Whether it’s a fast-food chain or a tech startup, every company requires the expertise and skills of a finance manager. These professionals help organizations maintain their financial health and ensure that they function smoothly. Due to the high importance of this role, finance managers attract lucrative pay and benefits.
In the following column, you’ll learn exactly how much you can expect to make in this field. We’ll also discuss the average salary of financial reporting managers, a similarly in-demand role in the finance sector. Let’s get started:
What is the Average Finance manager’s Salary in the United States?
The average income of a finance manager in the United States is $96k per annum. The most prevalent benefits that accompany this role are tuition reimbursement, employee discount, professional development assistance, and parental leave. How much experience you have in this field plays a huge role in determining your pay, as the average pay of entry-level finance managers is $83k per annum, while the average senior finance manager’s salary is $104k per annum.
Finance managers enjoy high demand in numerous industries. The organization you work in will also affect your pay heavily. Companies that pay the highest salaries to finance managers are White Plains Honda, Heritage, Crown Dodge, Thermo Fisher Scientific, and Nestle USA
Heritage offers an average senior finance manager salary of $201k per annum, while Nestle USA offers $158k per annum to its finance managers on average. Similarly, Thermo Fisher Scientific offers a median pay of $222k per annum to its finance managers. White Plains Honda offers $250k per annum to finance managers, which is the highest among these companies. Certainly, you can easily earn a six-figure salary as a finance manager
The city you work in also plays a huge role in determining how much you will earn as a finance manager. That’s because the cost of living varies by city. The cities that offer the highest salaries to finance managers are Atlanta, Dallas, Chicago, and Charlotte. In Charlotte, the average salary of a finance manager is $99k per annum, and in Dallas, the average pay for this role is $100k per annum
This figure is $102k per annum in Atlanta, while Chicago offers an average salary of $114k per annum to finance managers. Keep in mind that as you gain more experience, you can get promoted to more senior roles such as financial controller or finance director, which offer substantially higher pay and benefits.
What does a Finance Manager do?
Finance managers are responsible for overseeing the financial health of their organization. They manage the daily finance tasks, perform financial analysis and planning, look for areas to make improvements, and conduct balance sheet reconciliations. Finance managers might also have to handle ad-hoc tasks and projects whenever the need arises
They work with different department heads and leaders to determine the financial requirements of their organization. Finance managers plan and prepare the budget and make sure that the operations take place within the same. They are also responsible for improving the daily accounting practices within their organization to keep them up to date and efficient. Finance managers analyze the monthly and quarterly financial numbers and share their insights with the stakeholders (upper management and investors
Due to the unique nature of their role, finance managers must have strong budgeting, planning, and analytical skills. They must also have good communication skills as they work with teams of analysts and other professionals
According to the US Bureau of Labor Statistics, jobs for financial managers are expected to grow 15% between 2019 and 2029, which is substantially faster than the average for all roles.
What is the average Financial Reporting Manager Salary in the United States?
Another popular career you can pursue in the finance sector is financial reporting management. Financial reporting managers are just as crucial for a company’s operations and growth as finance managers. Hence, they enjoy high demand in various industries. Their salary data also reflects the same.
The average financial reporting manager salary in the US is $99k per annum. The most common benefits you can expect with this role are health insurance, unlimited paid time off, on-site gym, relocation assistance, and disability insurance.
Companies that pay the highest salaries to financial reporting managers include Financial Additions, Capital One, Tatum, and ARC (Airlines Reporting Corporation). Financial Additions offers an average financial reporting manager salary of $119k per annum, and Capital One offers an average pay of $120k per annum for this role.
On a similar note, ARC offers $119k per annum to its financial reporting managers, while Tatum offers $136k per annum on average.
Cities that offer the best pay for this role include Houston, Irvine, San Francisco, and Boston. In Boston, the average financial reporting manager salary is $128k per annum, which is the highest among all US cities. San Francisco offers $115k per annum to these professionals on average. Houston offers $117k per annum on average for this role. In Irvine, you can expect to make $123k per annum as a financial reporting manager.
What does a financial reporting manager do?
Financial reporting managers create and handle forecast models to create cash flow statements, balance sheets, and income statements for their organization. They also have to prepare and interpret all the annual budgets and operational results. Financial reporting managers work with multiple teams to perform advanced analyses on the company’s financial data to summarize the same.
They are responsible for keeping the financial records of their organization updated and have to ensure that all the records comply with the related regulations. They have to develop and apply company policies for various financial processes such as accounting to maintain accuracy, clarity, and transparency.
How to enter this field as a Professional:
Companies actively looking for highly skilled and qualified professionals for the role of finance managers or financial reporting managers. Hence, the best way to start a career in this field is by enhancing your skills and earning the required qualifications. We recommend joining Liverpool Business School’s Master of Business Administration (MBA) program to pursue a career in this sector.
Liverpool Business School offers its MBA program with upGrad, which has over 40,000 learners in more than 85 countries across the globe. By joining this program, you will be able to network with fellow professionals and experts internationally. The program also offers a PGP in Management from IMT Ghaziabad to enhance your skillset further.
The course will allow you to interact directly with business leaders and managers. In addition, you’ll receive upGrad’s unique 36-degree career support to ensure you accentuate your soft skills and become a job-ready professional.
The program offers a one-week immersion program at the university campus and 1:1 mentorship from industry leaders. This course has six specialization tracks, which are as follows:
- Business strategy & leadership
- Human resources
- Operations & supply chain management
- Analytics
- Finance
- Marketing
To pursue a career in finance management, we recommend taking the finance specialization track. You can learn more about the program here: MBA from Liverpool Business School.
Conclusion
Accounting, budgeting, forecasting, and planning are some of the many tasks a financial manager has to oversee. Certainly, it’s a pivotal role in any organization. If you’re good with numbers or if you dream of pursuing a leadership role then you should pursue a career in financial management.
Be sure to check out the course we shared above. It would help you greatly in kickstarting your career as a finance manager by providing you with the necessary resources, skills, and guidance.
