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Posted On: January 8, 2018 by Henry R. Steele

The following article discusses the career path of Finance Manager. Learn about how to become one, education requirements, job duties, traits and qualities, national salary outlook as well as top national employers of Finance Managers.

Job Duties

Finance managers are responsible for the creation and monitoring of departmental budgets. They ensure their financial forecasts are in order and work together with others to make sure future budgets are correct. They also monitor all expenses to ensure departments stay within budget. When discrepancies are noticed, a finance manager must address this with other managers to find out where the error comes. They must be strong delegators, ensuring individual staff members complete different projects.

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These professionals also have to make sure that deadlines are met for each project. They line manage other members of staff, conducting regular performance evaluations and ensuring they are provided with feedback. Finance managers sometimes maintain the finances of an entire organization, or they may focus on a single department and report back to the Director of Finance or even the Chief Financial Officer.

Other job duties of a finance manager are:

  • To analyze current processes, prior year data, and actual performance versus budget, and report on that
  • To complete monthly operations reviews with other teams
  • To find areas where operational improvements and cost savings can be made
  • To analyze expenditure and budget allocations and report on this

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

A finance manager is expected to hold a bachelor’s degree in finance, accounting, management, business administration, or other such field. Some employers look for those with CPA (Certified Public Accountant) designation, which means they must have completed a total of 150 semester hours of education. This usually means that they have completed a Finance MBA or master’s degree, with the masters in business administration (MBA) being particularly popular. Finance managers must also be computer literate, particularly in relation to Microsoft Office and financial reporting software.

Education Requirements

A bachelor’s degree is generally the minimum requirement, coupled with at least five years’ professional experience in a financial field. Many have a background in financial analysis, securities sales, or accountancy, for instance. More and more commonly, finance officers are required to hold a master’s degree, with the master of business administration (MBA) being particularly popular. This demonstrates proficiency in financial analysis.

Numerous certifications exist for finance managers, none of which are usually required, but all of which will improve professional opportunities. For some roles, certification is a legal requirement. Some of the most popular ones include:

  • Chartered Financial Analyst (CFA) offered through the CFA Institute
  • Certified Public Finance Officer (CPFO)
  • Certified Public Accountant (CPA) offered through the American Institute of Certified Public Accountants (AICPA)
  • Certified Treasury Professional offered through the Association for Financial Professionals

Traits & Qualities

The most effective finance managers have the following traits to some degree or other:

  • Excellent analytical skills
  • Great communication skills, both oral and written and particularly in relation to report writing and presentation
  • Detail oriented
  • Strong mathematical skills, particularly in relation to accounting
  • Great organizational skills
  • Ethical, efficient, honest, and trustworthy
  • Strong computer skills
  • Problem solver

Minimum Education

Bachelor’s Degree

National Salary

The national average salary estimate for Finance Manager was $88,446. This number is estimated from over 2,009,124 employees, users past and present job advertisements from Indeed.com. This equates to an hourly salary of $46.07 and monthly of $7,371.

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$23,000

$197,000

Salary Distribution

Salary by State

The following section lists Finance Manager salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, New Jersey had the largest quoted salary of $103,234 while Vermont had the smallest quoted salary of $48,806.

Alaska Idaho Mississippi Oregon
Alabama Illinois Montana Pennsylvania
Arkansas Indiana North Carolina Rhode Island
Arizona Kansas North Dakota South Carolina
California Kentucky Nebraska Tennessee
Colorado Louisiana New Hampshire Texas
Connecticut Massachusetts New Jersey Utah
DC Maryland New Mexico Virginia
Delaware Maine Nevada Vermont
Florida Michigan New York Washington
Georgia Minnesota Ohio Wisconsin
Iowa Missouri Oklahoma
Alaska$80,023 Rank: 22nd
The average salary ranks 22nd among states in the country. There were also job openings from employers like Soldotna Army Career Center.

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$15,000

$198,000

Salary Distribution
Alabama$71,545 Rank: 33rd
The average salary ranks 33rd among states in the country. There were also job openings from employers like U.S. Army, U.S. Air Force, Outlet Auto, and Serra Automotive.

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$17,000

$162,000

Salary Distribution
Arkansas$68,682 Rank: 38th
The average salary ranks 38th among states in the country. There were also job openings from employers like U.S. Air Force, University of Arkansas, Robert Half Finance & Accounting, and Owens Murphy Jaguar Land Rover Volkswagen.

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$14,000

$172,000

Salary Distribution
Arizona$84,817 Rank: 17th
The average salary ranks 17th among states in the country. There were also job openings from employers like American Express, Robert Half Finance & Accounting, Maricopa County, AZ, and Maricopa County.

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$24,000

$183,000

Salary Distribution
California$100,385 Rank: 4th
The average salary ranks 4th among states in the country. There were also job openings from employers like INVESTORS COMMUNITY BANK, Mercedes-Benz, VMware, and Seagate Technology.

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$30,000

$211,000

Salary Distribution
Colorado$74,873 Rank: 28th
The average salary ranks 28th among states in the country. There were also job openings from employers like VincentBenjamin, RV Four Seasons, Robert Half Finance & Accounting, and Denver Public Schools.

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$16,000

$176,000

Salary Distribution
Connecticut$90,375 Rank: 10th
The average salary ranks 10th among states in the country. There were also job openings from employers like Henkel Corporation, Robert Half Finance & Accounting, Kforce Finance and Accounting, and JCJ, LLC.

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$25,000

$194,000

Salary Distribution
DC$93,244 Rank: 7th
The average salary ranks 7th among states in the country. There were also job openings from employers like Green Key Resources, Greylocke & Company, Robert Half Finance & Accounting, and Smithsonian Institution.

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$26,000

$201,000

Salary Distribution
Delaware$90,427 Rank: 9th
The average salary ranks 9th among states in the country. There were also job openings from employers like Felton Holly KIA.

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$27,000

$190,000

Salary Distribution
Florida$87,624 Rank: 12th
The average salary ranks 12th among states in the country. There were also job openings from employers like Global Channel Management, Inc., Robert Walters US, Naples Nissan, and PREMIUM AUTO EXCHANGE.

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$23,000

$194,000

Salary Distribution
Georgia$87,265 Rank: 14th
The average salary ranks 14th among states in the country. There were also job openings from employers like Cor-Tech LLC, inSync Staffing, Center for Financial Recruiting, LLC, and Employment Atlanta – Recruiter.

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$25,000

$186,000

Salary Distribution
Iowa$72,085 Rank: 31st
The average salary ranks 31st among states in the country. There were also job openings from employers like City of Cedar Rapids, IA, Palmer Group, Automotive Group, and Accountemps.

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$21,000

$153,000

Salary Distribution
Idaho$64,395 Rank: 42nd
The average salary ranks 42nd among states in the country. There were also job openings from employers like Affinity, Inc and IDAHO DEPT. OF LABOR.

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$14,000

$163,000

Salary Distribution
Illinois$95,727 Rank: 6th
The average salary ranks 6th among states in the country. There were also job openings from employers like Big 4 consulting firm, Auffenberg Dealer Group, SystemsAccountants, and HSBC.

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$28,000

$203,000

Salary Distribution
Indiana$73,889 Rank: 30th
The average salary ranks 30th among states in the country. There were also job openings from employers like Cummins, MMS Group, Robert Half Finance & Accounting, and Fifth Third Bank.

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$19,000

$163,000

Salary Distribution
Kansas$67,421 Rank: 39th
The average salary ranks 39th among states in the country. There were also job openings from employers like Accounting Career Network, University of Kansas, U.S. Air Force, and JACK ELLENA HONDA.

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$17,000

$149,000

Salary Distribution
Kentucky$75,135 Rank: 27th
The average salary ranks 27th among states in the country. There were also job openings from employers like GEORGETOWN AUTO SALES, University of Kentucky, Fifth Third Bank, and U.S. Army.

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$18,000

$170,000

Salary Distribution
Louisiana$65,928 Rank: 40th
The average salary ranks 40th among states in the country. There were also job openings from employers like Honda, Robert Half Finance & Accounting, U.S. Air Force, and SIMANGOS, LDA.

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$14,000

$155,000

Salary Distribution
Massachusetts$100,751 Rank: 2nd
The average salary ranks 2nd among states in the country. There were also job openings from employers like Skilled Talent, McGee Pre-Owned, Colonial Automotive Group, and Detour Cars LLC.

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$28,000

$217,000

Salary Distribution
Maryland$87,667 Rank: 11th
The average salary ranks 11th among states in the country. There were also job openings from employers like Randstad Professionals, Robert Half Finance & Accounting, Randstad, and Nigel Frank International.

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$27,000

$182,000

Salary Distribution
Maine$62,044 Rank: 43rd
The average salary ranks 43rd among states in the country. There were also job openings from employers like York County Community College.

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$14,000

$155,000

Salary Distribution
Michigan$84,769 Rank: 18th
The average salary ranks 18th among states in the country. There were also job openings from employers like Endevis, U.S. Army Reserve, Suburban Cadillac of Lansing, and U.S. Air Force.

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$23,000

$184,000

Salary Distribution
Minnesota$91,045 Rank: 8th
The average salary ranks 8th among states in the country. There were also job openings from employers like University of Minnesota, CyberCoders, City Of Minneapolis, and Purple Squirrel.

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$29,000

$186,000

Salary Distribution
Missouri$76,543 Rank: 26th
The average salary ranks 26th among states in the country. There were also job openings from employers like Beacon Hill Staffing, Parker and Lynch, Robert Half Finance & Accounting, and DR LOT LLC.

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$19,000

$172,000

Salary Distribution
Mississippi$65,681 Rank: 41st
The average salary ranks 41st among states in the country. There were also job openings from employers like Robert Half Finance & Accounting.

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$15,000

$152,000

Salary Distribution
Montana$60,297 Rank: 44th
The average salary ranks 44th among states in the country. There were also job openings from employers like State of Montana.

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$14,000

$147,000

Salary Distribution
North Carolina$80,912 Rank: 20th
The average salary ranks 20th among states in the country. There were also job openings from employers like Sherpa LLC, Parker and Lynch, Robert Half Finance & Accounting, and precision ford.

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$21,000

$180,000

Salary Distribution
North Dakota$57,546 Rank: 45th
The average salary ranks 45th among states in the country. There were also job openings from employers like BIS-MAN TRANSIT.

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$19,000

$115,000

Salary Distribution
Nebraska$57,194 Rank: 46th
The average salary ranks 46th among states in the country. There were also job openings from employers like U.S. Air Force and U.S. Army.

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$14,000

$142,000

Salary Distribution
New Hampshire$86,238 Rank: 16th
The average salary ranks 16th among states in the country. There were also job openings from employers like Rountree Ford Lincoln, Robert Half Finance & Accounting, NU2UCARS, and AutoFair Volkswagen of Nashua.

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$21,000

$193,000

Salary Distribution
New Jersey$103,234 Rank: 1st
The average salary ranks 1st among states in the country. There were also job openings from employers like Honda, Automotive Search Group, North Plainfield Nissan, and Request Technology.

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$34,000

$208,000

Salary Distribution
New Mexico$69,245 Rank: 36th
The average salary ranks 36th among states in the country. There were also job openings from employers like Sabio Systems, ABN FInancial Group, Vizzia Technologies, and APN Staffing & Employment Solutions.

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$15,000

$163,000

Salary Distribution
Nevada$70,742 Rank: 34th
The average salary ranks 34th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, Infostream Group Inc., Furnish Loans, and Mineral County School District.

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$17,000

$162,000

Salary Distribution
New York$100,490 Rank: 3rd
The average salary ranks 3rd among states in the country. There were also job openings from employers like Atlantic Auto Group, Goldman Sachs, Infinity Consulting Solutions (ICS), and Curry Toyota Subaru Hyundai.

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$22,000

$237,000

Salary Distribution
Ohio$80,147 Rank: 21st
The average salary ranks 21st among states in the country. There were also job openings from employers like Robert Walters, Ganley Auto Group, General Employment, Inc., and Robert Half Finance & Accounting.

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$20,000

$179,000

Salary Distribution
Oklahoma$68,730 Rank: 37th
The average salary ranks 37th among states in the country. There were also job openings from employers like Jim Norton Auto Group, WorldBridge Partners, U.S. Air Force, and National Dealer Alliance Group.

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$14,000

$163,000

Salary Distribution
Oregon$78,347 Rank: 24th
The average salary ranks 24th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, Oregon Health Sciences University, University of Oregon, and Access.

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$19,000

$176,000

Salary Distribution
Pennsylvania$86,413 Rank: 15th
The average salary ranks 15th among states in the country. There were also job openings from employers like Hire The Winners, Request Technology, Mazda of Erie, and Beacon Hill Staffing.

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$25,000

$183,000

Salary Distribution
Rhode Island$78,714 Rank: 23rd
The average salary ranks 23rd among states in the country. There were also job openings from employers like Complete Staffing Solutions, State of Rhode Island, and Rhode Island Department of Administration.

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$20,000

$175,000

Salary Distribution
South Carolina$71,825 Rank: 32nd
The average salary ranks 32nd among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, FGP International, Anderson County Library, and CARTOWN KIA FLORENCE.

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$18,000

$161,000

Salary Distribution
Tennessee$74,211 Rank: 29th
The average salary ranks 29th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, Parker and Lynch, Fifth Third Bank, and U.S. Air Force.

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$17,000

$170,000

Salary Distribution
Texas$87,286 Rank: 13th
The average salary ranks 13th among states in the country. There were also job openings from employers like DirectConnect, Scott L Page & Associates, Texas Direct Auto, and MAC CHURCHILL ACURA.

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$24,000

$189,000

Salary Distribution
Utah$69,358 Rank: 35th
The average salary ranks 35th among states in the country. There were also job openings from employers like Davey Bickford USA, U.S. Air Force, Accountemps, and Robert Half Finance & Accounting.

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$17,000

$155,000

Salary Distribution
Virginia$81,745 Rank: 19th
The average salary ranks 19th among states in the country. There were also job openings from employers like Kforce Finance and Accounting, United States Department Of Defense, Kforce – Education, and Automotive Development Group.

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$22,000

$178,000

Salary Distribution
Vermont$48,806 Rank: 47th
The average salary ranks 47th among states in the country. There were also job openings from employers like State of Vermont.

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$12.75

$38.35

Salary Distribution
Washington$99,109 Rank: 5th
The average salary ranks 5th among states in the country. There were also job openings from employers like City of Shoreline, Robert Half Finance & Accounting, Alderwood Water & Wastewater District, and State of Washington.

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$34,000

$197,000

Salary Distribution
Wisconsin$78,310 Rank: 25th
The average salary ranks 25th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, Mangrum Career Solutions, LLC, Gables Search Group, and Careers 2005.

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$26,000

$158,000

Salary Distribution

Top 20 National Employers

According to Indeed.com, the following states had employers looking to hire a Finance Manager. The quoted salary figure represents the average salary from all job postings by this employer.

Employer Name Location Average Salary

Learn More

Related Careers

Career Name Average Salary
Henry R. Steele
Henry R. Steele
Managing Editor
Henry is Managing Editor of BusinessStudent.com. He is a seasoned business professional who regularly consults with local business's throughout Southern California. Henry pursued his undergrad in Business and Economics at the University of San Diego and gained valuable life changing experience through a unique internship upon graduation.Follow on Twitter.com

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