Finance Manager Salary
The median total income of Finance Managers is around $90K, and for the average worker in this area, a good chunk of that (close to a third, in fact) comes from commissions. In the world of Finance Managers, total cash compensation can vary between $46K and $131K. Each package generally includes bonuses and profit sharing proceeds, and in exceptional cases, those amounts can reach heights of $20K and $14K, respectively. The company is the biggest factor affecting pay for this group, followed by geography and years of experience. Work is enjoyable for Finance Managers, who typically claim high levels of job satisfaction. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. Male Finance Managers are just a bit more common among those who completed the questionnaire than females ones, with male workers composing 53 percent of the field. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
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 $138K annually. The most common promotion for Finance Managers is Finance Director, a position that typically pays $104K annually. Another standard transition for Finance Managers seeking advancement is to assume a Financial Controller role, where pay is often $77K.
Finance Manager Job Listings
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Popular Employer Salaries for Finance Manager
Many Finance Managers can be found at NBC Universal, Inc., Microsoft Corp, Cisco Systems Inc, L'Oreal USA, and General Electric Co (GE), firms that are at the top of the field. The biggest paychecks can be found at Hewlett-Packard Company — the median salary there is $140K; however, employees are subject to a wide range in pay, with the lowest salaries sitting near $77K and highest ones in the neighborhood of $161K. Other leaders in compensation levels are Johnson & Johnson at $130K, Cisco Systems Inc at $130K, and J.P. Morgan Chase & Co. (JPMCC), where Finance Managers annually earn $128K.
Workers also receive paychecks lighter than average at Raytheon Co. ($91K), NBCUniversal Media LLC. ($95K), and NBC Universal, Inc. ($98K).
Popular Skills for Finance Manager
Finance Managers seem to require a rather large skill set. Most notably, skills in Financial Modeling, Forecasting, Strategic Planning, and Financial Analysis are correlated to pay that is above average, with boosts between 12 percent and 14 percent. Those listing Accounts Payable as a skill should be prepared for drastically lower pay. Accounts Receivable and Compliance also typically command lower compensation. Most people experienced in Financial Reporting also know Accounting. It is often found that people who know Financial Analysis are also skilled in Forecasting, Budgeting, and Accounting.
Pay by Experience Level for Finance Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Although individuals who have less than five years' experience earn $72K on average, people with five to 10 years benefit from a notably larger average of $95K. Finance Managers bring in $99K after working for 10 to 20 years. Folks with more than two decades of experience actually report lower incomes overall; their average comes out to a mere $86K.
Pay Difference by Location
Surpassing the national average by 40 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 (+22 percent), Houston (+17 percent), and Dallas (+13 percent). Austin ranks last in the field for pay, reporting salaries 6 percent below the national average.