Question 1

What is financial management, and why is it important?

Accepted Answer

Financial management is the planning, direction, and control of an organization’s financial resources. Regardless of whether you are a multinational corporation, a small business, a philanthropic foundation, or a non-profit advocacy group, finances are the lifeblood of any organization, and the careful use of these resources is critically important to ensuring ongoing operations. Conversely, financial mismanagement can result in the collapse of any organization, even if they are creating valuable products or providing necessary services.

Successful financial management starts with financial accounting. Financial statements like balance sheets and cash flow statements provide fundamental information about the overall financial health of an organization’s operations, and help managers ensure that funds are being utilized efficiently. However, financial management of large organizations may also require asset management skills and an understanding of financial markets in order to make wise investments. If an organization needs to raise capital itself, a financial manager must also provide guidance on the pros and cons of various public and private fundraising strategies.

Question 2

What kinds of careers can I have with a background in financial management?

Accepted Answer

An education in financial management can prepare you to take responsibility for the financial health of an organization, with duties potentially including reporting, investment decisions, and/or long-term planning. Financial managers, including controllers and finance officers, typically have a bachelor’s or master’s degree in finance, accounting, or economics, as well as work experience as a financial analyst or accountant. According to the Bureau of Labor Statistics, financial managers earned a median annual salary of $129,890 in May 2019, making this a very well-paying career.

Careers in leadership positions, such as chief executive officers (CEOs) of companies or executive directors of non-profits, can also benefit greatly from a background in financial management. A strong understanding of financing needs and the stakes of financial decision-making is essential to navigating a long-term path to success for any organization.

Question 3

Can I learn about financial management through online courses available on Coursera?

Accepted Answer

Yes, absolutely. Coursera offers many courses in financial management topics as well as related business topics such as accounting, investment, and financial markets. You can learn remotely from top-ranked schools like the University of Illinois at Urbana-Champaign and the University of Virginia, so you won’t have to sacrifice the quality of your education to learn online. Indeed, you’ll be completing the same coursework and working with the same faculty as on-campus students at a lower tuition. No matter the current stage of your education or career, that’s a smart financial management decision.

Question 4

What skills or experience do I need to already have, before starting to learn financial management?

Accepted Answer

The skills and experience that you might need to already have before starting to learn financial management may be a mix of business experience, organizational skills, financial knowledge, and analytical discipline. Because financial management involves coordinating, organizing, directing, and controlling the financial activities of organizations, the skills and experience you might need to already have should include a background in mathematics, economics, algebra, and statistics. These are among the chief skills and background experience that you would need to learn, from either online courses, personal research, or through a college degree.

Question 5

What kind of people are best suited for work that involves financial management?

Accepted Answer

The kind of people who are best suited for work that involves financial management are professionals who have financial experience gained in schoolwork or business work and who also possess strong facility with the type of numbers found in financial statements. To work in financial management is to be a person who can interpret the raw data, organize the numbers into financial reports, and use the results of those numbers to help senior executives make further investments or develop long-term financial strategies for a company. To do all these things, the people that are best-suited to work in financial management should have excellent communication skills and strong analytical ability as well.

Question 6

How do I know if learning financial management is right for me?

Accepted Answer

You might know if learning financial management is right for you if you are the type of person who excels in financial work, or scores fantastic grades in college finance courses. Perhaps you may even find yourself reading financial news websites, or poring over the financial results for companies that you might hold stock in. These are the kinds of traits that would help to convince yourself that being involved in financial management would be a good fit. Finally, if your ambition is to work in financial management for a bank, corporation, or insurance company, then having that career goal in front of you is a good path to working in the field.

Question 7

What are the benefits of taking an online Financial Management course?

Accepted Answer

Online Financial Management courses offer a convenient and flexible way to enhance your knowledge or learn new Financial Management skills. Choose from a wide range of Financial Management courses offered by top universities and industry leaders tailored to various skill levels.

Question 8

What Financial Management courses are best for training and upskilling employees or the workforce?

Accepted Answer

When looking to enhance your workforce's skills in Financial Management, it's crucial to select a course that aligns with their current abilities and learning objectives. Our Skills Dashboard is an invaluable tool for identifying skill gaps and choosing the most appropriate course for effective upskilling. For a comprehensive understanding of how our courses can benefit your employees, explore the enterprise solutions we offer. Discover more about our tailored programs at Coursera for Business here.

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Frequently Asked Questions about Financial Management

What is financial management, and why is it important?‎

What kinds of careers can I have with a background in financial management?‎

Can I learn about financial management through online courses available on Coursera?‎

What skills or experience do I need to already have, before starting to learn financial management?‎

What kind of people are best suited for work that involves financial management?‎

How do I know if learning financial management is right for me?‎

What are the benefits of taking an online Financial Management course?‎

What Financial Management courses are best for training and upskilling employees or the workforce?‎

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