Financial Accountant Salary
Job Description for Financial Accountant
Financial accountability is pivotal to maintaining a healthy business, and financial accountants conduct a number of functions to ensure this is possible. They manage payroll, taxes, income, spending, and educating their employer on financial information. Work days for financial accountants can be a bit longer than a standard 9-to-5 job, because of strict deadlines on all projects that financial accountants are given. Generally, financial accountants do not need to work directly with employees; if they discover discrepancies with posted reports, they inform management.Read More...
Financial accountants need a strong background in math and must be ready to examine financial figures on a daily basis. An associate's or bachelor’s degree in accounting is needed for this job, as is knowledge of statistics, arithmetic, and algebra. The ability to use computers and accounting software programs is important, and financial accountants must be able to use computers to perform mathematical computations and create presentations. Different employers will use different accounting software, so it is good for financial accountants to be able to adapt quickly to new programs.
Financial Accountant Tasks
- Utilize accounting principles to ensure compliance with regulatory reporting requirements.
- Summarize and prepare financial records and statements for external reporting.
- Maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
Common Career Paths for Financial Accountant
Financial Accountants sometimes assume positions such as Chief Financial Officers. That role pays $123K per year on average. Typical career progression for a Financial Accountant involves becoming a Senior Accountant or a Financial Controller, roles that pay $7K more and $25K more on average.
Financial Accountant Job Listings
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Popular Skills for Financial Accountant
Financial Accountants seem to exploit a large range of skills on the job. Most notably, skills in Financial Analysis, Financial Applications, Accounting, and Budget Management are correlated to pay that is above average. Skills that seem to negatively impact pay include Accounts Payable, Microsoft Office, and Payroll Administration. Most people who know Month-End Close also know Microsoft Excel and Financial Analysis. Most people skilled in Financial Reporting are similarly competent in Financial Analysis and Microsoft Excel.
Pay by Experience Level for Financial Accountant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Although individuals who have less than five years' experience earn $52K on average, people with five to 10 years benefit from a notably larger average of $57K. On average, Financial Accountants make $54K following one to two decades on the job. Folks who have racked up more than 20 years in the field report incomes that aren't higher than less experienced individuals' earnings.
Pay Difference by Location
San Jose is home to an above-average pay rate for Financial Accountants, 42 percent higher than the national average. Financial Accountants will also find cushy salaries in Minneapolis (+27 percent), Philadelphia (+23 percent), Houston (+18 percent), and New York (+17 percent). In Oklahoma City, salaries are 16 percent below the national average and represent the lowest-paying market. Below-median salaries also turn up in Columbus and St. Louis (14 percent lower and 13 percent lower, respectively).
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Key Stats for Financial Accountant
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