Financial Management and the finance department of a business bears the responsibility of overseeing the finances of major corporations, agencies and companies by:
- Coordinating accounts
- Producing financial reports
- Compiling cash flow statements and profit projections
What Is Financial Management?
Financial Management is the business function that deals with assessing and investing the available financial resources in a way that greater business success and return-on-investment is achieved. Financial Management experts plan, organise and control all transactions in a business.
Is Financial Management An In Demand Career?
Yes, financial management is an in demand career choice. According to the South African Bureau of Labour Statistics, job opportunities for Financial Managers are estimated to grow by 19% through to 2026.
That is equivalent to 37 700 new available positions over the next four (4) years. As more businesses expand into the global market, the demand for various financial experts is growing at a rapid rate, resulting in several finance job opportunities becoming available.
What Do Financial Management Experts Earn In South Africa?
The average salary for a Financial management expert in South Africa is estimated at R449 000 gross per year which accumulates to roughly R37 000 per month, depending on various factors such as:
- Your experience
- Nature of your job
- The business you work for
- The type of clients that you have
This is approximately 131% higher than the national average salary in South Africa.
What Can I Do With A Financial Management Qualification?
If you are considering a career in Financial Management, you are in luck! Finance is a thriving field which offers many job opportunities. Here are some of the available careers you can look forward to:
- Financial Administrator
- Bookkeeper
- Accountant
- Auditor
Financial Administrator
Working in an office environment along with other staff members in the finance department, Financial Administrators manage administrative tasks such as payroll transactions and budgets. They also maintain financial records and provide assistance to the Financial Manager.
Bookkeeper
Bookkeepers have the responsibility of recording and maintaining a company’s financial transactions. This includes processing expenses and income, preparing receipts and invoices, generating balance sheets and providing assistance with the creation of financial reports.
Accountant
Accountants are tasked with analysing financial information that is used by bookkeepers to create financial statements. They also conduct audits and forecast profit margins, future business needs and cash flow. Accountants also provide financial advice and information to senior management.
Auditor
Auditors have the responsibility of reviewing company accounts to ensure the accuracy and legality of financial records. Internal auditors work within the financial department of their company, whereas external auditors work with independent firms.
What Skills Do I Need To Work In Financial Management?
Individuals who are employed within the financial department of a company require a specific skill set to assist them in completing their daily duties. Here is a list of skills you will need to succeed in your career in financial management:
- Good IT (Information Technology) skills
- Leadership skills
- Decision-making skills
- The ability to work as part of a team
- Time management skills
- Attention to detail
- Negotiation skills
- Problem-solving skills
- Analytical and critical thinking skills
- Excellent communication skills
How Can I Further Develop My Skills?
The world we live in today is constantly changing. Improving your skills in order to be the best possible candidate for available job opportunities is always a great idea. Here are some tips and tricks to help you develop your skills:
- Make use of a tutor or mentor: They will help you learn everything you need to know about the industry at a much faster rate
- Set goals for yourself: This involves creating a vision for the future and creating a sustainable plan to achieve those goals
- Accept constructive criticism: Being able to use criticism to your advantage is a highly sought after skill in the workplace. This will help you grow and develop your professional skill set
- Gain qualifications: Attaining qualifications will no doubt improve your skills as well as increase your overall employability and earning potential
- Learn from your peers: Learning from other professionals in the work environment is an essential aspect of honing your skill set
- Keep Notes: Being organised and diligent will help you to excel in any career as a financial expert
Where Can I Study A Financial Management Course?
At Bellview Institute Of Distance Learning, we offer a fantastic Financial Management programme to make sure that you are covered from start to finish and that all your educational needs will be met. The following courses are available:
- Financial Management N4 National Certificate course
- Financial Management N5 National Certificate course
- Financial Management N6 National Certificate course
- Financial Management N6 National Diploma course
The financial management courses build on each other, therefore, in order to register for the NATED N5 National Certificate Course, you first have to complete the NATED N4 National Certificate Course.
Thereafter, you will continue to study the NATED N6 National Certificate Course and finally complete the NATED N6 National Diploma Course, which focuses on providing you with valuable work-based training and experience.
What Is The Financial Management N4 National Certificate Course?
This serves as the introduction to Financial Management, and is the first theoretical course offered in the NATED Financial Management Programme. This course solely focuses on providing you with all the basic skills and knowledge you need in order to begin pursuing a career in Financial Management.
What Are The Entry Requirements?
The entry requirements for the Financial Management National Diploma course:
- You will need to be 16 years or older
- You will need to read and write English
- You need to be able to study via distance learning
- Matric Certificate, either a:
What Is The Course Duration?
The N4 National Certificate course will take you 6 – 12 months to complete, depending on how you study.
What Assessments Will Be Done?
During the N4 – N6 National Certificate courses, two (2) assignments and two (2) exams will be written for each subject covered in the course. There will be one internal exam and one external exam for all the subjects.
The assignments and the internal exams can be done from home. However, the external exams will be written at an approved Department of Higher Education and Training (DHET) venue near you. The following internal and external exams will be written:
- Financial Accounting N4 Internal Exam
- Financial Accounting N4 External Exam
- Computerised Financial Systems N4 Internal Exam
- Computerised Financial Systems N4 External Exam
- Entrepreneurship and Business Management N4 Internal Exam
- Entrepreneurship and Business Management N4 External Exam
- Management Communication N4 Internal Exam
- Management Communication N4 External Exam
What Is The Financial Management N5 National Certificate?
This serves as the second theoretical course in the NATED Financial Management Programme. During this course, you will expand on the foundational skills and knowledge you have gathered during your Financial Management N4 National Certificate course.
What Is The Entry Requirement?
The entry requirement is a Financial Management: NATED N4 National Certificate.
What Is The Course Duration?
Depending on your preferred method of studying, the N5 National Certificate course will take you 6 – 12 months to complete.
What Assessments Will Be Done?
Just like in the previous N4 course, you will be required to submit two (2) assignments and write two (2) exams for each subject covered in the course. The assignments and internal examinations will be done from home, while the external exam is written at a DHET exam centre near you.
The following exams will be written during the N5 course:
- Financial Accounting N5 Internal Exam
- Financial Accounting N5 External Exam
- Computerised Financial Systems N5 Internal Exam
- Computerised Financial Systems N5 External Exam
- Entrepreneurship and Business Management N5 Internal Exam
- Entrepreneurship and Business Management N5 External Exam
- Cost and Management Accounting N5 Internal Exam
- Cost and Management Accounting N5 External Exam
What Is The Financial Management N6 National Certificate?
This course serves as the third and final theoretical course of the NATED Financial Management Programme. During this course, you will complete and perfect the skills that you have learnt during the previous Financial Management N4 and N5 National Certificate courses.
What Is The Entry Requirement?
The entry requirement is a Financial Management: NATED N5 National Certificate.
What Is The Course Duration?
The N6 National Certificate course will take you 6 – 12 months to complete, depending on the manner in which you study.
What Assessments Will Be Done?
In addition to all the exams, you will be required to submit two (2) assignments for each subject covered during the N6 course. The following exams will be written during the N6 National Certificate course:
- Financial Accounting N6 Internal Exam
- Financial Accounting N6 External Exam
- Computerised Financial Systems N6 Internal Exam
- Computerised Financial Systems N6 External Exam
- Entrepreneurship and Business Management N6 Internal Exam
- Entrepreneurship and Business Management N6 External Exam
- Cost and Management Accounting N6 Internal Exam
- Cost and Management Accounting N6 External Exam
What Is The Financial Management N6 National Diploma?
This serves as the final course that you will need to complete to get your Financial Management Diploma and start a successful career as a Financial Manager. This is a practical training course that you will take after you have completed your N4 to N6 National Certificate courses in Financial Management.
You will be focusing on using all the skills and knowledge you have gained thus far, in a working environment. You will also need to complete the Financial Management National Diploma Logbook. No subjects, assignments or exams will be done during this course as it is a work-based training experience.
What Is The Entry Requirement?
The entry requirement is a Financial Management:NATED N6 National Certificate.
What Is The Course Duration?
The N6 National Diploma course will take you 18 months to complete
What Assessments Will Be Done?
The Financial Management Logbook is the only thing that will be used to assess your progress. There will not be any written examinations or assignments, due to the practical nature of the course.
During this course, you will be working in a relevant working environment such as:
- Banks
- Investment firms
- Insurance companies
- The financial department of any business
You will be working alongside industry professionals, who have been doing their respective jobs for years. During the 18 months of training, you will be required to complete tasks in accordance to your National N Diploma: Financial Management: Logbook. After which you will be prepared to enter the workforce as a qualified financial expert.
What Are The Benefits Of Studying A Financial Management Course With Bellview Institute Of Distance Learning?
There are several benefits you can enjoy when you decide to study one of our courses. Here are some of the benefits:
- Study anywhere in South Africa: Bellview is a distance learning college, allowing you to study from anywhere in the country
- Create your own schedule: You are able to study at a time that fits in with your personal schedule
- Study while working: Because distance learning is flexible by nature, it will enable you to work and study
- Professional and affordable education at your fingertips: Studying via distance learning is more affordable than face-to-face learning as there are no travel costs involved
- Our support system: The highly trained staff at Bellview are always ready to help you with any queries you might have. Be sure to contact us with any questions
- Study material deliveries are handled by us: If you reside within the main cities of South Africa, you will receive the necessary study material within 5 to 7 days
- Get results fast: Tests and assignments are marked and graded immediately, ensuring that you get speedy feedback from our staff
- Access to study groups: We offer a platform where students can interact with one another for support purposes
- Gaining a scarce skill: Bellview Institute Of Distance Learning offers courses in fields of work that are in high demand. The reason for this is that jobs in Financial Management will always be vital, meaning there will always be job opportunities within the financial divisions of companies
Application Process
Applying for a course at Bellview is easy! Here are your options:
- Fill out a Registration form
- Contact our Course Specialist
- Call us on: 021 838 8280
- WhatsApp number: 065 656 9818
How Do I Apply For A NATED Management Assistant National Diploma?
To begin your journey towards being a qualified Financial Manager, you are required to have either a National Senior Certificate or an Amended Senior Certificate. Using either of these, you will be able to study towards your National Diploma in Financial Management by:
- Applying for and completing the Financial Management: NATED N4 National Certificate course
- Registering for and completing the Financial Management: NATED N5 National Certificate course
- Registering for and completing the Financial Management: NATED N6 National Certificate course
- Finally, registering for the Financial Management: NATED N6 National Diploma course as well as submitting your Financial Management: Logbook, which validates your 18-months of work experience and certifies all of your certificates
What Is The National Diploma Application Process?
After completing the Financial Management National Diploma course, the final step is applying for your National Diploma. You will have to apply at the same institute that you have completed the previous courses at.
The college will then begin the process of submitting your application to the DHET. The following documents are needed by the DHET in order to apply for your National Diploma in Financial Management:
- A completed application form that will be done by the college
- Certified copies of your N4, N5 and N6 National Certificates
- Identity document
You will also need a letter from your employer that contains:
- Your completed and signed logbook
- A certificate of service, confirming your 18 month work-experience, has been completed
Frequently Asked Questions
The four types of financial management are:
- Financing Decision
- Investment Decision
- Dividend Decision
- Working Capital Decisions
Financial Management helps in:
- Improving the profitability of organisations
- Increases the overall value of the firms or organisations
- Provides economic stability and encourages employees to save money
The five main principles of Financial Management are as follows:
- Consistency
- Timeliness
- Justification
- Documentation
- Certification
The following are characteristics of Financial Management:
- Manages all the financial resources
- It is a continuous function
- Proper utilisation of the funds
- Maintains balance between risk and profitability
- Facilitates cost control
- Involves analytical thinking
- Coordination between the various processes
One of the major objectives of Financial Management is to ensure regular and adequate supply of funds to the concern. Another major objective in this field is to ensure adequate returns to the shareholders which will depend upon the earning capacity, market price of the share and expectations of the shareholder to ensure optimum funds utilisation.
Author: Adam Kay
Editor: Connor Bergsma
Date Published: September 19, 2022