10Apr

How to Become a Finance or Accounts Manager: A Complete Career Guide

Introduction

Finance and Accounts Managers are among the most critical decision-makers in any organization. Their expertise ensures the business remains financially healthy, compliant, and strategically sound. Whether you’re analyzing costs, forecasting revenue, or preparing regulatory reports — a finance or accounts manager plays a key role in guiding business success.

If you aspire to build a career in managing financial systems, budgets, and business growth, this guide will walk you through every essential step toward becoming a Finance, Financial, or Accounts Manager.

Who is a Finance or Accounts Manager?

A Finance or Accounts Manager is responsible for overseeing the company’s financial health. Their duties typically include:

Preparing budgets and forecasts
Managing day-to-day accounting functions
Ensuring regulatory compliance and tax filings
Monitoring internal controls
Analyzing profit & loss and financial reports
Assisting in strategic planning and cost optimization

While Finance Managers focus on broader strategy, investments, and financial planning, Accounts Managers often handle operational tasks such as bookkeeping, audits, payroll, and ledger management. However, in many organizations, these roles are interconnected.

Why Choose a Career in Finance or Accounting?

Choosing this path opens doors to high-impact roles in nearly every industry. Finance and accounting professionals are vital to the functioning of:

Multinational corporations
Startups and SMEs
Non-profit organizations
Government agencies
Financial institutions

Key benefits of this career path include:

High earning potential
Job security and demand across industries
Opportunities to transition into CFO or financial leadership roles
Global career options in countries with strong financial sectors

Step-by-Step Guide to Becoming a Finance / Accounts Manager

1. Pursue the Right Educational Qualifications

A strong academic foundation is the first step. A bachelor’s degree in one of the following fields is typically required:

Finance
Accounting
Commerce (B.Com, BBA)
Economics or Business Studies

For higher-level roles, employers often prefer candidates with an advanced qualification such as:

MBA in Finance
M.Com (Master of Commerce)
Chartered Accountant (CA)
Certified Management Accountant (CMA)
Certified Public Accountant (CPA)
Chartered Financial Analyst (CFA)

These credentials demonstrate deep knowledge of financial reporting, taxation, budgeting, risk assessment, and strategic finance.

2. Develop Key Financial Skills and Competencies

Being technically sound is vital. Some of the most important skills to develop include:

Analytical Thinking: You must be able to interpret financial data, identify trends, and propose strategic actions.

Accounting Proficiency: Deep understanding of financial statements, general ledger, accounts payable/receivable, and journal entries.

Budgeting & Forecasting: Skills to prepare, monitor, and adjust financial plans based on changing market conditions.

Compliance & Taxation: Knowledge of tax laws, audit procedures, and financial regulations is essential.

Software Expertise: Proficiency in tools like Tally, QuickBooks, SAP, Oracle, and Microsoft Excel is highly valued.

Attention to Detail: Financial accuracy is non-negotiable in this profession.

Communication Skills: Presenting financial reports clearly to non-finance stakeholders is a key trait.

3. Gain Hands-On Experience in Finance & Accounting

Practical experience builds real-world understanding and credibility. Entry-level positions that can kickstart your journey include:

Junior Accountant or Accounts Executive
Financial Analyst
Audit Assistant
Tax Associate
Finance Trainee in corporate firms

These roles offer exposure to invoice processing, reconciliations, bookkeeping, compliance checks, and financial modeling. Over time, you’ll move on to supervisory and strategic roles.

Experience with budgeting, team management, and financial presentations will prepare you for mid- and senior-level positions such as Finance Manager, Accounts Manager, or Controller.

4. Stay Updated with Financial Regulations and Industry Trends

Finance is a dynamic field that evolves with changing regulations, accounting standards (such as IFRS or GAAP), and technological advancements.

Stay up to date by:

Reading financial publications like The Economic Times, Business Standard, Investopedia, The Financial Express
Following updates from SEBI, RBI, ICAI, and global financial institutions
Participating in webinars and workshops on tax reforms, audit standards, and fintech tools

This not only sharpens your expertise but also gives you a competitive edge during interviews and promotions.

5. Consider Specialized Certifications

To fast-track your career and move into leadership positions, pursuing recognized certifications is highly recommended.

Popular certifications include:

CA (Chartered Accountant) – Recognized for in-depth auditing, accounting, and taxation knowledge (India-based)
CMA (Certified Management Accountant) – Focuses on management accounting and cost control (Global)
CPA (Certified Public Accountant) – Globally accepted for accounting and regulatory practices
CFA (Chartered Financial Analyst) – Ideal for financial planning, investment, and asset management roles
Diploma in IFRS (by ACCA) – For global accounting standards understanding
SAP FICO Certifications – For ERP-based finance and controlling modules

These certifications open doors to advanced roles and international opportunities.

6. Grow into Managerial and Leadership Roles

After gaining 5–8 years of solid experience, professionals typically transition into mid- and senior-level management roles such as:

Finance Manager
Accounts Manager
Treasury Manager
Budgeting & MIS Head
Controller / Finance Head
Director of Finance
Chief Financial Officer (CFO)

Success at this level requires strategic thinking, strong decision-making abilities, and leadership skills to manage teams, audits, stakeholders, and cross-functional budgets.

Career Scope and Salary Trends

The finance and accounting domain is consistently in demand. With increasing regulatory oversight, financial complexity, and globalization, professionals in these roles are valued across all sectors.

In India:
Finance or Accounts Managers typically earn between ₹6–15 lakhs per annum. Senior professionals, especially in MNCs, startups, or listed companies, can earn upwards of ₹20 lakhs.

Globally:
The demand is strong in financial hubs such as the USA, Canada, UAE, Singapore, and the UK — especially for professionals with CA, CPA, or CFA credentials.

Recommended Books for Aspiring Finance or Accounts Managers

“Financial Management” by I.M. Pandey
A comprehensive and widely accepted book in Indian academic and professional circles.
“Principles of Corporate Finance” by Richard Brealey & Stewart Myers
A classic that covers all aspects of corporate finance with real-world case studies.
“Accounting Made Simple” by Mike Piper
A quick and clear introduction to accounting basics, suitable for beginners and non-finance learners.
“Financial Intelligence” by Karen Berman & Joe Knight
Helps non-finance professionals understand business numbers and how to interpret them strategically.

Conclusion

A career as a Finance or Accounts Manager is not only lucrative but also intellectually rewarding. It allows you to drive financial clarity, ensure regulatory integrity, and contribute directly to business growth. With the right mix of education, certifications, practical exposure, and continuous learning, anyone can chart a successful path in finance and accounting.

SignifyHR is your gateway to learning the essential skills, accessing curated certifications, and finding career pathways in finance and accounting. Begin your financial journey with expert-led content and guidance — only on SignifyHR.