Finance Assistant Salary
Job Description for Finance Assistant
Finance assistants are tasked with collecting and classifying financial information from all departments of a company to prepare periodic reports for each. They may also oversee standard security procedures for handling the firm's sensitive financial information and maintain data privacy in financial and information technology (IT) equipment information.Read More...
Finance assistants may be held accountable for any decisions made based on the data contained in their reports, which often represent lines of communication between different departments within the firm, and many company decisions are made based upon them. They must also establish and maintain communication with all departments within the company.
A bachelor's degree in business administration or a related field is generally required for this position, and some employers also require at least two years of relevant experience. Finance assistants must also be able to analyze financial information, handle complex numerical calculations, and manage personal computers and programmable calculators.
Finance Assistant Tasks
- Record daily entries and reconcile account balances.
- Record and perform payroll bookkeeping, cost classification, billing, and/or reporting.
- Detect and fix errors with tracking, auditing, data entry, and calculations.
- Calculate and analyze financial data to meet short and long-term requests.
Common Career Paths for Finance Assistant
Finance Assistants often transition into Finance Manager positions, for which compensation tends to be much higher. On average, Finance Managers earn $85K per year. Career advancement for the typical Finance Assistant often leads to becoming an Accountant or a Staff Accountant; median salaries in these positions are $9K higher and $9K higher, respectively.
Finance Assistant Job Listings
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Popular Skills for Finance Assistant
Survey results imply that Finance Assistants deploy a deep pool of skills on the job. Most notably, skills in Data Entry, General Ledger Accounting, Accounts Receivable, and Payroll Administration are correlated to pay that is above average, with boosts between 4 percent and 6 percent. At the other end of the pay range are skills like Accounting. Those proficient in Microsoft Excel are, more often than not, also skilled in Microsoft Office and Accounts Receivable. Most people who know Accounts Payable also know Accounts Receivable and Microsoft Office.
Pay by Experience Level for Finance Assistant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience and pay tend to be weakly linked for Finance Assistants — those with more experience do not necessarily bring in higher earnings. Those in the early stages of their career can expect to make around $33K; however, individuals with five to 10 years of experience bring in $36K on average — a distinctly larger sum. People with 10 to 20 years of experience make an average of about $38K in this role. People who have worked for more than 20 years report a median income of $39K, which is barely higher than the median for folks with 10 to 20 years of experience.
Pay Difference by Location
New York offers some of the highest pay in the country for Finance Assistants, 26 percent above the national average. Finance Assistants will also find cushy salaries in Washington (+23 percent), Houston (+20 percent), Sacramento (+17 percent), and Los Angeles (+16 percent). Atlanta ranks last in the field for pay, reporting salaries 20 percent below the national average. Below-median salaries also turn up in Seattle and Miami (5 percent lower and 2 percent lower, respectively).