Financial Management Career Guidance

What is the Financial Management Course About?

Financial management focuses on the strategic and efficient handling of funds to achieve an organization’s goals. Through a combination of case studies, lectures, videos, and exams, students learn the key concepts of financial management and how to apply them in making sound financial decisions.

Key Duties and Responsibilities in Financial Management:

Prepare, review, and analyze accounting records, financial statements, and reports.
Calculate taxes owed, prepare tax returns, and ensure compliance with tax requirements, including VAT and PAYE submissions.
Evaluate business operations, costs, revenues, trends, and financial obligations to forecast future revenues and provide financial advice.
Process transactions using computerized accounting software such as Pastel Accounting.

Skills and Abilities Needed for a Career in Financial Management:

Strong attention to detail to spot errors and detect fraud.
Excellent analytical skills to solve complex problems and make well-informed decisions.
Effective communication skills for reporting financial findings to colleagues and management.
Good time management and teamwork abilities to efficiently manage personal and team schedules.
Proficiency in computer software like word processing, spreadsheets, and databases for recording and presenting financial information.

Working Conditions in the Financial Management Industry:

Most accountants and auditors work in office environments, though some may work remotely. Auditors may need to travel to their clients’ workplaces. Accountants typically work around 40 hours a week, with longer hours common during peak times such as year-end or tax season.

Minimum Entry Requirements for Financial Management at a TVET College:

NC(V) Programme: A Grade 9 Certificate plus any additional college-specific requirements.
NATED Programme: N4 admission requires a Grade 12 pass in Accounting, or an NC(V) Level 4 Certificate in Finance, Economics, and Accounting, along with other college-specific requirements.
Steps to Pursue Financial Management:

Contact a TVET College: Reach out to the nearest college for information on the course’s entry requirements.
Gain Field Knowledge: Visit financial management companies to learn more about the profession.
Seek Career Advice: Contact DHET Career Development Services for free career guidance by calling 086 999 0123 or emailing careerhelp@dhet.gov.za.
Take an Aptitude Test: This can help you determine if financial management is a good fit for you.
Attend Career Exhibitions: Meet with higher learning institutions to gather application forms and explore your options.