Financial Information
Financial Management in the Military?
Question : Financial Management in the Military?
Hello! I’m currently a junior in college and majoring in finance. I’m planning to join the Coast Guard through the OCS program and would like to get a position in financial management. What’s it like to handle finances in the military? How much I will be using my knowledge about finance learned in college? Are officers required to have a background in finance/accounting before selecting a finance training course in the military?
financial management training
Best answer:
Answer by what?
I’m not familiar with the Coast Guard in particular, but I know in the Army the Finance Corps is VERY small, with only about 4 dozen new O-1′s commissioned each year to service the more than 500,000 Active Duty DA personnel.
Supposedly, there are more Captains (O-3′s) than there are 2/1LT’s (O-1 & O-2) combined.
And the Coast Guard itself is tiny, so I wouldn’t count on getting a slot in that branch unless you have stellar grades, ace the ASVAB quant sections, and have family connections.
EDIT: The Air Force does the bulk of the contract/trial work these days – you might stand a slightly better shot as a flyboy.
All Coast Guard officers are generalists by definition. Your first tour would be operational (not finance), and you wouldn’t be in a financial position every tour.
That said, Coast Guard officers serve as Comptrollers of large bases, Budget Officers at Districts, budget planners of programs and systems at Heaquarters, and other significant financial positions throughout the Coast Guard. For these fields, most do have significant financial education, either through prior enlisted service in the CG’s finance rate (SK), an undergrad degree, and very often, a graduate degree (which the CG will pay for once in the service).
Good luck!