Finance Manager Salary
Total annual pay for Finance Managers is approximately $90K, and commissions account for a significant portion of this final number — approximately one in three on average. Overall cash earnings for Finance Managers stretch from $45K on the lower end to $131K near the top, and the heftiest packages can encompass around $20K from bonuses and $14K from profit sharing. This group's pay is mainly influenced by the company, followed by geography and tenure. The majority of workers are highly satisfied with their job. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to the greater part. Women are just slightly outnumbered, with male Finance Managers making up 53 percent of survey respondents. This report is based on responses to the PayScale salary survey.
Job Description for Finance Manager
Finance managers develop and monitor departmental budgets. They make relevant financial forecasts for their company. They work with other managers and their staff to establish their company’s future budgets. Their department keeps track of ongoing expenses to make sure that they are not over the budget. They ask relevant managers for clarification when their departmental expenses have surpassed the established budget. They are responsible for accurate and timely reporting of various. They must take ownership of various projects and delegate them to their staff. They follow up with their staff regarding project progress.Read More...
They must ensure that all projects meet established deadlines. They must conduct performance evaluations in a timely manner and provide timely feedback to their staff. They must have prior management or supervisory experience in the same industry. They must have strong leadership and interpersonal skills. They must have excellent oral and written communication skills. They must be able to build strong teamwork. They must be comfortable making presentations and leading various staff meetings.
They must have a bachelor’s degree in finance, management, accounting, business administration, or other relevant fields. Some employers prefer that candidates have CPA certifications and/or MBAs. They must have strong analytical skills. They must be familiar with Microsoft Office suite and their organization's computer system. They must have a high degree of proficiency in working with various financial applications and reporting tools.
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.
Common Career Paths for Finance Manager
Finance Managers who go on to become VPs of Finance may see their salaries climb quite a bit. Median pay for VPs of Finance is $139K annually. With an annual salary of $105K, Finance Director is the most common role for Finance Managers to subsequently assume on their way up the ladder. Transitioning into a Financial Controller role — which usually pays $77K — is also typical for Finance Managers, though less common by comparison.
Finance Manager Job Listings
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Popular Employer Salaries for Finance Manager
Well-known firms with a reputation for hiring numerous Finance Managers include NBC Universal, Inc., Microsoft Corp, General Electric Co (GE), Cisco Systems Inc, and L'Oreal USA. For Finance Managers, comfortable salaries can be found at Hewlett-Packard Company; in fact, average earnings are around $140K, the highest in the area, though the difference in the company's lowest and highest employee paychecks ($77K versus $161K) is great. Soaring salaries can also be found at AT&T Inc., Johnson & Johnson, and Cisco Systems Inc, where earnings of $135K, $130K, or $130K are standard for Finance Managers.
Offering only $91K on average, Raytheon Co. seems to pay the least. Moreover, the pay scale seems pretty narrow there; employees make $69K on the lower end and $130K on the higher end. A few other companies with smaller-than-average paychecks include U.S. Bank ($93K), NBC Universal, Inc. ($98K), and General Electric Co (GE) ($99K).
Popular Skills for Finance Manager
Survey results imply that Finance Managers deploy a substantial tool kit of skills at work. Most notably, skills in Financial Modeling, Forecasting, Strategic Planning, and Financial Analysis are correlated to pay that is above average, with boosts between 11 percent and 15 percent. Those listing Accounts Payable as a skill should be prepared for drastically lower pay. Accounts Receivable and Compliance also typically command lower compensation. Those familiar with Financial Analysis also tend to know Forecasting, Budgeting, and Accounting. The majority of those who know Financial Reporting also know Accounting.
Pay by Experience Level for Finance Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
The average beginner in this position makes around $72K, but folks who have been around for five to 10 years see a markedly higher median salary of $95K. The average pay reported by folks with 10 to 20 years of experience is around $99K. For some reason, Finance Managers with more than two decades of experience report lower paychecks overall; the median sum in this group sits near $85K.
Pay Difference by Location
Surpassing the national average by 38 percent, Finance Managers in San Jose receive some of the highest pay in the country. Finance Managers can also look forward to large paychecks in cities like San Francisco (+30 percent), Seattle (+21 percent), New York (+14 percent), and Denver (+14 percent). Austin ranks last in the field for pay, reporting salaries 5 percent below the national average.
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