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.
Finance Officer 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 Finance Officer’s 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 Officer
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.
Finance Officer 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
Finance Officer 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 Finance Officer Education
National Finance Officer 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.
- Most Reported
Finance Officer 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.
|Iowa||North Carolina||South Dakota|Top 20 National Finance Officer 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|
|Robert Half Finance & Accounting Finance Officer||New Jersey||$173,241|
|Metro Wastewater Reclamation District Finance Officer||Colorado||$115,868|
|City of Long Beach, CA Finance Officer||California||$112,077|
|Global Oil Trading Firm Finance Officer||Texas||$110,000|
|City of Los Angeles Finance Officer||California||$106,275|
|Accounting Career Network Finance Officer||Tennessee||$102,145|
|Pro-Partners Finance Officer||New York||$100,000|
|Lamont Public Utility District Finance Officer||California||$98,679|
|U.S. Air Force Finance Officer||Ohio||$90,769|
|King County Metro Transit Finance Officer||Washington||$90,534|
|The University of California Finance Officer||California||$86,708|
|King County Finance Officer||Washington||$86,029|
|Department of Veterans Affairs Finance Officer||Washington||$84,062|
|Farm Credit Services of America, ACA Finance Officer||South Dakota||$83,984|
|Public Health – Seattle & King County Finance Officer||Washington||$83,156|
Finance Officer Learn More
- Chief financial officer – Wikipedia
- Role of the Finance Officer / Leadership | Government …
- Financial Managers : Occupational Outlook Handbook: : U.S …
Related Finance Officer Careers
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|Food Service Director||$55,529|