Are you qualified for a job in financial management if you have accounting skills?

Posted on Dec 05, 2021 at 07:12 PM

Accounting skills don’t imply financial management abilities. Likewise, having financial management skills doesn’t imply having accounting skills. As a result, there are training courses in financial management and accounting.

Although accounting and financial management  work together to construct the organisation's financial system, the accountant's job path differs from the financial manager's career path, and each of them has several career routes.

So, as an accountant, you want to work in the financial area. It is critical to learn about money management abilities. As a result, you have to focus on training and strengthening these talents.

Financial Management vs. Accounting Function: 

The accountant records save, and issues report on the organisation's financial statements and strive to assure the accuracy of recording and balancing financial activities in the general ledger, as well as confirming the financial statements' accuracy.

In other words, the accountant's perspective is a look back in time, concerned with recording, classifying, and organising financial information resulting from previous financial events, as well as verifying its accuracy, in order to provide accounting information about the organisation's financial position for the benefit of stakeholders.

Because the organisation is one of these most essential stakeholders, it may require an accountant to work for it, whose function ends when he produces the right and well-arranged financial accounts.

However, if the firm expects you to do additional jobs as an accountant, such as forecasting, financial planning, and money management, you must be trained to gain the appropriate financial abilities, or the organisation should hire financial specialists.

What is financial management?

Accountants and financial resource experts collaborate to construct the organisation's financial structure, with financial resource professionals' future outlook integrating with accountants' historical perspective.

In other words, the financial management specialty uses the accountant's current financial situation information derived from prior financial activities, to be employed in the administration of finances and assets, as well as to make adequate arrangements for various demands. Whether at the personal, organisational, or governmental levels.

Financial Management Function: 

Any business may require financial professionals, as the basis of any organisation's function is to manage money in order to prevent bankruptcy and earn a return larger than the minimum acceptable return for a specific level of risk.

Furthermore, because some organisations provide financial services to their clients, such as banks, insurance companies, or financial analysis and planning consulting firms, career paths in finance vary, for example, banking advisor, investment advisor, advisor Financial, financial broker, financial analyst, and financial manager.

According to statistics from the US Bureau of Labor Statistics, the Corona pandemic reduced the supply of employment in the financial business, but as the pandemic has receded, job opportunities in the financial industry have increased again.

Financial management skills training: 

In order to distinguish yourself as a financial management specialist, it is critical that you strive to expand your knowledge in the financial area and look for relevant training. Training courses are one of the most significant types of training that you may use. You may, for example, explore several training courses in the financial area, such as finance, Risk Management, and Corporate Governance training course, as well as accounting training courses in Istanbul.

In addition to possessing technical skills in the financial industry, you must aim to gain additional talents in order to achieve and flourish in your profession. These skills include collaboration skills, communication skills, problem-solving skills, and effective management abilities.

Job interview questions for people seeking positions in financial management:

Understand what it takes to succeed in the field of financial management before deciding to specialise in this field, and learn about what organisations have identified as indicators of the candidate's excellence in meeting their requirements, and how organisations try to evaluate and select candidates in job interviews.

As a result, knowing the questions financial job candidates are asked helps them grasp the criteria for picking the correct individual as well as the nature of the position.

So, before you begin your profession in financial management. Examine job interview questions for financial occupations and consider whether you want to be the specialist who can succeed and thrive in these interviews, and how you can improve.

Some job interview questions for financial roles, that the organisation may ask candidates are as follows:

What drives you to do your best at work? What is your most notable professional accomplishment? How can you adjust to working as part of a team? How can you make a genuine contribution to the organisation? What are your financial management specialist's strengths and weaknesses?

To summarise, accounting courses may not be suitable for work in financial management due to the differences between accounting and financial management, but there are specialised training courses in financial management that develop a person's skills in this field, help him succeed in job interviews, and obtain the appropriate job opportunity.