Are you looking for the best universities offering financial management in Nigeria? Do you aspire to become a finance manager? Then this post is here to help you out. Financial management is known as planning, arranging, managing, and regulating financial operations, such as the acquisition and use of an organization’s finances. As a financial management practitioner, you may apply general management ideas to an organization’s financial resources.
List Of Universities Offering Financial Management In Nigeria
- Federal University of Technology Owerri
Best Universities Offering Financial Management In Nigeria
Federal University of Technology Owerri
The financial management technology department was established by Prof. C.O.E. Onwuliri, the fifth substantive Vice-Chancellor, in December 2007 after appointing Prof. N.C. Nwezeaku to direct and manage the department’s operations. He was the Department’s Pioneer Head, to put it another way.
The department of project management technology, which was previously founded in April 2005, was merged into this department. The department attained full accreditation status in 2010 after the NUC’s successful Resource Assessment in 2008. Professor N.C. Nwezeaku
The financial management department’s objective is to become a top-tier centre of excellence for teaching, learning, and research-based financial education to accelerate the expansion and advancement of the Nigerian economy in particular and the global economy as a whole.
And the department of financial management technology’s goal is to produce independent finance technocrats, who possess the necessary technical and technological capacities to compete favourably and function effectively within a globalized, technology-driven economic and business environment, thereby continuously meeting the challenges of National and International financial management.
Programmes Offered By The Department
- Undergraduate Programme in Financial Management Technology
- Postgraduate Diploma (PGD) Programme in Financial Management Technology
- Master of Science (M.Sc.) Programme in Financial Management Technology
- Master of Business Administration (MBA) Programme in Financial Management Technology
- Doctor of Philosophy (PhD) Programme in Financial Management Technology
Entry Requirements For The Department Of Financial Management
The Unified Tertiary Matriculation Examination (UTME) or Direct Entry are the two options for entry into the Department of Management Technology’s Financial Management Technology program.
Admission Through UTME
A candidate must have five credit passes in English Language, Mathematics, Physics, Chemistry, Biology, or Geography at not more than two sittings in the WAEC/SSCE, GCE, or any other similar O’ Level exams to be eligible for admission to the department.
UTME Requirements For The Department Of Financial Management
English Language, Mathematics, Physics, and Chemistry will make up the UTME subject combination.
- HSC/GCE Advanced level Passes in two relevant subjects with SSC/GCE ordinary level, credit passes including English Language and three other subjects at not more than two sitting in three relevant subjects.
- HSC/GCE Advanced Level in three relevant subjects with SSC/GCE Ordinary Level credit passes, including English Language and two other subjects at not more than two sittings.
- OND, preferably (Upper Credit) from a recognized Polytechnic in addition to level requirements as stated in “A” above.
- Holders of HND certificates in relevant fields are eligible for Direct Admission. A minimum of three or four years may be spent.
What Is Financial Management?
Any business should prioritize financial management. Financial resource management is known as planning, organizing, regulating, and monitoring financial resources to achieve corporate goals and objectives.
It is the finest method for regulating an organization’s financial operations, including the acquisition of funds, their use, accounting, payment, risk assessment, and all other aspects of money management.
Why Study Financial Management?
Many different employment prospects are made available by studying financial management. It could be in the public or private sector. Investment banking, entrepreneurship, financial analysis, financial and managerial accounting, and strategic financial management are a few job opportunities.
Additionally, it is advantageous to individuals who want to start their firm. People may advance their careers or get better accounting positions by taking financial management courses or earning a finance degree.
- Enhance interpersonal skills: Taking a course in this area will allow you to interact with your classmates and form connections that will help you communicate and work in a team more effectively.
- Develops personality: Enrolling in a course in this area also aids in the development of your soft skills. This is because those who want to work in this field must be extroverted and able to have a sustained conversation about finances for hours on end. Their personality, education, and communication all benefit from this.
- Increased employment opportunities: The demand for positions in financial management has climbed by 14%, those in financial advising by 32%, and those in financial analysis by 23%, which serves as more evidence.
- Higher compensation: Whether employed at the entry-level or the management level, people in this field are often compensated exceptionally well. Additionally, even during recessions, demand for this highly trained job type remains constant.
- Career advancement: You may always improve your professional capabilities and move up the corporate ladder. Once you’re in this industry, you may thoroughly understand financial management software and processes. If you are well-versed in this subject and have a strong aptitude, this is your career.
Functions Of Financial Management
The primary goal of financial management is to guarantee a consistent and appropriate flow of funding for the organization.
- To guarantee efficient usage of resources. Once money has been secured, it should be used as efficiently as feasible.
- Building a sound capital structure.
- The distribution of capital should maintain a constant balance between debt and equity.
- Ensuring investment security.
- To get sufficient returns, the money should be put into secure investments.
- Ensuring shareholders and the organization get acceptable profits
Scope Of Financial Management
The four main aspects of financial management are as follows:
The financial manager estimates the amount of cash the firm will need to maintain a positive cash flow, allocate funds for expansion or the addition of new goods or services, deal with unforeseen occurrences, and then communicate this information to other business associates. Planning may be divided into many areas, such as capital costs, T&E, and manpower, as well as indirect and operating costs.
Risk Management And Assessment
Line-of-business leaders depend on their finance managers to identify risks and implement compensatory measures for them, such as:
- Market risk: Investments made by the company, as well as reporting and stock performance for public corporations, are all impacted by market risk. It may also indicate industry-specific financial risks, such as a pandemic affecting restaurants or the retail transition to a direct-to-consumer model.
- Credit risk: Repercussions of clients not paying bills on time and the company not having the money to fulfill commitments may negatively influence creditworthiness and value, which determines the capacity to borrow at advantageous rates.
- Liquidity risk: Accounting and finance teams must monitor current cash flow, predict future cash requirements, and be ready to release working capital as necessary.
- Operational risk: This is a broad category that several financial teams are unfamiliar with. It might cover topics like the possibility of a cyberattack, whether or not cybersecurity insurance should be purchased, disaster recovery and business continuity plans, and the crisis management procedures that should be used if a senior executive is accused of fraud or misconduct.
The company’s financial management divides the available cash to pay for expenses like mortgages or rent, wages, raw supplies, T&E for employees, and other commitments. Ideally, there will be enough money left to save for unexpected expenses and finance new company ventures. Businesses often have a master budget and other papers that address specific topics like cash flow and operations. Budgets may be rigid or flexible.
The financial manager establishes policies for how the finance staff will accurately and securely handle and communicate financial data, such as invoices, payments, and reports. These written policies also specify who is in charge of making financial choices and who approves those decisions.
Getting admission to study financial management in Nigeria is a bit competitive because only one university in Nigeria offers this course which is the Federal University of Technology Owerri. We hope to have more universities offering financial management in Nigeria.
Frequently Asked Questions
It enhances the total worth of businesses or organizations, Promotes economic stability, and Encourages workers to save money, which aids them in developing their financial plans.
The structure of a firm must include financial planning. Financial management enables the business to carry out financial planning and assists in determining the organization’s financial needs. Finishing necessary funding for the corporate organization is a part of financial management.
Financial management in education includes keeping an eye on the money allocated for buildings and grounds, personnel wages, student programs, supplies, and technology. The manager or supervisor of a school is in charge of distributing these funds and maintaining thorough records of these expenditures.
Our cash flow may be improved with the aid of personal finance. Monitoring our spending and spending trends allows us to improve our cash flow. We avoid wasting our hard-earned money on unnecessary things by budgeting carefully, preparing our taxes, and making wise financial decisions.
Due to the substantial amount of math and analytical thinking required, a degree in Financial Management course is highly challenging. This course will undoubtedly benefit anyone who enjoys math, logic, and problem-solving.