Finance and Administration FAQs (2023)

FAQs

What is the role of admin and finance? ›

They are responsible for strategizing on and planning for financial goals by working daily to achieve and maintain the financial health of our organization. A finance administrator will maintain accurate records and is required to remain compliant with all laws and company policies at all times.

Good attention to detail. Good communication skills and customer service skills. Good teamwork skills and self-management skills (you may be the only finance administrator or work as part of a team) Good organisational and planning skills.

Financial-administration is a dynamic process, which falls into five well defined divisions namely : (1) Preparation of the budget, i.e., of the estimates of the revenue and expenditure for the ensuing financial year, (2) Getting these estimates passed by the Legislature called 'Legislation of the Budget', (3) ...

A finance degree places a greater emphasis on math to prepare students for a job that entails financial analysis. A business administration degree will emphasize managerial skills and human resource skills, such as interpersonal relations and customer service.

Extensive experience in financial reporting. Exceptional attention to detail. Superb organizational and time management abilities. Great collaboration and communication skills.

Banking, budgeting, saving, credit, debt, and investing are the pillars that underpin most of the financial decisions that we'll make in our lives.

The average financial administrator salary in South Africa is R 198 000 per year or R 102 per hour. Entry-level positions start at R 162 000 per year, while most experienced workers make up to R 770 277 per year.

Finance, of financing, is the process of raising funds or capital for any kind of expenditure. It is the process of channeling various funds in the form of credit, loans, or invested capital to those economic entities that most need them or can put them to the most productive use.

What are the 10 most common interview questions and answers? ›

Huge career-growth opportunities: The finance job roles are constantly evolving and changing. Therefore, the professionals of this field have high chances of career development in a short period as they can always keep shifting to new roles based on their strengths and interests.

INTRODUCTION: Include your name, profession, qualifications, current job title or specialism, number of years' experience, organisations you worked for. CAREER: Expand on your career to date including Current Role, Previous Roles, Responsibilities and Experience.

It is the management, study and creation of money and investments. It can be categorised as public, corporate and personal finance. Social and behavioural finance are the recently identified subcategories of finance. Those professionals who have to make certain financial decisions are part of this industry.

Finance skills are soft and hard skills that enable stakeholders to manage and navigate financial decision-making and problem-solving. Some common roles that require financial skills on a resume are: Accountants. Financial analysts.

Nature of financial administration:

Ensure proper functioning of economy through taxation, expenditure, debt. Facilitate a smooth flow of investment and its optimal allocation to increase national income. Stabilize inflationary trends. Make state a producer of both public and private goods to maximize social welfare.

Both business administration and finance degrees equip you with various skills that are crucial in helping you succeed in your job. Many of them are similar; however, business administration programs focus more on interpersonal skills than finance programs.

Although business administration and accounting are closely tied together, they have their differences. The main difference between these two is what the major's main focus is. Business administration doesn't deal directly with bookkeeping, tax work, and accounting—rather with strategic financial planning.

A finance degree can go by names like Bachelor of Arts in Finance, Bachelor of Science in Finance and Bachelor of Business Administration in Finance. These programs may have slightly different emphases from one another, but all three can help prepare you for generally similar career tracks.

What qualifications do you need to be a finance administrator? ›

A financial strategy enables you to assess your financial needs and the resources required to support and meet your objectives and to fulfill your organisations' overarching objective, as well as plan for continued growth to enable business success and sustainability.

How much does a Finance administrator make in South Africa? The average finance administrator salary in South Africa is R 198 000 per year or R 102 per hour. Entry-level positions start at R 162 000 per year, while most experienced workers make up to R 964 601 per year.

The salary trajectory of an Investment Administrator ranges between locations and employers. The salary starts at ZAR 90,295 per year and goes up to ZAR 160,939 per year for the highest level of seniority.

Eugene F. Fama, 2013 Nobel laureate in economic sciences, is widely recognized as the "father of modern finance." His research is well known in both the academic and investment communities.

There are four main areas of finance: banks, institutions, public accounting, and corporate. Courses within the finance major provide a solid background in many subjects including: Financial markets and intermediaries.

What are the 8 hardest interview questions and answers? ›

Focus on the job at hand

'I want this job because I have clear skills that will help me achieve...' 'This role will give me the opportunity to combine both my skills in [skill 1] and [skill 2] to achieve...' 'I love [job role specific task] and my last job took me away from that.

Example: "I'm interested in this job because I can see that, in this role, my skills could help solve this problem within your company. I also see an opportunity for me to learn and grow these skills, so we both would benefit personally, professionally, and financially.

A great work environment

“The workplace environment often has the biggest impact on how motivated you are at work. You thrive when you are part of an upbeat, supportive environment that gets you "in the zone" that you need to be in so that you succeed.

Chief Financial Officer

Job responsibilities: The Chief Financial Officer or CFO has the duties of managing a company's capital structure and cash flow and planning for its future growth. Therefore, the CFO must have in-depth knowledge of accounting and financial modeling, among other skill sets.

Finance consists of three interrelated areas: (1) money and credit markets, which deals with the securities markets and financial institutions; (2) investments, which focuses on the decisions made by both individuals and institutional investors; and (3) financial management, which involves decisions made within the ...

What should a finance student know? ›

Under the highly popular misconception of finance students, excelling in numbers and math is not the be all and end all of the required financial skills. Being quick to decipher numbers, understanding the numerical logic and patterns of behaviour are also essential skills for a student pursuing an MBA in finance.

The role of finance in business is indispensable. Business owners use financial data every day when making decisions. They use finance to analyze the present and project the future. Companies cannot operate without the benefits of financial analysis.

In addition to your core classes, all bachelor-level financial degrees will require you to take classes such as economics, risk management, business finance, investment management, marketing, statistics, corporate accounting, stock market fundamentals, and wealth management.

The Administration Department provides administrative and technical support in the areas of human resources (HR), budgetary, strategic planning, legal affairs, calls for tenders, facilities and security.

Extensive experience in financial reporting. Exceptional attention to detail. Superb organizational and time management abilities. Great collaboration and communication skills.

In order to effectively perform their responsibilities, administrators must fill the roles of leader, mentor, manager, decider, and builder. These five roles are interdependent and synergistic as they impact one another and gain in value as proficiency develops in one of the other roles.

Benefits of Financial Literacy

Ability to make better financial decisions. Effective management of money and debt. Greater equipped to reach financial goals. Reduction of expenses through better regulation.

What are your main strengths in finance? ›