2020 Guide to Finance Manager Salaries: What You Need to Know
Average Salary of a Finance Manager in 2020
How Much Does a Finance Manager Make? The average salary of a finance manager in 2020 is estimated to be around $80,000 per year. This figure can vary depending on the size of the organization, the specific job duties, and the location.
Finance Manager Salary by Location The location of the finance manager position can have a large impact on the salary. For example, a finance manager in New York City may earn an average of $87,000 per year, while a finance manager in a smaller city may earn an average of $72,000 per year.
Finance Manager Salary by Industry The industry where the finance manager works can also have an effect on the salary. In the finance and insurance sector, the average salary of a finance manager is estimated to be around $85,000 per year. In the manufacturing sector, the average salary of a finance manager is estimated to be around $77,000 per year.
Finance Manager Salary by Job Duties The job duties of a finance manager can also have an effect on the salary. For example, a finance manager responsible for budgeting and forecasting may earn an average of $80,000 per year, while a finance manager responsible for financial analysis may earn an average of $83,000 per year.
Finance Manager Job Outlook The job outlook for finance managers is positive. According to the Bureau of Labor Statistics, the number of finance manager jobs is projected to grow by 6% from 2018 to 2028. This growth is faster than the average for all occupations.
How Much Does a Finance Manager Make?
Finance managers are responsible for overseeing a company’s financial operations, so they play a vital role in helping businesses make sound financial decisions. But how much does a finance manager make? That depends on the size of the company, the industry, and the finance manager’s experience.
On average, finance managers make between $76,000 and $124,000 per year. The median salary for finance managers in the United States is $96,897, according to the U.S. Bureau of Labor Statistics.
Factors Affecting Salary
The salary of a finance manager can vary depending on several factors, including:
- Size of the company: Larger companies tend to pay more than smaller ones.
- Industry: Some industries, such as finance and banking, pay higher salaries than others.
- Experience: More experienced finance managers typically earn higher salaries.
- Location: The cost of living and the local job market can also affect salaries.
Finance managers who have a master’s degree in business administration, finance, or accounting may be able to earn a higher salary than those with only a bachelor’s degree. Those with certification, such as Certified Public Accountant (CPA) or Chartered Financial Analyst (CFA) credentials, may also be able to earn more.
Finance Manager Salary by Region & Industry
Are you a finance manager looking for salary data by region and industry? Whether you’re a seasoned veteran or a new finance manager, understanding the salary ranges in your area and industry is an important step to maximizing your earning potential.
Salary Ranges by Region
Salaries for finance managers vary greatly by region, with higher salaries in larger cities and metropolitan areas. In the United States, finance manager salaries are highest in the states of California, New York, and Massachusetts. On the other hand, salaries in the Midwest and South are typically lower than those on the coasts. When considering a new job, take the cost of living into account in order to make an informed decision.
Salary Ranges by Industry
Finance manager salaries also vary by industry. Generally, those in the banking and financial services industries earn higher salaries than those in other industries. Additionally, those working for large corporations typically earn higher salaries than those working for smaller businesses. The size of the company and the industry you work in can have a significant impact on your salary.
When considering a new job, research salary ranges for both the region and the industry. This will help you make an informed decision and ensure you are getting a competitive salary. Additionally, it’s important to negotiate for a higher salary if you believe your experience and qualifications warrant it. Taking the time to research salaries and negotiate can help you maximize your earning potential.
Finance Manager Salary Benefits & Bonuses
As a Finance Manager, you are responsible for managing the financial health of an organization. You are expected to have a strong knowledge of accounting and finance, and to be able to use this knowledge to make decisions that will help the organization meet its goals. In return for this expertise, Finance Managers can expect to receive a competitive salary, along with benefits and bonuses that can significantly increase their earnings.
Finance Managers typically earn salaries that range from $60,000 to $90,000, depending on the size and complexity of the organization. The exact salary will depend on the level of experience and qualifications of the individual, as well as the location and industry. As the Finance Manager gains experience and takes on additional responsibilities, their salary can increase.
In addition to a competitive salary, Finance Managers can expect to receive a range of benefits. These may include:
- Health Insurance: Health insurance is usually provided, either as a company-sponsored plan or through a private provider. This can help to reduce the cost of medical expenses for the Finance Manager and their family.
- Retirement Plan: A retirement plan is often provided by the organization, allowing the Finance Manager to save for retirement in a tax-advantaged way.
- Vacation Time: Most organizations provide vacation time for Finance Managers, allowing them to take time off for relaxation or travel.
Finance Managers may also receive bonuses for meeting certain goals or targets. These bonuses may be in the form of cash payments or additional stock options. The amount of the bonus will depend on the organization and the individual's performance. Bonuses can help to increase the overall earnings of the Finance Manager, and provide an incentive to continue to strive for excellence.
In addition to salary, benefits and bonuses, Finance Managers may also receive other perks, such as discounts on products or services, access to company cars, and other incentives. These perks can help to make the job of a Finance Manager more rewarding and enjoyable.
How to Negotiate a Higher Salary as a Finance Manager
Negotiating a higher salary as a finance manager can be a daunting task. With a few key strategies, you can increase your earning potential and ensure you get the salary you deserve.
1. Research the Market
Before entering a salary negotiation, it's important to do your research. Look at job postings for similar positions and see what salaries are being offered. This will give you an idea of what the market rate is and what you should be asking for. Additionally, you can speak to recruiters and other finance managers to get a better sense of the going rate.
2. Know Your Worth
Once you know what the market rate is, it's time to think about what you bring to the table. Do you have experience in a certain field? Are you a leader in the industry? Make sure to take all of these factors into account when deciding on a salary. Additionally, it's important to remember that you're not just negotiating a salary – you're negotiating a package. Make sure to ask about other benefits such as vacation days, health insurance, and more.
3. Be Prepared to Negotiate
Once you know what the market rate is and what you're worth, it's time to start the negotiation process. Make sure to come to the table prepared. Think about what your bottom line is and what you're willing to accept. Additionally, make sure to practice your negotiation tactics. It's important to be confident and assertive, while still being respectful and professional.
4. Be Open to Compromise
When negotiating a higher salary, it's important to remember that there is always room for compromise. If the employer is not able to offer the salary you're asking for, see if they are willing to offer additional benefits or a signing bonus. This can help bridge the gap and ensure you get the compensation you deserve.
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