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What is Financial Management Assignment?
Financial management encompasses the actions that are taken to keep both the macroeconomic and microeconomic environments stable. The primary goal of financial management is to manage a country’s domestic and international liquidity issues. Financial managers may take a fundamental or quantitative approach, with either one being effective in managing these issues.
Financial Management is a broad term used for describing tools and techniques for planning, organizing and controlling financial resources. An understanding of the scope of this discipline and the roles it plays within organizations are important for those who want to build a career or a business.
Financial Management is not simple. It is a highly complex subject, which requires intense study and effort to learn. The field has evolved with time and the concepts used in it have become more diverse. Even though this field has gone through significant changes, as per the definition provided above, it still remains an important part of business administration.
Purpose of Financial Management
The main purpose of financial management is to ensure that an organization operates efficiently and effectively by ensuring proper utilization of its financial assets. Financial management aims to attain this objective by ensuring proper planning, control and allocation of financial resources.
In many cases, the concept of planning is used interchangeably with the phrase “management of resources” in financial management. This implies that both these terms have a common focus on planning activities. Another important area of application of financial management concepts is control, which refers to the ability to ensure compliance with all the rules related to a business.
A review of these areas highlights some important roles that financial management plays in a big organization. Financial management creates a platform for the planning and control of financial activities in an organization. It aids in the process of resource allocation and budgeting in an organization and helps to meet the objectives of all these processes.
Units/Courses in Financial Management
The subject is an intersection of a number of disciplines which includes;
- Accounting
- Finance
- Statistics
- Economics
Accounting deals with recording and analyzing financial transactions. Finance deals with managing money and uses accounting records as one of its input. Statistics is used in a variety of ways by Financial managers to measure risk, predictability and for testing hypotheses, while economics is used to determine efficiency of markets which provides direction for the policies of financial institutions.
A major in Financial Management will provide students with a broad overview of the entire field.
Topics covered In Financial Management include;
- Corporate finance
- Financial markets and institutions
- Asset pricing models
- Derivatives
- Corporate governance
- Capital structure.
In order to emphasize the application of theory to real-world decision making, students learn about capital budgeting problems facing corporations (i.e., how to set optimal financing levels for new projects) and portfolio management decisions by investors in both the public and private sectors.
The core curriculum of the Financial Management program emphasizes the analysis of corporate finance problems, including;
- Capital budgeting
- Corporate bond and stock valuation
- Capital structure and dividend policy.
The coursework also is designed to develop a fundamental understanding of financial markets and institutions (e.g., money and banking, portfolio management) and their role in the world’s financial systems, as well as students’ analytical skills in evaluating business strategies and making investment decisions under uncertainty.
Comparison With Other Disciplines
Financial Management borrows concepts and techniques from other disciplines, especially internal audit (auditing). Internal audit is one area which has special relevance to this field. Its main purpose is to ensure that the organization follows best practices and policies. It helps in performing anti-money laundering activities, putting an enforceable compliance program in place and data gathering projects.
Financial Management also borrows concepts from economics and management. The planning of a project involves the use of resources that are generated by employing different sets of rules which help people make decisions regarding their actions. These rules are referred to as decision support systems in management, while they are called as financial statements or statements of financial position in economics.
Financial management is often indicated as a sub-discipline of managerial economics. Further, the management of financial resources and decision making are important topics in general business. These topics are also covered in financial economics.
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