Financial Reporting Manager Salary
An average Financial Reporting Manager in the United States can expect to take home roughly $92K annually. Total incomes of Financial Reporting Managers incorporate potential for, in a few cases, more than $19K from bonuses and close to $10K from profit sharing; these performance components cause packages to range between $73K and $128K. Geography is the biggest factor affecting pay for this group, followed by years of experience. Men make up a slight majority of Financial Reporting Managers (57 percent) who responded to the survey. Nearly all report receiving medical coverage from their employers and almost all collect dental insurance. Job satisfaction is high and work is enjoyable for most Financial Reporting Managers. Respondents to the PayScale salary survey provided the data for this report.
Job Description for Financial Reporting Manager
A financial reporting manager is responsible for preparation of many of the financial reports required by an organization. On an average day, they may be ensuring the accuracy of 10-Q or 10-K reports for the Securities and Exchange Commission (SEC), pulling profit and loss financials for one or all remote locations of a large conglomerate, or working with others to improve the reporting process for various divisions of their company.Read More...
Depending on the size and type of their firm, financial reporting managers may be leaders of a team of accountants, bookkeepers, and/or other staff. They may also work alone or hold additional responsibilities if the firm is relatively small. Regardless of whether or not they are team leaders, they generally report to upper management, and often have interactions with others outside the organization, including the SEC.
Since financial reporting managers spend so much of their time dealing with financial and accounting affairs, they are generally expected to have a bachelor's degree in accounting, and most companies prefer that they also be licensed as CPAs (Certified Public Accountants). In many industries, familiarity with other organizations or legislation, such as the SEC and the Sarbanes-Oxley Act, are also required. Depending on what kind of organization they work for, they may need a certain amount of specialized knowledge about a particular industry, such as oil and gas exploration, commercial construction, or health care facilities.
While financial reporting managers are busy every day of the year, there are certain times of the month and year in which they are especially busy. End-of-month reporting is one example, as is the end of the calendar and/or fiscal year, when important financial documents for all employees, contractors, and the like must be generated. This position is primarily mentally taxing, with few physical demands, though having the stamina to work overtime hours when it's time to print and review large quantities of data is essential.
Financial Reporting Manager Tasks
- Prepare forms and documents for company annual and quarterly financial disclosures and earnings releases.
- Provide financial data to support SEC filings.
- Develop and put into practice company policies for accounting to ensure clarity, accuracy and transparency.
- Keep financial records up to date with all financial activity and in compliance with regulations.
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Popular Skills for Financial Reporting Manager
Survey results imply that Financial Reporting Managers deploy a substantial tool kit of skills at work. Most notably, skills in Securities and Exchange Commision Experience, Database Management & Reporting, Accounting, and Financial Reporting are correlated to pay that is above average. Those listing Budgeting as a skill should be prepared for drastically lower pay. Project Management and SAP SAP Financial Accounting and Controlling also typically command lower compensation. Those educated in Accounting tend to be well versed in Microsoft Excel.
Pay by Experience Level for Financial Reporting Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Workers in their first five years can expect to earn $91K, but people who have been around for five to 10 years earn a noticeably bigger sum of $99K. Financial Reporting Managers bring in $96K after working for 10 to 20 years. Survey participants with more than twenty years of experience only make around $88K on average, though; this group reports a lower median than the one claimed by mid-career individuals.
Pay Difference by Location
For Financial Reporting Managers, working in the bustling city of Los Angeles has its advantages, including an above-average pay rate. Financial Reporting Managers can also look forward to large paychecks in cities like New York (+18 percent), Houston (+17 percent), San Francisco (+4 percent), and Denver (+1 percent). One of the biggest compensable factors for Financial Reporting Managers is geography, with workers in Kansas City earning a whopping 23 percent below the national average. Employers pay around 15 percent less in Boston and 14 percent less in St. Louis, below-median salaries for those in this field.
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Key Stats for Financial Reporting Manager
Rated 5 out of 5
based on 51 votes.