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.
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.
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.
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
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.
- Most Reported
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.
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|
|Atlantic Auto Group||New York||$290,000|
|Goldman Sachs||New York||$205,982|
|North Denver Dealership||Colorado||$194,029|
|Automotive Search Group||New Jersey||$175,714|
|Infinity Consulting Solutions (ICS)||New York||$175,000|
|Robert Walters US||Florida||$174,929|
|Curry Toyota Subaru Hyundai||New York||$173,241|
|Colonial Automotive Group||Massachusetts||$172,446|
|JWM Group, LLC||Michigan||$165,458|
|Detour Cars LLC||Massachusetts||$164,547|
|Big 4 consulting firm||Illinois||$160,000|
|Request Technology||New York||$150,448|
- Financial Managers : Occupational Outlook Handbook: : U.S …
- Financial management – Wikipedia
- Financial Manager information | USPTO
|Career Name||Average Salary|
|Director of Operations||$90,674|
|Director of Purchasing||$90,585|
|Director of Marketing||$90,048|
|Systems Project Manager||$86,680|
|Supply Chain Manager||$85,591|