Commercial Finance Manager Salary
Median pay for Commercial Finance Managers in the United States is around $87K per year. Men make up a slight majority of Commercial Finance Managers (56 percent) who responded to the survey. Almost all receive medical and dental insurance and nearly all get vision plans. The majority of workers are highly satisfied with their job.
Job Description for Commercial Finance Manager
Simply put, the goal of a commercial finance manager is to increase profits for their business. These managers analyze various data from company performance and determine areas for improvement, so applicants should have up-to-date knowledge of trends in the marketplace in order to propose new ideas and opportunities. It is also important to keep an eye on the competition to develop the most effective strategies.Read More...
A commercial finance manager may also work with his/her company's marketing department to help develop profitable ideas for promotions and set prices for products. He/she also analyzes all of the company’s operations throughout the supply chain to determine where efficiency or cost-effectiveness can be improved. This is often a leadership position which involves working with a commercial finance team, so some hiring and disciplinary duties may be necessary to develop successful teams.
These managers will also help the finance and accounting departments within the company to ensure that they're operating efficiently. They will provide advice to these departments in areas such as profitability forecasting, performance reporting, marketing analysis, and new product development. These managers also help other managers develop policies and work protocols, including working with the finance department to develop plans, forecasts, and analyses. Generally, a minimum of a Bachelor’s degree in Accounting, Business or Finance is required, along with years of work experience in a relevant field. Some leadership experience may also be required. Some positions require a Master’s degree.
Commercial Finance Manager Tasks
- Prepare informational analyses on current processes, actual performance versus budget and prior year data.
- Assist Operations team in Monthly Operations Review.
- Identify areas for cost reductions and operational improvements.
- Provide analyses to Operations team.
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Pay by Experience Level for Commercial Finance Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
In this occupation, salaries for the relatively untested average out to $76K, but folks in the five-to-10 year range enjoy a much heftier median of $100K. On average, Commercial Finance Managers make $104K following one to two decades on the job. Respondents who boast more than 20 years of experience can't seem to boast paychecks reflecting that extensive experience, though; veteran Commercial Finance Managers report making only $103K on average.