The Bachelor of Science in Business Administration major in Financial Management is a four-year college course recommended for people who plan to make a career in Banking and Finance Industry. The program aims to help students acquire analytical skills, perception, and competencies necessary for sound financial decision making in the business world.
In comparison with BS in Business Administration
which deals with the fundamental concepts of operating and managing a business, BSBA in Finance Management focuses on financial analysis, economics, investment strategies, management systems, banking and commercial planning.
The curriculum of BSBA in Finance Management includes CHED
-mandated general subjects, with an emphasis on Money, Credit and Banking, Business and Finance, Taxation and Public Finance, Principles of Banking and Corporation Finance, Principles of Investments, Financial Policy and Central Banking. These classroom theories are later exercise during internship and on-the-job training.
Is Financial Management a profession?
No, Financial Management is not considered as a profession and it does not require licensing. Although practice in this field does not require unique knowledge, graduates of BSBA in Finance Management are qualified for a career in the field of Finance and Banking.
What are the admission requirements for BSBA-FM?
Requirements at each school may differ, but these are the common requirements:
- Must be a high school graduate.
Those who did not complete high school education may opt to first attend Alternative Learning System (ALS) and pass the Philippine Educational Placement Test (PEPT) to qualify for college. However, some universities only offer selected courses for PEPT passers admission.
- Must passed the college entrance examination
- Must pass the interview conducted by the college / university admission officer
- Medical laboratory results and health certificate
- Good Moral certificate from the previous school (sometimes from enrollees Barangay)
- Some schools require particular rating in the National Secondary Assessment Test (NSAT)
- Some schools require particular high school grade or gross point average
What skills will help you succeed in this course?
- Logical and analytical approach to problem solving – ability to link data, knowledge and insight to make informed decisions.
- Being good with numbers – numbers and arithmetic are fundamental components of finance so its vital to be comfortable with numbers and arithmetic.
- Communication skills – the ability to write and converse in English is helpful, especially in classroom discussions and reporting
- Interpersonal skills – will help you in studying together with classmates, doing group assignments and forming connections with friends and colleges.
- Knowledge in computers is not a prerequisite for this course, but it helps to be able to learn and operate computer applications.
How difficult is this course?
The BSBA in Financial Management course is quite difficult as it require a lot of calculation and analytical thinking. A person who loves numbers, logic and problem solving will surely enjoy this course. During Practicum or on-the-job training, students sometime feel added anxiety as they apply their novice theoretical know-how into practice at an actual finance department.
How long does it take to complete BSBA in Financial Management in the Philippines?
Normally, the BSBA-FM program takes 4 years to complete. Some schools use the trimester system and complete the program in a shorter time.
On the Job training / Internship
On the last year of the BSBA in Financial Management program, students will undergo 240 to 300 hours of hands-on, experiential Practicum training to help them develop the necessary competencies and skills needed in this particular field. On-the-job training will be spent in financial institutions, such as banks, stock exchange offices, securities brokerage firms; or at the finance department of a carefully selected private company or government agency.
Is there a board examination for BSBA-FM?
There is no board examination for BSBA in Financial Management graduates.
However, if you want to work in the government sector, you have to take and pass the Civil Service Examination
to qualify for civil service eligibility necessary for admission to government service, such as in the Philippine Public Financial Management Office.
Career opportunities for BSBA-FM graduates
Entry Level jobsJobs requiring no prior to minimal level of experience:
- Bank Teller – process and record routine transactions for bank customers including cashing checks, accepting deposits and withdrawals, processing loan payments and money transfers.
- Credit and Collection Assistant – chase down delinquent payments and helps in identifying potential credit risks to the company
- Accounting Clerk – financial record keeper who uses specialized ledgers and software to record and process expenditures, receipts, payroll and all other financial transactions for a business or organization
- Treasury Assistant – monitor the cash flowing in and out of the corporate business and accordingly analyze whether the firm is experiencing enough profits.
- Payroll Assistant – assist in the efficient and effective payroll service to the company
- Junior Analyst – provides assistance to senior analysts by maintaining current financial reports and data
Mid-Level PositionsRequire trainings and prior job experience of a few years:
- Finance Officer – responsible for preparing financial statements, maintaining cash controls, preparing the payroll and personnel administration, purchasing, maintaining accounts payable and managing office operations
- Financial Analyst – advises and guides businesses and individuals in investment decisions by preparing and analyzing financial plans, forecasts, and reports.
- Credit Analyst – assess and make decisions about customer credit applications using a range of criteria including purpose of application, credit viability, customer payment history, customer credit-worthiness etc.
- Stock and Securities Analysts – research and examine financial data on stocks and companies so they can then advise businesses on how best to invest their money.
- Investment Analyst – undertakes research to provide information and investment ideas to fund managers. The information that analysts provide enables fund managers to make decisions relating to the investment portfolios they manage
- Internal Auditor – conducts internal control evaluation and risk assessment to identify loopholes and areas requiring management intervention to prevent frauds, embezzlements, misappropriations
- Foreign Exchange Trader – responsible for carrying out the companys FX trading on a day-to-day basis in accordance with Central Bank FX and Anti-Money Laundering guidelines and internally set FX trading limits
Advanced PositionsRequire years of extensive experience and practice:
- Financial Manager (CFO) – supervise the over-all monetary affairs and transactions of an organization
- Payroll Manager – pays employees and compiles payroll information by managing payroll preparation; completing reports and maintaining records.
- Senior Administrative Officer – in charge and knowledgeable about every aspects of the company and make sure that everybody is working as a team. He reports directly to the owner of the company.
- Operations Manager – receive, check and approve all transactions and ensure that they are accurately captured and accounting entries are properly passed to the General Ledger.
- Portfolio Manager – a partner in an investment bank or senior management in a retail bank or an insurance company
- Risk management Officer – safeguards an organization, its customers reputation, assets and the interests of stakeholders by identifying and managing all threats to the achievement of its business objectives. This often involves risk financing including insurance purchase.
- Investment Banker – provide advice to commercial clients and the government about various financial matters including fund and debt management, mergers, acquisitions and privatization.
- Management consultant – use their business skills to provide objective advice, expertise to help organizations in solving financial issues, create value, maximize growth and improve the business performance of their clients
- Academician – faculty members, instructors, and professors in an institution that provides Finance management education
- Financial Writer – authors finance management books and reviews, with the intent being to educate the reader about commerce, economics and other management related topics to provide helpful advice on banking and investments.
Jobs not related to Financial Management that graduates can apply to
- Call center agent – answers phone calls and inquiries of clients and provides customer support, usually to people from other countries
- Administrative Staff – personnel responsible for the organization and management of office duties and tasks; positions that include office secretary, personal assistant and office clerk
- Freelancer working online – doing online jobs for clients abroad, such as data entry, article writing, SEO, customer support, administrative support etc., which mainly depends on your skills
Career Opportunities AbroadThere are job opportunities abroad for Filipinos in finance-related jobs, such as bank teller, finance officer, accounting officer, cashier, invoice verifier, internal auditor, analyst, credit risk analyst, retail banking, customer relations officer, branch supervisor, and more.
The main countries where jobs for Filipinos are available are Saudi Arabia, Bahrain, Qatar, United Arab Emirates, Singapore, Malaysia and Papua New Guinea.
Salary LevelsFor fresh graduates in the Philippines, the salary range for entry level jobs in the Finance Industry is generally php8,500 to php14,000 monthly. More advanced positions offer between php25,000 and php 45,000 per month, while top managerial positions such as CFO and VP Finance can pay php100,000 and more. (source 1 , source 2, source 3)
Salaries for those who work abroad are generally much higher.