What Is an International Financial Manager?
These types of managers oversee the finances of corporations that conduct business internationally and manage finances related to multinational business projects, foreign investments, and international trades. They are experts when it comes to exchange rates, capital flows, trade deficits, foreign currencies, global economics, and foreign financial systems.
Typical duties may include preparing financial reports, inputting numerical data, creating budgets, and working on balance sheets. International financial managers help companies reach their long and short- term financial goals by directing investments, reducing financial risks, and implementing strategies to maximize international profits. They also can develop financial systems that help sort out banking transactions between foreign organizations.
Financial managers typically work during regular business hours in professional office environments, however they often work on evenings or weekends in order to meet deadlines and accommodate time differences. They also may travel frequently to manage finances at other locations and meet with foreign staff.
How to Become an International Financial Manager
Those interested in becoming international financial managers should earn at least a bachelor’s degree in international finance or international business. In these types of majors, students learn about management operations relevant to international business, as well as aspects of finance like cost control, investment analysis, and financial planning. Common courses include international operations, financial markets and institutions, international banking, investments and securities, analysis of financial statements, accounting and statistics for financial analysis, and multinational corporate finance.
Most employers like to see applicants who possess relevant experience and have participated in internships or part-time jobs related to international business and finance. To succeed in this field you need to have a solid understanding of international business as well as strong quantitative and analytical skills. Many employers will require applicants to be able to speak at least one other language. It is not uncommon to start out in entry-level or assistant positions within finance or accounting departments before advancing to management positions at the international level.
International Financial Manager Career Outlook & Salary
More and more corporations that are conducting business on a global level are realizing that they need financial experts who know how to manage money across borders. According to the U.S. Bureau of Labor Statistics, the employment of financial managers is projected to increase by 8% within the next decade. This is due to frequent changes in regulations, expansion of companies, creation of new businesses, and the globalization of finance.
Even though opportunities are expected to increase within this field, there will likely be more qualified applicants than open job positions. Those who have an educational background in finance, are familiar with international business, and can speak a foreign language are most likely to be hired. The Bureau reported that the median annual wages of financial managers was $99,330 in May 2008, with those employed in the management of companies and enterprises earning among the highest amounts.