Senior Finance Manager Salary
Senior Finance Managers enjoy a hefty income, with average pay passing six figures ($114K) annually in the United States. In the world of Senior Finance Managers, overall cash allowance can occasionally include more than $25K from bonuses and, in some exceptional cases, $15K from profit sharing, causing incomes to vary widely between $87K and $158K. Geography is the biggest factor affecting pay for this group, followed by years of experience. Nearly all enjoy medical while almost all get dental coverage. Vision coverage is also available to most. Senior Finance Managers who participated in the survey are largely men, dominating at 61 percent. The majority of Senior Finance Managers claim high levels of job satisfaction. This overview is based on answers to PayScale's salary questionnaire.
Job Description for Senior Finance Manager
The senior finance manager is responsible for many of the monetary operations and decision for their organization. The senior finance manager controls a large amount of a company's capital, including how that capital is spent. To decide how the company's money is best spend, the senior finance manager must be able to create forecasts that explain and predict the results of particular investments. In addition, the senior finance manager is responsible for compiling information on assets and sales (as applicable), and communicating these figure to executives and subordinate managers in the organization. Finally, a senior finance manager is responsible for keeping open lines of communication with business partners to discuss potential joint ventures.Read More...
A senior finance manager typically needs a bachelor’s degree in finance, accounting, or another business-related field, as well as financial experience in their company's field (retail, manufacturing, etc.). In addition, the individual must have excellent communication and analytical skills and the ability to handle large, important decisions.
Senior Finance Manager Tasks
- Produce periodic reports on the performance of business initiatives and adherence to budgets.
- Develop and review organization’s budget, using forecasts and models to determine how to allocate funds.
- Supervise staff evaluating organization’s financial performance, generating reports, analysis, and models.
- Manage organization’s investments and cash needs, proposing changes in policies and procedures as new situations arise.
Common Career Paths for Senior Finance Manager
Senior Finance Managers who go on to become Senior Finance Directors may see their salaries climb quite a bit. Median pay for Senior Finance Directors is $177K annually. Senior Finance Managers most frequently advance into Finance Director and Chief Financial Officer roles even though the median salaries are $22K lower and $4K lower, respectively.
Senior Finance Manager Job Listings
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Popular Skills for Senior Finance Manager
Senior Finance Managers seem to wield many skills on the job. Most notably, skills in Project Management, Data Analysis, Senior Financial Management, and Forecasting are correlated to pay that is above average, with boosts between 5 percent and 7 percent. Skills that pay less than market rate include Accounting. Most people familiar with Financial Analysis also know Financial Modeling and Budget Management. Those familiar with Financial Reporting tend to be well versed in Budget Management and Financial Modeling.
Pay by Experience Level for Senior Finance Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Senior Finance Managers with a lot of experience do not necessarily enjoy more money. New workers enjoy hefty six-figure paychecks when they take on this position — $100K per year is the median for people who claim less than five years' experience. People with 10 to 20 years of experience make an average of about $131K in this role. People who have worked for more than 20 years report a median income of $137K, which is barely higher than the median for folks with 10 to 20 years of experience.
Pay Difference by Location
Home to some of the best pay for Senior Finance Managers, San Jose offers exceptional salaries, 27 percent above the national average. Senior Finance Managers can also look forward to large paychecks in cities like San Francisco (+16 percent), Boston (+5 percent), San Diego (+5 percent), and Seattle (+4 percent). One of the biggest compensable factors for Senior Finance Managers is geography, with workers in Washington earning a whopping 23 percent below the national average. Employers pay around 17 percent less in Cincinnati and 11 percent less in Austin, below-median salaries for those in this field.