The following article discusses the career path of Director of Finance. Learn about how to become one, education requirements, job duties, traits and qualities, national salary outlook as well as top national employers of Director of Finances.
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Job Duties
Directors of finance have numerous general management duties, including performance evaluation, hiring, scheduling, and so on. They head the finance team, ensuring that strategic plans are in place to meet the financial objectives of the company. As such, they must conduct financial analyses, projections, and accounting duties. They also have to identify financial risks and areas that can be improved on, thereby avoiding mistakes and increasing profits.
They also periodically create financial reports, presenting those to the rest of the management team. They may have to identify financial markets that can be tapped into, including potential mergers and acquisitions, in an effort to grow the company. A director of finance will usually work in an office environment with occasional travel, particularly if the business has multiple branches.
Other job duties of a director of finance are:
- To manage budget preparation, accounting activities, and forecasts
- To direct business planning, staff operations, compliance, and budget development in the finance department
- To oversee the financial reporting and regulatory preparation, ensuring full compliance
- To create strategies and policies and procedures in relation to financial data and reports
Where We Work
According to the U.S. Bureau of Labor Statistics, there were 580,400 financial managers in 2016. The largest employers of these professionals were:
- Finance and insurance: 29%
- Professional, scientific, and technical services: 12%
- Management of companies and enterprises: 11%
- Government: 7%
- Manufacturing: 7%
How to Become
It is generally expected that a director of finance holds a graduate degree, preferable the master of business administration (MBA), although finance or economics are also accepted. Some employers will accept those with only a bachelor’s degree if they have sufficient experience and are willing to complete a graduate degree at a later stage.
Education Requirements
Directors of finance will typically have at least five years of experience at management level in a financial field, as well as holding a graduate degree. They often have a background as a financial analyst, securities sales agent, or accountant.
The most acceptable master’s degree is the MBA, although those in economics, accounting, and finance are also acceptable. These graduate degrees demonstrate that an individual has the necessary analytical skills and understanding of software and financial analysis.
There is no requirement for a director of finance to be certified, but a certification can improve career prospects. The Certified Financial Analyst (CFA) is a highly respected certification, and so with the Certified Treasury Professional offered by the Association for Financial Professionals. Some directors of finance are licensed as a Chartered Public Accountant (CPA), which is provided by the American Institute of Certified Public Accountants (AICPA).
Traits & Qualities
The most effective directors of finance have the following traits to some degree or other:
- Strong analytical skills
- Excellent communication skills, both verbal and written, with a particular focus on report writing
- Detail oriented
- Great mathematical skills
- Very organized
- Strong team workers
Minimum Education
Master’s Degree
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- Most Reported
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$23,000
$229,000
The following section lists Director of Finance salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, New York had the largest quoted salary of $125,213 while North Dakota had the smallest quoted salary of $62,645.
| Alaska – $93,329 | Rank: 21st |
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The average salary ranks 21st among states in the country. There were also job openings from employers like City of Saint Paul.
$38,000 $173,000 Salary Distribution
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| Alabama – $79,339 | Rank: 37th |
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The average salary ranks 37th among states in the country. There were also job openings from employers like AUTOMATION PERSONNEL, Vaco, LLC, Automation Personnel Services, and Nigel Frank International.
$16,000 $191,000 Salary Distribution
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| Arkansas – $76,356 | Rank: 39th |
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The average salary ranks 39th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, Express Employment Professionals, University of Arkansas, and Superior Auto Group.
$16,000 $183,000 Salary Distribution
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| Arizona – $93,600 | Rank: 20th |
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The average salary ranks 20th among states in the country. There were also job openings from employers like Catalina Foothills School District, Prestige Ford, Ledgent Finance & Accounting, and The Bolton Group.
$21,000 $216,000 Salary Distribution
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| California – $115,283 | Rank: 4th |
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The average salary ranks 4th among states in the country. There were also job openings from employers like Robert Half Management Resources, University of California, Santa Barbara, Ralph Andersen & Associates, and City Of San Bruno.
$36,000 $237,000 Salary Distribution
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| Colorado – $80,610 | Rank: 34th |
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The average salary ranks 34th among states in the country. There were also job openings from employers like Jefferson County Public Schools, Town of Milliken, University of Colorado, and Larimer Humane Society.
$20,000 $182,000 Salary Distribution
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| Connecticut – $111,724 | Rank: 5th |
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The average salary ranks 5th among states in the country. There were also job openings from employers like Tunxis Community College, Bohan & Bradstreet, Inc., JCJ, LLC, and Robert Half.
$31,000 $242,000 Salary Distribution
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| DC – $115,492 | Rank: 3rd |
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The average salary ranks 3rd among states in the country. There were also job openings from employers like Georgetown University, Internal Revenue Service, Congressional Research Service, and Clinical Management Consultants.
$41,000 $227,000 Salary Distribution
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| Florida – $90,215 | Rank: 24th |
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The average salary ranks 24th among states in the country. There were also job openings from employers like Prestige Ford, JWM Group, LLC, Air Energi America, and Steven Douglas Associates.
$20,000 $211,000 Salary Distribution
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| Georgia – $96,586 | Rank: 15th |
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The average salary ranks 15th among states in the country. There were also job openings from employers like University of Georgia, StaffPointe, Emory University, and CHASE Professionals.
$24,000 $217,000 Salary Distribution
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| Hawaii – $101,007 | Rank: 9th |
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The average salary ranks 9th among states in the country. There were also job openings from employers like Maui Nonprofit and Interregional Med-Exec Group, Inc..
$38,000 $194,000 Salary Distribution
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| Iowa – $80,306 | Rank: 36th |
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The average salary ranks 36th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, Iowa Wesleyan University, and Accountemps.
$19,000 $183,000 Salary Distribution
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| Idaho – $69,285 | Rank: 44th |
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The average salary ranks 44th among states in the country. There were also job openings from employers like Kootenai County.
$21,000 $144,000 Salary Distribution
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| Illinois – $100,617 | Rank: 11th |
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The average salary ranks 11th among states in the country. There were also job openings from employers like Marcum Search LLC, CFS Inc., Robert Half Finance & Accounting, and Sears.
$21,000 $241,000 Salary Distribution
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| Indiana – $85,483 | Rank: 31st |
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The average salary ranks 31st among states in the country. There were also job openings from employers like Indiana University South Bend, Medtech, State of Indiana, and Creative Financial Staffing.
$17,000 $205,000 Salary Distribution
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| Kansas – $80,474 | Rank: 35th |
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The average salary ranks 35th among states in the country. There were also job openings from employers like Kansas Department of Health and Environment, University of Kansas, Butler Community College, and Washburn University.
$14,000 $210,000 Salary Distribution
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| Kentucky – $75,915 | Rank: 40th |
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The average salary ranks 40th among states in the country. There were also job openings from employers like University of Kentucky, City of Henderson, and Northern Kentucky Area Development District.
$17,000 $175,000 Salary Distribution
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| Louisiana – $73,069 | Rank: 42nd |
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The average salary ranks 42nd among states in the country. There were also job openings from employers like South Louisiana Community College.
$15,000 $175,000 Salary Distribution
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| Massachusetts – $110,320 | Rank: 6th |
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The average salary ranks 6th among states in the country. There were also job openings from employers like Michael Page, CyberCoders, Huxley Associates, and Daley and Associates.
$28,000 $247,000 Salary Distribution
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| Maryland – $100,894 | Rank: 10th |
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The average salary ranks 10th among states in the country. There were also job openings from employers like Porsche Club of America, Johns Hopkins University, Harford Community College, and Anne Arundel Community College.
$30,000 $214,000 Salary Distribution
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| Michigan – $92,193 | Rank: 23rd |
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The average salary ranks 23rd among states in the country. There were also job openings from employers like The Robert B. Miller College, Kforce Finance and Accounting, Venteon, and Career Development Partners.
$23,000 $207,000 Salary Distribution
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| Minnesota – $95,736 | Rank: 17th |
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The average salary ranks 17th among states in the country. There were also job openings from employers like State of Minnesota, City of Isanti, eVantage Financial LLC., and University of Minnesota.
$24,000 $215,000 Salary Distribution
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| Missouri – $89,320 | Rank: 25th |
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The average salary ranks 25th among states in the country. There were also job openings from employers like CITY OF HANNIBAL, Missouri State University, Midwest Dealer Group, and Beacon Hill Staffing.
$17,000 $217,000 Salary Distribution
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| Mississippi – $68,571 | Rank: 46th |
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The average salary ranks 46th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting.
$14,000 $165,000 Salary Distribution
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| Montana – $86,513 | Rank: 29th |
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The average salary ranks 29th among states in the country. There were also job openings from employers like The HealthCare Initiative and CyberCoders.
$35,000 $161,000 Salary Distribution
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| North Carolina – $93,279 | Rank: 22nd |
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The average salary ranks 22nd among states in the country. There were also job openings from employers like Express Employment Professionals, University of North Carolina, HENDERSON, and North Carolina State University.
$18,000 $226,000 Salary Distribution
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| North Dakota – $62,645 | Rank: 47th |
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The average salary ranks 47th among states in the country. There were also job openings from employers like Abused Adult Resource Center.
$31,000 $102,000 Salary Distribution
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| Nebraska – $69,238 | Rank: 45th |
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The average salary ranks 45th among states in the country. There were also job openings from employers like Peru State College.
$16,000 $159,000 Salary Distribution
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| New Hampshire – $103,806 | Rank: 7th |
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The average salary ranks 7th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting.
$22,000 $247,000 Salary Distribution
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| New Jersey – $119,426 | Rank: 2nd |
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The average salary ranks 2nd among states in the country. There were also job openings from employers like Middlesex County College, Henderson Harbor Group, Parker and Lynch, and GSP International.
$38,000 $245,000 Salary Distribution
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| New Mexico – $79,338 | Rank: 38th |
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The average salary ranks 38th among states in the country. There were also job openings from employers like New Mexico State Personnel Office.
$24,000 $166,000 Salary Distribution
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| Nevada – $97,146 | Rank: 13th |
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The average salary ranks 13th among states in the country. There were also job openings from employers like CyberCoders, Randstad, Randstad Professionals, and Robert Half Finance & Accounting.
$29,000 $205,000 Salary Distribution
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| New York – $125,213 | Rank: 1st |
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The average salary ranks 1st among states in the country. There were also job openings from employers like Bank of America Merrill Lynch, Marcum Search LLC, Resume Library, and Selby Jennings.
$30,000 $286,000 Salary Distribution
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| Ohio – $88,305 | Rank: 27th |
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The average salary ranks 27th among states in the country. There were also job openings from employers like Day Star Staffing, Central Ohio Transit Authority, Ohio State University, and Jefferson Metropolitan Housing Authority.
$20,000 $204,000 Salary Distribution
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| Oklahoma – $86,349 | Rank: 30th |
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The average salary ranks 30th among states in the country. There were also job openings from employers like City of Duncan, Kube and Company, and Robert Half Finance & Accounting.
$23,000 $188,000 Salary Distribution
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| Oregon – $87,527 | Rank: 28th |
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The average salary ranks 28th among states in the country. There were also job openings from employers like Oregon Humane Society, Creative Financial Staffing, State of Oregon, and Now CFO.
$31,000 $171,000 Salary Distribution
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| Pennsylvania – $98,521 | Rank: 12th |
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The average salary ranks 12th among states in the country. There were also job openings from employers like Carlisle Borough, Springettsbury Township, ITT Educational Services Inc., and University of Pittsburgh.
$25,000 $219,000 Salary Distribution
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| Rhode Island – $102,026 | Rank: 8th |
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The average salary ranks 8th among states in the country. There were also job openings from employers like State of Rhode Island and Metro Chrysler Jeep Dodge Ram.
$28,000 $222,000 Salary Distribution
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| South Carolina – $84,097 | Rank: 32nd |
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The average salary ranks 32nd among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, StaffPointe, Tri-County Technical College, and Technical College of the Lowcountry.
$18,000 $199,000 Salary Distribution
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| South Dakota – $75,412 | Rank: 41st |
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The average salary ranks 41st among states in the country. There were also job openings from employers like Nigel Frank International and South Dakota State Government.
$24,000 $153,000 Salary Distribution
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| Tennessee – $88,493 | Rank: 26th |
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The average salary ranks 26th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, Motlow State Community College, and Sovereign Executive Search.
$26,000 $187,000 Salary Distribution
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| Texas – $96,906 | Rank: 14th |
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The average salary ranks 14th among states in the country. There were also job openings from employers like All US Jobs, CASTLEBERRY ISD, MOORE Executive Search, and Kforce Finance and Accounting.
$23,000 $219,000 Salary Distribution
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| Utah – $72,725 | Rank: 43rd |
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The average salary ranks 43rd among states in the country. There were also job openings from employers like All Resort Group / Lewis Stages, University of Utah, and Salt Lake Community College.
$17,000 $168,000 Salary Distribution
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| Virginia – $95,901 | Rank: 16th |
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The average salary ranks 16th among states in the country. There were also job openings from employers like University of Virginia, Virginia Commonwealth University, Surry County Public Schools, and Reynolds Community College.
$27,000 $206,000 Salary Distribution
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| Vermont – $80,614 | Rank: 33rd |
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The average salary ranks 33rd among states in the country. There were also job openings from employers like State of Vermont.
$32,000 $149,000 Salary Distribution
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| Washington – $94,685 | Rank: 18th |
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The average salary ranks 18th among states in the country. There were also job openings from employers like Everett Community College, Tacoma Community College, Pacific Lutheran University, and Highline Community College.
$20,000 $226,000 Salary Distribution
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| Wisconsin – $94,301 | Rank: 19th |
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The average salary ranks 19th among states in the country. There were also job openings from employers like AfterCollege, Inc., Racine County, University of Wisconsin–Madison, and Lakeview Health Systems.
$24,000 $211,000 Salary Distribution
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According to Indeed.com, the following states had employers looking to hire a Director of Finance. The quoted salary figure represents the average salary from all job postings by this employer.
| Employer Name | Location | Average Salary |
|---|---|---|
| Bank of America Merrill Lynch | New York | $269,064 |
| Marcum Search LLC | New York | $250,000 |
| Prestige Ford | Arizona | $240,000 |
| Michael Page | Massachusetts | $227,460 |
| Fiat Chrysler Automobiles | Kansas | $225,000 |
| Midwest Dealer Group | Missouri | $225,000 |
| Resume Library | New York | $215,000 |
| Selby Jennings | Washington | $213,454 |
| Kforce Finance and Accounting | Michigan | $211,406 |
| Microsoft | Washington | $195,268 |
| JWM Group, LLC | Florida | $190,324 |
| Parker+Lynch | New York | $189,010 |
| The Odyssey Group | New York | $188,628 |
| CFS Inc. | Illinois | $184,045 |
| Trinity Health | Ohio | $180,000 |
| SystemsAccountants | New York | $179,270 |
| MOORE Executive Search | Texas | $175,000 |
Learn More
- City Of Baltimore – Payments Main Page
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| Career Name | Average Salary |
|---|---|
| Director of Sales | $108,014 |
| Sales Director | $107,659 |
| Tax Manager | $107,133 |
| Risk Manager | $103,743 |
| Technical Project Manager | $100,971 |
| Finance Director | $99,963 |
| Director of Security | $99,822 |
| Operations Officer | $96,045 |
| Director of Nursing | $95,821 |
| Disaster Recovery Manager | $94,956 |
