Finance Manager Salary and Career Outlook

If you’re savvy with numbers, have strong organizational skills and enjoy wearing many professional hats, a finance manager career may be an ideal path for you. This role can be found in a number of industries beyond finance and insurance. Regardless of where you work, finance managers need to be analytical, detail-oriented and strong communicators.

Not sure what the typical duties and compensation of a finance manager are? Continue reading to discover potential salary and job outlook information for this career. 

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Finance Manager Job Description

Financial managers are responsible for the financial health of an organization. They often work in teams to create financial reports, direct investment activities and develop plans for their organization's long-term financial goals. Much of their workday is spent analyzing data and making financial recommendations to senior management on how the organization can maximize profits. In fact, the Bureau of Labor Statistics (BLS) notes that financial managers often advise top executives.1

Typical Finance Manager Duties

In addition to the above job responsibilities, financial managers typically perform the following tasks:

  • Prepare financial statements, business activity reports and forecasts.
  • Ensure legal requirements are met by monitoring financial details.
  • Supervise employees who create budgetary and financial reports.
  • Utilize financial reports to find cost savings.
  • Seek expansion opportunities by analyzing marketing trends.

It’s important for financial managers to keep up with the latest tax laws and regulations related to their organization or industry. For example, government financial managers need to be well versed in appropriations and budgeting processes, whereas healthcare financial managers must understand medical billing, reimbursement and other healthcare business matters. 

10 Great Finance Manager Jobs

You can find several titles under the umbrella of financial management. You can work toward becoming eligible for finance jobs, via the help of a finance certificate program, a master’s degree in business administration, or a master’s in finance. The BLS lists common types of financial managers1 and occupations related to financial management

Based on these, let’s take a closer look at 10 great finance manager jobs. These jobs were chosen based on their relevance to financial management, and favorable job outlooks.

1. Finance Director 

Finance directors maintain the financial operations of companies and other organizations. They help develop long-term financial goals for their organization and the necessary strategies to reach them. Finance directors also generate financial statements and reports, manage investment activities and counsel management on business decisions.

2. Controller 

Controllers lead their organizations’ accounting, auditing and budgeting departments. They put together or delegate the preparation of financial reports that forecast and summarize a company's financial state. Reports may be for future earnings or expenses and include income statements and balance sheets. Professionals in this role also prepare regulatory reports for governmental agencies as required. 

3. Treasurer 

Treasurers and finance officers guide budgets to ensure an organization’s financial goals are met. In this finance manager position, you’ll manage investments and proposals to raise capital that foster organizational growth, and formulate financial strategies for mergers and acquisitions.

4. Cash Manager

Cash managers control monetary transactions that flow in and out of an organization to meet business and investment needs. They use their eye for detail to keep track of cash inputs and outputs. A cash manager would be able to assess the potential of a cash shortage or surplus for an organization.

5. Credit Manager

Credit managers control the credit business of an organization. They establish credit-rating standards, determine credit limits, and review collections of past-due accounts. This is one of many finance manager jobs in which you’ll likely manage staff as well.

6. Risk Manager 

Risk managers strategize to reduce or manage an organization's chance of financial loss or uncertainty. Some of the risks they manage are related to currency fluctuations or commodity price changes.

7. Insurance Manager

Insurance managers work to limit organizational losses by protecting against risks, such as disability payments to an employee who gets injured on the job or for costs levied by a lawsuit against the organization.

8. Budget Analyst 

Budget analysts develop and monitor an organization's budget. They review managers' budget proposals to ensure they are complete, accurate and comply with laws and regulations. These professionals often compile all the budgets from an organization’s departments to review all funding requests. They communicate their financial funding recommendations to key stakeholders.

9. Personal Financial Adviser

Personal financial advisers work directly with individuals to discuss their financial goals, answering questions about investment options and potential risks. They help clients plan for retirement or their children’s education. Financial advisers evaluate their client’s accounts and propose changes to improve performance or accommodate for a life change, such as having children. 

10. Loan Officer 

Loan officers review, approve or recommend approval of loan applications. They meet with loan applicants (individuals and businesses) to gather personal information, explain different types of loans and answer client questions. Loan officers verify an applicant's information, such as their credit rating and income. They also ensure loan agreements comply with laws and regulations.

Finance Executive Job Outlook

Employment of financial managers is expected to increase 16% from 2018 to 2028, the BLS reports. The average growth rate for all occupations is 5%. On average, the BLS projects this will result in roughly 64,900 finance executive job openings each year. A driving force of this job growth is the expected high demand for cash and risk management services.

What Is the Salary for Finance Director Jobs?

The median finance manager salary was $129,890 in 2019, according to the BLS. The agency notes that the lowest-paid 10% earned less than $68,370, while the highest 10% earned more than $208,000. 

The 2019 median finance manager salaries in the top industries in which financial managers were employed are featured in the table below.

Industry Median Salary
Professional, scientific and technical services $152,810
Management of companies and enterprises $145,280
Manufacturing $130,900
Finance and insurance $125,600
Government $114,250

5 Best-Paying Cities for Financial Managers

Like most occupations, finance manager salaries vary based on factors such as education, experience, industry and geographic location. Based on the BLS’ 2019 mean wage data for metropolitan areas, the following are the five best-paying cities for financial managers:2

Metropolitan Area Average Salary
New York-Newark-Jersey City, NY-NJ-PA $208,770
Bridgeport-Stamford-Norwalk, CT $203,430
San Francisco-Oakland-Hayward, CA $182,190
San Jose-Sunnyvale-Santa Clara, CA $177,940
Washington-Arlington-Alexandria, DC-VA-MD-WV $174,180

Top States for Finance Executive Careers

Also based on BLS data, the five top-paying states for financial managers are New York, New Jersey, the District of Columbia, Delaware and Connecticut.2

State Average Salary
New York $210,240
New Jersey $177,410
District of Columbia $172,680
Delaware $169,100
Connecticut $167,000

Although New York is at the top of the salary list, the state with the most finance manager jobs is California. The states below also have competitive finance manager salaries.

State Employment Employment per Thousand Jobs Average Salary
California 92,060 5.30 $156,500
Texas 46,710 3.76 $145,700
New York 46,100 4.84 $210,240
Illinois 41,900 6.95 $146,350
Massachusetts 33,520 9.26 $153,650

The states with the highest concentration of finance manager jobs are Connecticut, the District of Columbia, Massachusetts, Illinois and New Hampshire.

State Employment Employment per Thousand Jobs Average Salary
Connecticut 17,790 10.69 $167,000
District of Columbia 7,200 9.94 $172,680
Massachusetts 33,520 9.26 $153,650
Illinois 41,900 6.95 $146,350
New Hampshire 3,890 5.89 $129,440

Is a Finance Manager Career Path Right for You?

If you’re fascinated by numbers, budgets and meeting long-term financial goals, you may want to look into finance manager jobs. To become a finance manager, you’ll have to meet education and experience requirements. 

Sponsored

Explore Online Finance Short Courses

School Name Program Description
University of Cambridge Sustainable Finance Integrate Sustainable Finance Into Your Business Model for Long-Term Results. Enhance Your Business's Financial Strategy & Validate Your Knowledge With a Certificate.
University of Oxford Oxford Algorithmic Trading Programme Gain a Foundational Understanding of Algo Trading and the Industry Implications. Earn a Certificate of Attendance from Saïd Business School, University of Oxford.
University of Oxford Oxford Entrepreneurship: Venture Finance Programme Gain an Understanding of Venture Capital Finance With Oxford Saïd. Explore Venture Finance from an Investor & Entrepreneurship Perspective. Find Out More.
Harvard VPAL Harvard VPAL FinTech  Gain Clarity on the Speculation and Hype Around the FinTech Landscape From the Experts. In 6 Weeks Online Earn a Premier Certificate in FinTech From Harvard's VPAL. Find Out More.
MIT MIT Sloan Pricing: Using data to improve pricing performance Guide Your Pricing Strategy With Robust Financial Tools and Techniques. Adopt a Data-Driven Approach to Pricing and Earn an MIT Sloan Certificate. 
Syracuse University Syracuse Finance for non-financial managers Register Today and Gain a Practical Understanding of Financial Decision-Making. Register Today and Gain a Practical Understanding of Financial Decision-Making.

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1 Bureau of Labor Statistics. “What Financial Managers Do,” April 2020, accessed August 2020.
2 Bureau of Labor Statistics. “Occupational Employment Statistics: Financial Managers,” May 2019, accessed August 2020.

 

Last Updated August 2020