Financial Manager Salary
Job Description for Financial Manager
A financial manager usually works directly for a company or a consulting firm, although a financial manager can work in all sorts of fields. The financial manager helps the organization become aware of weaknesses and risks regarding its financial situation. The manager then offers suggestions as to how financial goals can be achieved.Read More...
The financial manager may also be in charge of coming up with realistic financial goals that the company or client should aim for. Even companies that are making large profits need financial managers, in order to make sure that future decisions are accurate and that costs can be lowered. A lot of the job requires carrying out research, in order to determine areas of weakness and/or trends in past activity. It may also be important to scope out the financial activity of competitors, in order to learn lessons where applicable. The financial manager may help to make critical financial decisions, so it is important that ideas are well-researched and thoroughly considered. Another thing that the financial manager may do is perform audits to make sure that company policies and local and federal laws and regulations are being adhered to.
It is important to have strong computer and research skills in order to create financial statements, business activity reports, and forecasts of the financial future. The financial manager may also aid in helping employees to be able to manage their own reporting and budgeting needs, so public speaking skills may come in handy. At least a bachelor’s degree in finance, business, or a related subject is usually required for this position. Since this a management position, years of relevant experience are also typically required.
Financial Manager Tasks
- Prepare and submit budget and resource reports and statements, with an eye towards compliance.
- Perform ad hoc, non-routine financial analysis as needed.
- Manage client accounts and act as the subject matter expert for budgetary decisions.
- Refine and implement monthly, quarterly, and annual reports for designated groups.
Common Career Paths for Financial Manager
Financial Managers may progress into high-paying roles like Director of Financial Planning & Analysis, where median compensation is $126K annually. With an annual salary of $77K, Financial Controller is the most common role for Financial Managers to subsequently assume on their way up the ladder. Transitioning into an Accounting Manager role — which usually pays $61K — is also typical for Financial Managers, though less common by comparison.
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Popular Skills for Financial Manager
Financial Managers report using a deep pool of skills on the job. Most notably, facility with Forecasting, Senior Financial Management, and Financial Analysis are correlated to pay that is significantly above average, leading to increases of 26 percent, 21 percent, and 16 percent, respectively. Those listing Quickbooks as a skill should be prepared for drastically lower pay. Payroll Administration and Accounts Receivable also typically command lower compensation. Most people experienced in Accounting also know Financial Analysis.
Pay by Experience Level for Financial Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Workers in their first five years can expect to earn $56K, but people who have been around for five to 10 years earn a noticeably bigger sum of $71K. On average, Financial Managers make $75K following one to two decades on the job. For some reason, Financial Managers with more than two decades of experience report lower paychecks overall; the median sum in this group sits near $71K.
Pay Difference by Location
Financial Managers will find that Dallas offers an impressive pay rate, one which exceeds the national average by 41 percent. Financial Managers can also look forward to large paychecks in cities like Washington (+36 percent), Seattle (+36 percent), Baltimore (+17 percent), and Boston (+15 percent). Financial Managers in Louisville make 25 percent less than the national average, proving that location is a major factor in pay. Not at the bottom but still paying below the median are employers in Charlotte and San Diego (24 percent lower and 2 percent lower, respectively).
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