How Much Do Finance Managers Make?

Do you have a love for numbers and business but don't want to be an accountant? Consider a career in finance management. Keep reading to learn more about a financial manager's earnings, job description, requirements and job outlook. Schools offering Finance degrees can also be found in these popular choices.

Job Description

As a finance manager, you may work in any of a wide variety of industries that require fiscal management, such as the insurance and banking sectors. You'll work with clients and customers to manage loan applications and determine whether your employing institution should approve or decline loans. You may oversee a staff as well as incoming and outgoing transactions. You'll also manage fiscal records and create reports, train employees and network to recruit new clients. Good communication and problem-solving skills, as well as the ability to interact with others, is important in this career.

Important Facts About Finance Managers

On-the-Job Training Work experience in the financial field recommended for higher positions
Key Skills Mathematical background, decision making, reading comprehension, excellent communication, active listening, clear judgment
Work Environment Primarily office settings; finance, insurance, and management companies
Similar Occupations Budget analysts, financial analysts, insurance sales agents, loan officers, personal financial advisors, accountants and auditors

Job Outlook

The BLS notes that competition was expected to continue to be stiff for financial manager jobs in the coming years. While employment in this field was projected to increase by nineteen percent between 2016 and 2026, there may be more applicants than open positions. If you have a master's degree and professional certification, you may benefit from greater job prospects.

Salary Overview

According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage of financial managers was $127,990 in May 2018 (www.bls.gov). The bottom-paid 10 percent of workers made $67,620 or less annually, while the top-paid 10 percent made $208,000 or more.

Salary by Industry

A large number of these managers worked in the depository credit intermediation industry, which offered a mean annual wage of $118,820 in May 2018, according to the BLS. Management of companies and enterprises also employed a significant amount of financial managers and offered a mean annual wage of $161,400.

The highest-paid financial managers worked for securities, commodity contracts, and other financial investments and related activities and earned, on average, $209,160 per year. Motion picture and video industries financial advisors came in second and were paid a mean wage of $200,360.

Salary by Location

The BLS reported that California, New York, Illinois, Texas and Massachusetts had high financial manager employment levels in May 2018. Average salaries in these locations were $157,480, $210,510, $144,680, $149,990 and $148,300, respectively. New York and New Jersey were reported to have some of the highest average salaries in the country. Other states with high average salaries included Connecticut ($167,160), Delaware ($167,110), and District of Columbia ($166,710). Managers in the states with the lowest average pay earned wages of $74,130-$111,460. Some of these states were Louisiana, Tennessee, Mississippi, Arkansas and Idaho.

Salary by Experience

PayScale.com reported financial manager salary ranges according to the years of experience in June 2019. Managers possessing 0-5 years of experience made the lowest pay of $35,000-$98,000. Salaries increased steadily with experience, with those possessing 5-10 years of experience earning $58,000-$122,000 and those having 10-20 years of experience making $54,000-$129,000. Managers with 20 years of experience or more made $50,000-$132,000.

Education Requirements

To work as a finance manager, you must hold at least a bachelor's degree in finance, economics or another applicable major. Many employers may find you a more attractive applicant if you hold a master's degree. You might consider further demonstrating your proficiency by earning additional credentials, such as the Chartered Financial Analyst or Certified Treasury Professional designation. Throughout your career, you may be required to complete continuing education regularly to maintain certification and stay informed of advancements in the field.

To continue researching, browse degree options below for course curriculum, prerequisites and financial aid information. Or, learn more about the subject by reading the related articles below:

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