Senior Financial Accountant Salary
Job Description for Senior Financial Accountant
A senior financial accountant is primarily responsible for the collection and analysis of financial information for their organization, as well as advising the business on financial decisions. This accountant is the upper-level financial officer within a business, responsible for analyzing the economic stability of their organization. They assist other executive staff members by providing financial reporting, guidance, and knowledge. A senior financial accountant is required to advise employers and staff members regarding investments, report costs and productivity, analyze and report margins, report expenditures, and offer financial recommendations.Read More...
This is typically a leadership position, so additional responsibilities include supervising associate accounting employees and supervising a team of junior accountants. Senior financial accountants must possess strong leadership skills, excellent communication skills, a strong background in economics, and an in-depth knowledge of business and financial laws. They also must have organizational skills, the ability to act and operate independently with minimum supervision, proficiency with basic computer programs, the ability to work collaboratively, and a strong understanding of accounting theory.
This position generally requires a bachelor’s degree in accounting, although graduate degrees are often preferred. Professional certification or licensing is often preferred, and typically required with most businesses; common certifications/liceneses include status as a certified public accountant, status as a certified management accountant, and business valuation accreditation. Senior financial accountant positions also typically require at least five years of experience in the field. Individuals in this job generally work in an office environment during regular business hours, although overtime and alternative hours may be required depending on the needs of the employer.
Senior Financial Accountant Tasks
- Maintain account journals, reconcile accounts and update reports.
- Design process improvements, test them, and implement them.
- Advise teams and management about current and forecasted states.
- Analyze data, create invoices and statements, and identify problems.
Common Career Paths for Senior Financial Accountant
Many Senior Financial Accountants move into a Financial Controller role, which does not lead to a big boost in pay. Financial Controllers on average bring in a similar salary to Senior Financial Accountants. Senior Financial Accountants go on to become Accounting Managers more often than anything even though median pay for the role is $61K. Senior Financial Accountants who move into a Senior Financial Analyst role, another well-traveled path for those in this field, tend to find salaries of $76K.
Senior Financial Accountant Job Listings
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Popular Skills for Senior Financial Accountant
Survey results imply that Senior Financial Accountants put a diverse skill set to use. Most notably, skills in Accounting, Month-End Close, General Ledger Accounting, and Financial Analysis are correlated to pay that is above average, with boosts between 4 percent and 9 percent. The majority of those who know Financial Analysis also know Microsoft Excel.
Pay by Experience Level for Senior Financial Accountant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Workers with less than five years' experience earn around $69K on average, and those who have five to 10 years under their belts see a higher median salary of $73K. The average pay reported by folks with 10 to 20 years of experience is around $72K. Senior Financial Accountants who have acquired more than 20 years of relevant experience earn significantly more than folks with fewer years on their resumes; the average income in this veteran group is $81K.