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

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

Job Duties

Finance officers are responsible for the handling of financial issues and making financial decisions for the company. They often review reports, liaise with accounting departments, and set budgets. They supervise their organizational spending, including cash management and investment. Sometimes, they also prepare financial statements, which must be fully compliant with relevant state and federal regulations and law. They conduct internal audits and report on those.

Typically, these professionals work in a team and they have tight deadlines to meet. They work alongside the CEO and the CFO of the company. They generally working during normal business hours, although some overtime may sometimes be required.

Other job duties of a finance officer include:

  • Ensuring all financial records are kept appropriately
  • Developing annual budgets
  • Providing guidance and expertise to others in the organization as it relates to financial strategies and company operations.
  • Supervising and monitoring investment strategies, manage company assets, and direct the various financial resources.
  • Making sure that full compliance is achieved and maintained across the board

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

Typically, businesses look for finance officers who hold a bachelor’s degree in a field, such as finance, business administration, or accounting. Some organizations look for those who hold a master’s degree. However, experience in fields such as finance and accounting is generally the most important of all. Finance officers can also obtain professional certification, such as the Certified Public Finance Officer (CPFO), which must be maintained through continuous education.

Education Requirements

A bachelor’s degree is generally the minimum requirement, coupled with at least five years of 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 officers, 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 officers 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
  • Being detail oriented
  • Strong mathematical skills, particularly in relation to accounting
  • Great organizational skills
  • Being ethical, efficient, honest, and trustworthy
  • Having strong computer skills
  • Being a problem solver

Minimum Education

Bachelor’s Degree

National Salary

The national average salary estimate for Finance Officer was $61,442. This number is estimated from over 133,924 employees, users past and present job advertisements from Indeed.com. This equates to an hourly salary of $32.00 and monthly of $5,120.

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$14,000

$156,000

Salary Distribution

Salary by State

The following section lists Finance Officer salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, Kansas had the largest quoted salary of $88,825 while Minnesota had the smallest quoted salary of $42,680.

Alaska Illinois Nebraska Tennessee
Alabama Kansas New Jersey Texas
California Kentucky New York Utah
Colorado Maine Ohio Virginia
DC Minnesota Oklahoma Washington
Georgia Mississippi Oregon
Iowa North Carolina South Dakota
Alaska$50,438 Rank: 22nd

The average salary ranks 22nd among states in the country. There were also job openings from employers like Denali Federal Credit Union.

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$14,000

$114,000

Salary Distribution
Alabama$53,263 Rank: 20th

The average salary ranks 20th among states in the country. There were also job openings from employers like University of Alabama and University of Alabama, Birmingham.

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$14,000

$129,000

Salary Distribution
California$72,815 Rank: 10th

The average salary ranks 10th among states in the country. There were also job openings from employers like Lamont Public Utility District, The University of California, Ivy Bridge Group,Inc, and Robert Half Management Resources.

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$14,000

$190,000

Salary Distribution
Colorado$73,543 Rank: 9th

The average salary ranks 9th among states in the country. There were also job openings from employers like NECALG and Metro Wastewater Reclamation District.

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$14,000

$187,000

Salary Distribution
DC$74,363 Rank: 6th

The average salary ranks 6th among states in the country. There were also job openings from employers like Central Intelligence Agency, Greylocke & Company, and American Bar Association (ABA).

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$21,000

$159,000

Salary Distribution
Georgia$57,806 Rank: 17th

The average salary ranks 17th among states in the country. There were also job openings from employers like Georgia State University.

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$14,000

$131,000

Salary Distribution
Iowa$73,843 Rank: 7th

The average salary ranks 7th among states in the country. There were also job openings from employers like Farm Credit Services of America, ACA.

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$16,000

$175,000

Salary Distribution
Illinois$58,027 Rank: 16th

The average salary ranks 16th among states in the country. There were also job openings from employers like Premium Concrete, Inc..

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$14,000

$143,000

Salary Distribution
Kansas$88,825 Rank: 1st

The average salary ranks 1st among states in the country. There were also job openings from employers like Accounting Career Network.

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$24,000

$194,000

Salary Distribution
Kentucky$47,541 Rank: 24th

The average salary ranks 24th among states in the country. There were also job openings from employers like University of Kentucky.

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$14,000

$100,000

Salary Distribution
Maine$42,926 Rank: 25th

The average salary ranks 25th among states in the country. There were also job openings from employers like MaineHousing.

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$21,000

$71,000

Salary Distribution
Minnesota$42,680 Rank: 26th

The average salary ranks 26th among states in the country. There were also job openings from employers like Spire Credit Union and State of Minnesota.

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$14,000

$101,000

Salary Distribution
Mississippi$75,284 Rank: 4th

The average salary ranks 4th among states in the country. There were also job openings from employers like Accounting Career Network.

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$16,000

$176,000

Salary Distribution
North Carolina$47,735 Rank: 23rd

The average salary ranks 23rd among states in the country. There were also job openings from employers like University of North Carolina, Holly Ridge, State Employees' Credit Union, and Waxhaw ABC Board.

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$14,000

$111,000

Salary Distribution
Nebraska$75,945 Rank: 3rd

The average salary ranks 3rd among states in the country. There were also job openings from employers like Farm Credit Services of America, ACA.

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$16,000

$181,000

Salary Distribution
New Jersey$73,612 Rank: 8th

The average salary ranks 8th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting.

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$14,000

$194,000

Salary Distribution
New York$70,100 Rank: 12th

The average salary ranks 12th among states in the country. There were also job openings from employers like Citi, Keller Williams Realty NYC Group, M&G Investments, and Pro-Partners.

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$14,000

$194,000

Salary Distribution
Ohio$75,101 Rank: 5th

The average salary ranks 5th among states in the country. There were also job openings from employers like U.S. Air Force.

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$14,000

$185,000

Salary Distribution
Oklahoma$71,289 Rank: 11th

The average salary ranks 11th among states in the country. There were also job openings from employers like Accounting Career Network.

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$14,000

$174,000

Salary Distribution
Oregon$61,674 Rank: 15th

The average salary ranks 15th among states in the country. There were also job openings from employers like Oregon Department of Consumer and Business Services and Bank of the West.

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$16,000

$136,000

Salary Distribution
South Dakota$70,026 Rank: 13th

The average salary ranks 13th among states in the country. There were also job openings from employers like Farm Credit Services of America, ACA.

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$14,000

$172,000

Salary Distribution
Tennessee$52,536 Rank: 21st

The average salary ranks 21st among states in the country. There were also job openings from employers like Metropolitan Government of Nashville & Davidson County and Accounting Career Network.

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$14,000

$127,000

Salary Distribution
Texas$56,973 Rank: 18th

The average salary ranks 18th among states in the country. There were also job openings from employers like University of Texas at Austin, University of Texas System, University of Texas At Tyler, and Global Oil Trading Firm.

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$14,000

$139,000

Salary Distribution
Utah$69,652 Rank: 14th

The average salary ranks 14th among states in the country. There were also job openings from employers like Utah State University.

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$19,000

$150,000

Salary Distribution
Virginia$54,711 Rank: 19th

The average salary ranks 19th among states in the country. There were also job openings from employers like Wells Fargo and The Green Vine Corp..

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$14,000

$121,000

Salary Distribution
Washington$79,985 Rank: 2nd

The average salary ranks 2nd among states in the country. There were also job openings from employers like King County Metro Transit, King County, Department of Veterans Affairs, and Public Health – Seattle & King County.

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$36,000

$141,000

Salary Distribution

Top 20 National Employers

According to Indeed.com, the following states had employers looking to hire a Finance Officer. 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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