Individual Reflection

The assignments in this course improved my understanding of using the managerial, financial information to make decisions for my future organizations.  Managers in organizations have to provide justification for the resources they require to carry-out projects or tasks.  Whether it is negotiating an advertising budget, hiring new workers or upgrading manufacturing processes, understanding the financial aspects of these actions will help in gaining the resources needed to be successful.  Particularly, the topic on time value of money unveiled important information about the importance of time in financial, managerial practices.  The projection of revenue is necessary to determine whether an organization needs to obtain partake a project or obtain funds to financial requirements.

An understanding of managerial finance concepts, practices, and techniques presented through this course has fully acquainted me with adequate knowledge to make business decisions.  Because the outcome of many decisions is measured in financial terms, managerial finance plays a key role in my career.  The content in this course has the ability to affect a manager's ability to create positive change within an organization. Without financial management, it is difficult for organizations to survive the modern business environment as money coming in and money going out has to be managed.  Financial managers have an obligation and commitment to take steps to protect and improve society’s welfare as well as protecting organization’s interest. Social responsibility is one of the ways through which managers can impact social change given that an organization get a diverse pool of resources including human, financial, competencies and functional expertise from the society.  The content and assignments in this course have moved me closer to achieving my academic goals.  They also form a good foundation for the achievement of my goal of being a financial manager. 

Course content

Financial management is important in the overall assessment of business health and growth.  In the assessment of financial health, financial management can help in the in-depth assessment of financial structure using formulas. As a manager, examining an organization’s financial structure helps in determining the level at which the business is using equity and debt, hence the risk that characterizes the organization.  Financial management theories can help in determining the most optimal capital structure for the organization.

Businesses require profits to grow. The profitability a business largely depends on how financial functions are conducted.  During the developing stage of business, financial management is critical in obtaining of finance the business.  Afterward, managers need to plan for finances and incorporate management and control tools for the available resources within the firm.  Financial management is also critical to the external generation, uses and flow of funds. To ensure good financial management, financial managers must develop sensible objectives; apply concepts, techniques to analyze situations and principles that guide their actions. Thus, the need for managerial finance in business cannot be overemphasized.

A stronger understanding of managerial finance will increase my effectiveness as a financial manager. Knowledge in financial management will play a critical role both in increasing operational efficiency within the organization and my ability to interpret different financial situations.   Ethics-based practices that I would expect from my finance department within my organization include the promotion of a safe environment people to report inappropriate or unethical behavior such as fraud, misappropriation of resources and misrepresentation of financial information. Financial management areas within the organization can affect positive social change by establishing certain guidelines that allow the organization to integrate social responsibility into financial management strategy.

Action Plan

Goal

My professional goal is to become a financial management advisor.  The necessity to save cost has prompted organizations to intensify efforts towards the adoption of financial management practices.  Being a financial advisor gives organizations the ability to adapt to changes in both internal and external environment, in a cost effective way. Organizations are looking for speed, nimbleness, and flexibility the speed to execute processes and operations.  The degree of scrutiny has also increased among the organization.  The need for controlling costs, reducing risk episodes and meeting regulatory measures is pushing individuals and organizations to access the services of financial management advisor.  In this position, I will be able to impact positive social change.  I expect to achieve various personal or professional values.  An understanding of managerial finance concepts, practices and techniques have equipped me with adequate knowledge to make financial management decisions. 

Objectives

1. Obtain professional certification

Obtaining a professional certificate in my career is important for practitioners in the finance industry. With a professional certification, I will be in a position to validate my expertise because it is highly valued within the industry.  

2.      Acquire professional experience 

Structured work experience accompanied with equally personal attributes and good qualifications, there is need for work experience. The opportunity will give me with connections needed in the industry. The experience and resources will help in meeting my goal. This is why content and assignments undertaken in this course are critical in my career as a financial manager.

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