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Financial Management and its Future Prospects

Coiner of ‘Financial Management’ term would have never thought that in future essentiality of learning and applying this science in almost every aspect of personal and professional lives will become indispensable. It is this subject’s extensive usefulness, which has obliged academicians and finance experts to view Financial Management as more than just a subject.

It was early 19th century when Financial Management came out as an independent area of study. At that time financial management was used in, understanding and managing mergers, preparing feasibilities of new companies or products, and raising finances for new ventures. Later on, with arrivals and departures of different sorts of crisis in man’s life, financial management also played its role in teaching man to deal with unwanted financial phenomena like bankruptcy, liquidation, and layoffs. After going through all the evolutionary stages of development, in present era, financial management has finally become the way of maximizing value of the company.

Value maximization has been the focus of financial management, since the beginning of 21st century. Both trends of globalization and fast progress of information technology have played their roles in adding on to the role of financial management. This improved role of financial management has provided companies with fresh exhilarating opportunities of increasing profitability along with lessening financial risks. Despite the fact that these new opportunities give invitation to additional competition and new risks as well, however, these drifts have further increased the importance of financial management in today’s world.

What role will financial management continue to play for companies in future? This is certainly not one of the difficult questions to answer, as the goal of financial management will continue to facilitate companies in setting their visions and preparing for future. Such an objective suggests that finance is no longer just an operational activity, but it’s now more strategic in nature. An implication of giving this supplementary task to finance will move finance professionals out of their core departments and, make them to train their other departmental mates about working towards a single goal of increasing the value of their organization.

Present global business environment has come up with numerous challenges. However, the area of financial management has converted these challenges into opportunities. So, it could be said that Financial Management will continue to be present in the list of most important areas of finance till the time, cost considerations and the value of organizations would remain matters of concern to the financial world.

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