistics), accounting, government, and computer science (especially database management). Strong communication skills are important so be sure to take as many speech and English classes as possible.

Postsecondary Education

Financial managers typically have a minimum of a bachelor’s degree in finance, accounting, economics, or business administration. Many large firms seek job candidates with a master’s degree in business administration, economics, accounting, finance, or taxation.

AACSB International accredits colleges and universities that offer undergraduate and graduate degrees in accounting and business. Visit https://www.aacsb.edu/accreditation/accredited-schools#gsc.tab=0 for a list of accredited programs.

Other Education or Training

Many professional associations provide continuing-education opportunities. For example, the American Institute of Certified Public Accountants offers a variety of educational opportunities via online self-study and web events and more than 60 annual conferences and workshops. Recent classes included Professional Ethics: The American Institute of Public Accountants' Comprehensive Course, U.S. GAAP: Review for Business & Industry, and Preparation, Compilation and Review Staff Essentials. The Association of Financial Professionals provides in-person seminars and webinars on financial risk management, advanced financial statements and credit analysis, cost leadership, cash flow forecasting, and software programs such as Microsoft Excel. The Chartered Institute of Management Accountants, Emerging Markets Private Equity Association, Financial Executives International, CFA Institute, Institute of Internal Auditors, Institute of Management Accountants, National Association of Corporate Treasurers, and accounting and finance associations at the state and local levels also provide professional development opportunities. Contact these organizations for more information.

Certification

Certificate programs are provided by the Chartered Institute of Management Accountants (business accounting), the Association of Chartered Certified Accountants (international auditing and international financial reporting), and the American Institute of Certified Public Accountants (International Financial Reporting Standards). They are excellent ways to build your skills and knowledge. Contact these organizations for more information.

Many financial managers become certified. Those who are certified typically earn higher salaries and have better job prospects than those who are not certified. Several professional associations offer certification programs. Many financial managers earn the certified public accountant (CPA) designation. The Uniform CPA Examination, which is administered by the American Institute of Certified Public Accountants, is used by all states. Other certifications include:

• accredited business accountant/advisor, accredited tax preparer, accredited tax advisor (Accreditation Council for Accountancy and Taxation)
• certification in control self-assessment, certified financial services auditor, certification in risk management assurance (Institute of Internal Auditors)
• certified financial manager, certified management accountant (Institute of Management Accountants)
• certified internal auditor (Institute of Internal Auditors)
• chartered global management accountant (a joint venture of the American Institute of Certified Public Accountants and the Chartered Institute of Management Accountants)
• certified treasury professional, certified corporate financial planning and analysis professional (Association of Financial Professionals)

Five to 10 years of experience in lower-level financial management positions of increasing responsibility is required for top financial management jobs.

Financial professionals have a reputation as “bean counters,” but there’s a lot more to a successful career than just crunching numbers. Yes, you should have excellent finance, mathematical, and computational skills, but you also need strong analytical and critical-thinking skills because you'll no longer be asked to just collect financial information, but also analyze this data and devise financial strategies and plans for your firm and advise partners regarding financial and business issues. A quote from Changing Economy/Evolving CFO, a report from the finance and accounting staffing firm Accounting Principles, nicely summarizes the evolving skill set for CFOs and other financial professionals: “Today’s most effective CFOs are those that have a breadth of business experience in addition to finance—from operations management, to business development, to even Information Technology and human resources.” Financial managers also must be highly ethical and honest—especially when preparing reports for government regulators and investors)and have organizational and leadership ability, strong communication and interpersonal skills, a detail-oriented personality, and proficiency with technology (including the ability to use financial-related software and databases such as Oracle PeopleSoft, Microsoft Dynamics Great Plains, and SAP, as well as data management software such as Microsoft Excel).