Financial Administrator Salary
The average Financial Administrator in the United States earns approximately $47K annually. In the world of Financial Administrators, overall cash allowance can occasionally include more than $9K from bonuses and, in some exceptional cases, $3K from profit sharing, causing incomes to vary widely between $31K and $67K. Residence is the biggest factor affecting pay for this group, followed by experience level. Unfortunately, some people in this line of work are without benefits — over a third lack coverage. On the flip side, more than half have medical insurance and just over two-fifths receive dental plans. Most workers in this position report high levels of job satisfaction. Women account for the majority of Financial Administrators who took the survey — 88 percent to be exact. This report is based on responses to the PayScale salary survey.
|Salary||$34,733 - $77,323|
|Bonus||$0.00 - $9,123|
|Profit Sharing||$0.00 - $2,632|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$30,742 - $67,322|
|Hourly Rate||$13.43 - $24.82|
|Overtime||$18.89 - $35.26|
|Bonus||$0.00 - $9,123|
|Profit Sharing||$0.00 - $2,632|
|Total Pay (||$30,742 - $67,322|
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
- Review and verify accuracy of financial and contract paperwork and processes.
- Create budget templates and serve as point of contact for questions and exceptions.
- Maintain accounts and follow up to verify and close invoices and collect fees.
- Document project status, obstacles, reporting and reviews.
Popular Skills for Financial Administrator
Survey results suggest that Financial Administrators put a wide range of professional skills to use. Most notably, skills in Financial Analysis, General Ledger Accounting, Financial Reporting, and Accounting are correlated to pay that is above average. Skills that seem to negatively impact pay include Human Resources, Accounts Receivable, and Accounts Payable. Most people who know Accounting also know Bookkeeping and Payroll Administration.
Pay by Experience Level for Financial Administrator
Pay by Experience for a Financial Administrator has a positive trend. An entry-level Financial Administrator with less than 5 years of experience can expect to earn an average total compensation of $41,000 based on 130 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Financial Administrator with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $46,000 based on 83 salaries. An experienced Financial Administrator which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $47,000 based on 83 salaries. A Financial Administrator with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $50,000 based on 37 salaries.
Pay Difference by Location
For Financial Administrators, working in the bustling city of Washington has its advantages, including an above-average pay rate. Financial Administrators can also look forward to large paychecks in cities like Chicago (+23 percent), Houston (+22 percent), Oklahoma City (+16 percent), and Atlanta (+13 percent). The smallest paychecks in the market, 10 percent south of the national average, can be found in Pittsburgh.
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Rated 5 out of 5
based on 60 votes.