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 who go on to become Directors of Financial Planning & Analysis may see their salaries climb quite a bit. Median pay for Directors of Financial Planning & Analysis 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.
Financial Manager Job Listings
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Popular Skills for Financial Manager
Survey results imply that Financial Managers deploy 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 29 percent, 18 percent, and 16 percent, respectively. Those listing Payroll Administration as a skill should be prepared for drastically lower pay. Accounts Receivable and Quickbooks also typically command lower compensation. For most people, competency in Accounting indicates knowledge of Financial Analysis.
Pay by Experience Level for Financial Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Relatively untried employees who have less than five years' experience make $57K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $71K. Financial Managers with one to two decades of relevant experience report an average salary of approximately $74K. People who have worked for 20 years or more actually report earning less than people who are in the middle of their careers; the veterans take home a mere $68K by contrast.
Pay Difference by Location
Financial Managers will find that Boston offers an impressive pay rate, one which exceeds the national average by 50 percent. Financial Managers can also look forward to large paychecks in cities like Washington (+36 percent), Seattle (+36 percent), Houston (+21 percent), and Chicago (+17 percent). Financial Managers in Louisville make 25 percent less than the national average, proving that location is a major factor in pay. Employers in Charlotte and Cleveland also lean toward paying below-median salaries (23 percent lower and 15 percent lower, respectively).