Financial Administrator Salary
Median pay for Financial Administrators in the United States lies in the neighborhood of $46K annually. Location is the biggest factor affecting pay for this group, followed by tenure. Most Financial Administrators like their work and job satisfaction is high. Women make up the vast majority of Financial Administrators (83 percent) who answered the questionnaire. While some workers in this profession — just under a third — do not have any health coverage, more than half do receive medical benefits and around half have dental insurance. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
Job Description for Financial Administrator
Financial administrators are in charge of managing financial-related tasks for their company. They perform budget and payroll transactions, maintain separate account such as discretionary and grant funding, and maintain accurate financial records for tax-related purposes. They must follow company policies to process payments, approve money transfers, keep financial statements, review reimbursements, and approve purchase order requisitions. Additionally, they prepare financial reports, and collaborate with other departments as needed.Read More...
Financial administrators must provide excellent customer service and act professionally with interacting with external financial institutions. Additionally, they must work closely with other financial professionals to reach all organizational goals. In addition to working well with others, financial administrators must work well independently and have excellent problem solving skills. To help oversee budget requirements, financial administrators must have advanced bookkeeping knowledge, reconcile accounting records, and correct discrepancies. They need to be able to work well under pressure and to shifting financial circumstances. They monitor economic policy changes, and use company resources efficiently.
Generally, financial administrators work in an office environment with other finance professionals. One of their main tools is a personal computer with spreadsheet software that helps them calculate financial transactions. They also have proficiency with finance-related software to make projections for future use by the business.
A bachelor's degree in finance, accounting, administration, or a related field is required for this position. Experience in a similar position may be preferred, as may experience in a managerial role.
Financial Administrator Tasks
- Maintain accounts and follow up to verify and close invoices and collect fees.
- Document project status, obstacles, reporting and reviews.
- Review and verify accuracy of financial and contract paperwork and processes.
- Create budget templates and serve as point of contact for questions and exceptions.
Financial Administrator Job Listings
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Popular Skills for Financial Administrator
Survey results suggest that Financial Administrators use a fairly large toolkit of professional skills. Most notably, skills in Financial Analysis, General Ledger Accounting, Financial Reporting, and Accounting are correlated to pay that is above average, with boosts between 4 percent and 18 percent. Skills that seem to negatively impact pay include Human Resources and Accounts Receivable. Most people who know Accounting also know Bookkeeping and Payroll Administration.
Pay by Experience Level for Financial Administrator
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Financial Administrators, extensive experience does not lead to significantly more money. Salaries of relatively inexperienced workers fall in the neighborhood of $41K, but folks who have racked up five to 10 years see a notably higher median of $45K. Financial Administrators see a median salary of $46K after reaching one to two decades on the job. Ultimately, more time spent in the workforce does seem to translate to bigger paychecks; seasoned veterans with more than 20 years of experience report a median income of $49K.
Pay Difference by Location
Surpassing the national average by 23 percent, Financial Administrators in Chicago receive some of the highest pay in the country. Financial Administrators can also look forward to large paychecks in cities like Houston (+22 percent), Oklahoma City (+16 percent), Cincinnati (+16 percent), and Atlanta (+13 percent). In Pittsburgh, salaries are 10 percent below the national average and represent the lowest-paying market.