Best Scope of Financial Management as Career Option in 2024

Future Scope of Financial Management as a Career Option

Financial management is the specialized wing of management that deals with the efficient Financial planning of any organization. In today's business scenario, the Finance department is no longer a fundraising and bookkeeping segment. Still, it is responsible for Organizing, Strategic planning, direction, and Controlling Financial undertakings in the business. 
It also includes Financial management and establishing management principles for an organization's financial assets. Financial management has to do with crucial decision-making on business expansion, investments, and profitability. 
Finance professionals maintain the financial health of an organization. This is achieved by generating financial surveys, reports, and planners, tracking investments, developing financial strategies, and designing short and long-term financial aspirations. 
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To understand the future scope of financial management as a career option, one must first understand the general scope of financial management. This understanding can be made more accessible by subdividing financial management as a part of decisions. For instance, the role and scope of financial management in the investment decision-making of a business. The following will be an elaboration below :

Investment Decisions

Financial managers are responsible for choosing the correct set of investments or line of assets for any business. They are required to distribute the long-term and short-term investments of the firm throughout categories of capital and help the first earn from the investments to meet the business's financial goals. Financial managers are entrusted with the excess capital and are expected to use the money to good use and support the company with a passive income from the said money. 

Financing Decisions

Finance management professionals are responsible for raising capital for a company. From designing the company's capital structure to choosing the source of funding and schemes to accomplish the fundraising process, they take all the company's financing decisions. 

Liquidity Decisions

In profitability and access to capital, financial managers ensure that the company's assets, investments, and securities remain liquid or accessible to the management for when they may require such funds and as per the situation of the business, the risk factors involved, and the extent of the need for access to funds. They ensure effective management of current asset investments and protect the company against illiquidity risks or, in other words, the risk of not being able to provide the availability of liquid funds required in the business cycle. 

Dividend Decisions

The financial manager looks after the profit distribution policy for the company. Financial management plays a pivotal role in decision-making when the company chooses to distribute the profit in the form of dividends to shareholders or focuses on profit retention. 

Responsibilities of Financial Managers

Financial managers work in creating and sustaining the financial well-being of any business. Typically, a financial manager is responsible for maintaining and overseeing any financial reports the company has to publish or prepare, budgeting and financial statements, reports on revenue-generating activity reports, and producing business forecasts. Along with monitoring the organization's financial details, the financial manager also looks after the legal requisites. 
They help the business and its management with data analysis that helps in maximizing profits, minimizing costs, exploring expansion opportunities, and meeting the financial goals within the desired timeframe. Financial managers often have a stronghold on tax regulation, General Service Tax, and special tax laws (for specific sectors, industries, or regions). They need to ensure compliance with tax regulations and laws about the industry or sector they work.  
Apart from taxation, they also provide support during internal audits of the company that help the company and the management realize their potential.  

A Career in Financial Management

The financial management domain offers many job opportunities and has a vast scope for professionals to occupy multifaceted roles in different sectors.
Companies, business organizations, and government agencies hire talented corporate finance professionals for the internal operations of all financial management departments. 
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From investment analysts to investor relations associates and financial auditors and finance managers, there are endless job opportunities available. Banks, finance companies, trading companies, brokerage firms, and even insurance companies hire investment analysts and finance managers, auditors, and associates who have a deep, insightful knowledge of financial management. 
Organizations in the Non-finance sectors such as real estate or technology, or the booming healthcare provide lucrative job opportunities for corporate finance professionals who are to look after their financial well-being. 
Countries like India and Brazil are set to become larger economies than the economies present in the west, and the opportunity for finance professionals is only set to increase. Even in the western world, financial planners, analysts, and traders are regarded as reputable jobs, serving lucrative salaries and admirable packages to young talent in finance. 

The Salary Range for a Finance Professional

The increasing demand for financial management professionals showcases a positive trend and well sought-after outlook toward a career in financial management or analysis. 
Finance in the contemporary world has been filled with erratic challenges such as cash crunch, illiquidity, regulatory reforms, etc. Many companies in various sectors and industries have further boosted the demand for financial managers who specialize in fund management, risk management, and capital structuring. 
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The median annual wage for financial management professionals in India will be ?10,00,00, but the salary may vary based on credibility, exposure, industry segment, position, and geography. 
The salary of a finance professional is usually higher in finance sectors than in non-finance sectors. Professionals with advanced finance degrees, particularly an MBA in Finance or who hold essential certifications like Chartered Financial Analyst, Chartered Public Accountant, or Chartered Management Accountant, have many lucrative jobs that they can enter within the financial domain. 


1. Do I become an IMA member directly after passing the CMA USA exam? 

No, before passing the CMA USA exam, you need to apply for the IMA membership and register for the exam. To apply for IMA certification and membership, you must have a bachelor�s degree along with two years of work experience. 

2. How many exams do I have to write for CMA USA?

There are two exams to gain your CMA USA certification i.e part 1 and part 2. 

3. What are some of the job opportunities in financial management?

Some of the job roles include :

4. Which is the top institute for US CMA online classes?

NorthStar Academy is the best institute to become a CMA USA.

5. How can I get classes to become a CMA USA in India?

The CMA USA program is the highest management accounting certification that students and working professionals can gain within 6-9 months. You can register for live or online classes with NorthStar Academy to ensure a smooth journey. 


The scope of the domain of financial management is extensive and ever-growing. Each day, new and new companies and being registered, and new financial tools are being invented for the world to see more rapid financial and economic growth. 
Micro-financing, venture capitalism, market analysis, market trading, and so many more avenues are evolving each day for young talent to enter. The scope in this domain is growing, developing into better opportunities with newer challenges and incentives. 
Suppose an individual is interested in the financial markets, financial accounting, and other relevant domain categories. In that case, they will be able to enter this segment of work with ease and with much security and incentives with adequate educational background. If you would like to learn more about your opportunities in financial management, then you can connect with the experts at NorthStar Academy to learn more.
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