A military finance officer plays a key role in keeping the nation’s defense forces running. They deal with financial matters related to paying soldiers, operating facilities and purchasing equipment. Military expenses must be carefully reviewed to ensure military readiness and monitored to ensure accountability. Military finance officers handle all financial aspects of various defense activities and organizations to protect the country and properly support soldiers.
Job Duties
Military finance officers sustain defense organization by distributing money to manage payroll, purchase supplies and support military activities. Military finance officers oversee financial planning to ensure that the military’s administration is efficient and organized. On a typical day, military finance officers may allocate funds, perform audits, analyze financial reports, review budgeting proposals and approve payments, requests and travel allowances.
Senior military finance officers review policies, recommend changes and monitor financial systems. They often work with related military agencies to coordinate resources, review current consuming levels and eliminate waste and inefficiency. Most military finance officers directly report to the base commander by providing management fund reports. Military finance officers are usually assigned to supervise a unit of finance clerks and accountants.
Education Requirements
Before anyone can be commissioned as a military officer, they will need to have at least a bachelor’s degree from an accredited higher learning institution. While military branches usually do not specify the exact major that is required, a master’s degree in finance or accounting is ideal. Alternative majors include math, economics, statistics or business administration. Regardless of the major, students should take at least six to eight credits of finance courses.
Resource: Top 10 Most Affordable Online Master of Finance Degree Programs 2015
A Master of Science in Finance (MSF) will train students to become financial managers by expanding their financial analysis, planning, directing and coordinating skills. Students will be challenged to develop the critical-thinking skills needed to solve complex financial problems. Those who earn a master’s degree will be able to reach higher pay grades and advance to higher positions.
Required Skills
Military finance officers, like civilian financial managers, must have excellent analytical skills that allow them to accurately track, assess and monitor expenditures. Strong organizational skills and attention to detail are a must to avoid financial problems and administration issues. Military finance officers should be comfortable with technology and enjoy reading numbers and statistics.
This means that military finance officers must have natural mathematical abilities. Interpersonal skills are important because military finance officers must continually provide updates, issue financial reports and direct the work of subordinates. Military finance officers have the strategic decision-making skills needed to successfully make and maintain long-term plans. Diplomatic tact and confident self-discipline are important personal attributes.
Working in military finance comes with its own pros and cons. For example, military finance officers are paid better than enlisted soldiers and can potentially earn more with higher ranking positions. Compared with the civilian business world, military finance officers are usually given more responsibilities. However, military finance officers often must travel between national or international bases to manage funds, review accounts and conduct audits. While most of the work is performed in an office setting behind a desk, a military finance officer must sometimes work in dangerous war zones. Read the Army’s job description for Finance Managers here.
