Financial Coordinator Salary
Median pay for Financial Coordinators in the United States is around $17.99 per hour. Compensation ranges between $13.40 per hour and $24.80. In the world of Financial Coordinators, overall cash allowance can occasionally include more than $4K from bonuses and, in some exceptional cases, $2K from profit sharing, causing incomes to vary widely between $29K and $55K. Residence is the biggest factor affecting pay for this group, followed by tenure. There are far more female Financial Coordinators who answered the questionnaire than men, making up 88 percent. While just under one in three report receiving no health benefits, the larger part do receive medical coverage, and more than half have dental, as well. Job satisfaction is high and work is enjoyable for most Financial Coordinators. The data for this synopsis comes from respondents who took the PayScale salary survey.
Job Description for Financial Coordinator
Financial coordinators are generally responsible for record keeping within their organization. They create payment schedules to help customers handle outstanding payments, and they subsequently makes sure customers stick to these schedules. The main objective of a financial coordinator is to ensure their business maximizes revenue from the business it conducts. They oversee the majority of accounts payable and receiving transactions. as well as constantly evaluate incoming transactions and interest rates - recommending changes as appropriate to ensure maximum financial returns. Additionally, the financial coordinator is responsible for monitoring all outgoing vendor payments, ensuring payments go out on time and that no late fees or penalties are charged.Read More...
The day-to-day responsibilities of financial coordinators include maintaining accounting records in adherence to the organization's financial procedures, preparing internal and external financial reports, and preparing and recommending budget procedures. This position is generally full time, although financial coordinators' schedules vary depending on deadlines and the needs of their company. Financial coordinators' time is spent primarily in the office interacting with other members of the finance team and other employees within the organization. They typically report to a finance manager or the chief financial officer (CFO).
Financial coordinator jobs generally require a bachelor's degree in accounting or a related field, as well as at least three years' experience working in a finance environment. Excellent communication, organizational, and multitasking skills are required. Financial coordinators are required to have extensive knowledge in the finance field, and they must be proficient in basic computer software.
Financial Coordinator Tasks
- Create and process invoices, accounts, and payments.
- Verify, schedule, and prepare transaction information.
- Collect, analyze, and report on financial data in databases, documents, and presentations.
Common Career Paths for Financial Coordinator
Financial Coordinator Job Listings
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Popular Skills for Financial Coordinator
Financial Coordinators seem to wield many skills on the job. Most notably, facility with Accounting, Budget Management, and Payroll Administration are correlated to pay that is significantly above average, leading to increases of 27 percent, 19 percent, and 11 percent, respectively. Those listing Financial Applications as a skill should be prepared for drastically lower pay. Scheduling and Billing also typically command lower compensation. People who know Insurance usually also know Financial Reporting. It is often found that people who know Accounts Receivable are also skilled in Accounts Payable and Financial Reporting.
Pay by Experience Level for Financial Coordinator
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Financial Coordinators, experience does not seem to be a major factor in determining pay. Relatively untried employees who have less than five years' experience make $38K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $41K. For Financial Coordinators, 10 to 20 years of experience on the job amounts to an average salary of $42K. After two decades in the workforce, the average Financial Coordinator generally earns more than ever; median pay for this group is estimated at $44K.
Pay Difference by Location
For Financial Coordinators, working in the bustling city of New York has its advantages, including an above-average pay rate. Financial Coordinators can also look forward to large paychecks in cities like Minneapolis (+25 percent), Washington (+24 percent), San Diego (+22 percent), and Philadelphia (+21 percent). With compensation 10 percent below the national average, Austin is not known for hefty paychecks and actually represents the lowest-paying market. Employers in Atlanta and Orlando also lean toward paying below-median salaries (7 percent lower and 6 percent lower, respectively).