Senior Finance Manager Salary
Salaries for Senior Finance Managers in the United States are generous, with average pay above six figures ($114K) per year. In the world of Senior Finance Managers, overall cash allowance can occasionally include more than $25K from bonuses and, in some exceptional cases, $18K from profit sharing, causing incomes to vary widely between $87K and $160K. The most influential factor affecting pay for this group is location, though tenure and the specific company have a (lesser) impact as well. Most people who answered the questionnaire are men; 61 percent of Senior Finance Managers are male. Medical benefits are awarded to nearly all, and almost all earn dental coverage. Job satisfaction is reported as high by the vast majority of workers. Participants in PayScale's salary questionnaire provided the particulars of this report.
|Salary||$82,631 - $142,702|
|Bonus||$4,848 - $25,111|
|Profit Sharing||$0.00 - $18,240|
|Total Pay (||$86,912 - $159,863|
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.
- Manage organization's investments and cash needs, proposing changes in policies and procedures as new situations arise.
- 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.
Common Career Paths for Senior Finance Manager
Senior Finance Managers may experience a large salary bump if they progress into a role such as Senior Finance Director. The latter position pays an average of $177K annually. A Finance Director role is the most common promotion for Senior Finance Managers moving up the ladder. Pay for this role tends to be $105K per year. Another typical, albeit less common, transition for Senior Finance Managers is a VP of Finance position, where earnings are usually $139K.
Popular Employer Salaries for Senior Finance Manager
Popular Skills for Senior Finance Manager
Survey results imply that Senior Finance Managers deploy a substantial tool kit of skills at work. Most notably, skills in Senior Financial Management, Project Management, Forecasting, and Strategic Planning are correlated to pay that is above average, with boosts in pay of 6 percent. Skills that pay less than market rate include Data Analysis. Those familiar with Financial Analysis also tend to know Financial Modeling and Budget Management. Most people familiar with Financial Reporting also know 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.
For Senior Finance Managers, experience does not seem to be a major factor in determining pay. Six-figure salaries are not unusual for those just entering the occupation — survey respondents with less than five years' experience under their belts report receiving an average of $103K per year. After working for 10 to 20 years, Senior Finance Managers make a median salary of $131K. Senior Finance Managers who have stuck around for more than two decades see earnings that are only slightly higher than those of folks who have worked for 10 to 20 years; the more senior group makes around $137K on average.
Pay Difference by Location
For Senior Finance Managers, San Jose provides a pay rate that is 26 percent greater than the national average. Senior Finance Managers can also look forward to large paychecks in cities like San Francisco (+18 percent), Dallas (+6 percent), Seattle (+5 percent), and San Diego (+4 percent). One of the biggest compensable factors for Senior Finance Managers is geography, with workers in Philadelphia earning a whopping 26 percent below the national average. Workers in Minneapolis and Cincinnati earn salaries that trail the national average for those in this profession (17 percent less).
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Key Stats for Senior Finance Manager
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