Finance Officer Salary
For Finance Officers, yearly average wages total $58K annually. Career length is the biggest factor affecting pay for this group, followed by geography. Unfortunately, some people in this line of work are without benefits — roughly a fourth lack coverage. On the flip side, a strong majority have medical insurance and the greater part receive dental plans. Job satisfaction is reported as high by the vast majority of workers. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 58 percent. Participants in PayScale's salary questionnaire provided the particulars of this report.
Job Description for Finance Officer
Finance officers are executives who handle financial issues and decisions in a company. They may oversee accounting departments, review reports, and create budgets. Financial officers also may supervise spending, which can include investments and cash management; they may be responsible for preparing financial statements while maintaining compliance with state and federal government regulations. Managing an internal audit and reporting findings, as well as making recommendations based on that audit, is often part of the duties of a finance officer.Read More...
Finance officers typically work as a team, typically under tight deadlines; they also often work closely with the CEO and other officers within the company. Their typical hours are a business' regular hours, although some overtime might be required for special projects or under tight deadlines.
Companies typically select candidates that are trustworthy, honest, efficient, and ethical. This position requires strong accounting, analytical, problem solving, and computer skills as well. In terms of education, companies typically look for candidates with, at minimum, a bachelor’s degree in finance, accounting, or business administration; some may also seek post-graduate or master's level experience in an accounting program and some related financial experience. Professional certification is available for finance officers. One such certification is the certified public finance officer (CPFO); continuing education is required to maintain certifications, and many employers will provide or subsidize those opportunities.
Finance Officer Tasks
- Supervise investment strategies, direct financial resources, and manage company assets.
- Ensure that accounting, budget and audit controls and systems are in compliance with State, Federal and local rules and regulations.
- Coordinate financial record-keeping and oversee the development of yearly budgets.
- Provide financial guidance and management expertise related to company operations and financial strategy
Finance Officer Job Listings
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Pay by Experience Level for Finance Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Finance Officers, extensive experience does not lead to significantly more money. During the first five years of their careers, Finance Officers see a median income of $48K. Survey respondents with five to 10 years of experience report an only modestly higher median of $52K. Finance Officers claiming one to two decades of experience make an estimated median of $61K. Finance Officers who have acquired more than two decades of experience generally do see greater compensation; their average income is approximately $68K.