Financial Administrator Salary
Financial Administrators in the United States take home approximately $47K annually on average. Geography is the biggest factor affecting pay for this group, followed by experience level. The majority of workers are highly satisfied with their job. Health benefits are not claimed by all — approximately one-third lack any form of coverage — but the larger part have medical insurance, and about one-half have dental, too. The vast majority of Financial Administrators (85 percent) who responded to the survey are women. Participants in PayScale's salary questionnaire provided the particulars of this report.
|Salary||$34,538 - $76,820|
|Bonus||$0.00 - $7,748|
|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).)
|$31,027 - $67,688|
|Hourly Rate||$13.73 - $24.90|
|Overtime||$19.61 - $38.25|
|Bonus||$0.00 - $7,748|
|Total Pay (||$31,027 - $67,688|
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
Financial Administrators seem to require a number of specific skills. Most notably, skills in Financial Analysis, General Ledger Accounting, Financial Reporting, and Accounting are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Human Resources, Accounts Receivable, and Payroll Administration. Most people experienced in 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 Financial Administrators, experience does not seem to be a major factor in determining pay. Those in the early stages of their career can expect to make around $41K; however, individuals with five to 10 years of experience bring in $46K on average — a distinctly larger sum. People with 10 to 20 years of experience make an average of about $47K in this role. Financial Administrators who have acquired more than two decades of experience generally do see greater compensation; their average income is approximately $49K.
Pay Difference by Location
For Financial Administrators, busy Washington offers a higher-than-average pay rate, 43 percent above the national average. 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 51 votes.