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How to Become a Financial Loan Manager

Career News September 24, 2013

Although it is common to associate financial loan management with banks, the position is an important function in every type of industry. As well as investment companies, financial loan managers are employed for schools, hospitals, advertising firms, insurance companies and for government related positions.

What the Position is Like

Financial loan managers work within two main areas of a company’s executive offices. They supervise and prepare the financial statements and reports for the accounting department, develop budgets and supervise how financial resources are allocated.

If they are assigned to the treasury department, they make investment decisions for the company and determine the degree of risk the business can take. While these are basic functions, they can vary in their responsibilities, depending on the size and nature of the business.

A highly responsible position that requires a great deal of insight into risk management, with a minimum of a bachelor’s degree in economics or finance, is of utmost importance, as well as several years of experience in a related field. Many companies prefer to hire personnel with a Masters in business administration. Course work should include computer technology and software applications in finance.

New graduates, who would like to pursue this type of career, are advised to begin their work experience by accepting any job they are offered in the area of finance. First, to get those years of firsthand knowledge under their belt, as it is an administrative position in a highly competitive field.

Typically, companies look for applicants that have had a minimum of five years experience as a loan officer, accountant, auditor, securities sales agent or financial analyst.

Certification and Expectations

Obtaining certification should become one of the primary goals of those seeking a career as a financial loan manager. Certification includes a CPA (certified public accountant), Certified Treasury Professionals and Certified Risk Manager.

The certified Treasury Professionals exam is a computer generated platform given at approved testing centers. It is recommended that the applicant goes through extensive training before attempting the exam. Students taking the test must sign a non-disclosure agreement before beginning the tutorial.

The test has 170 questions and must be completed in 3 ½ hours. Students must show proficiency in fund management and an ability to forecast long and short term investments.

Certification is essential for acquiring the promotions necessary for securing a career as a financial loan manager. It demonstrates that you have the knowledgeable skills and training necessary for advancement into executive positions.

A certification in risk management illustrates you comprehend the strategies needed to support risk and compliance projects. By remaining current in your studies, you illustrate that you exercise due care in helping your company develop a viable risk program.

The median salary average for financial loan managers is $103,000 a year. The demand for financial loan managers is expected to grow by nine percent by the year 2020.

As with most manager positions, there is expected to be a great deal of competition as the number of job openings will be less than the number of applicants. A master’s degree with certification is the best way of securing a financial loan manager’s position. At this stage, planning is essential to enjoying a successful career.

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