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
It's not very common for Financial Accountants to move on to become Chief Financial Officers. Average pay for a Chief Financial Officer is $123K annually. The most common next step for a Financial Accountant is to become a Senior Accountant or a Financial Controller. The former position pays an additional $7K per year on average, and the latter position pays $25K more per year.
Financial Analyst Job Listings
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Popular Skills for Financial Accountant
Financial Accountants seem to require a rather large skill set. Most notably, skills in Budget Management, Financial Analysis, Accounting, and Data Analysis are correlated to pay that is above average. Skills that seem to negatively impact pay include Accounts Payable, Microsoft Office, and Microsoft Excel. Most people who know Financial Reporting also know Financial Analysis and Microsoft Excel. Most people who know Month-End Close also know Microsoft Excel and Financial Analysis.
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 $51K on average, people with five to 10 years benefit from a notably larger average of $57K. On average, Financial Accountants make $55K following one to two decades on the job. Veterans who have surpassed the 20-year mark may make no more than those who are navigating the mid-career stage.
Pay Difference by Location
Surpassing the national average by 42 percent, Financial Accountants in San Jose receive some of the highest pay in the country. Financial Accountants can also look forward to large paychecks in cities like Minneapolis (+26 percent), New York (+24 percent), Philadelphia (+23 percent), and Seattle (+17 percent). Oklahoma City is home to the smallest salaries in the field, lagging the national average by 16 percent. Two other places where employers offer below-median salaries are St. Louis (15 percent less) and Columbus (14 percent less).