Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

Salary Information for Financial Managers

Career News November 15, 2013

Salaries for financial managers can run from a little over $36,000 to about $106,000, with the median falling around $68,000 per year. The wide variety has to do with education, experience and the company that employs you.

Nearly every firm, governmental agency, and other organization has one or more financial managers who create the financial reports, direct investments, and put into effect cash management strategies. Increasingly, computers are used to record and organize data, this allows financial managers to spend more time developing strategies and implementing the long-term goals of their organization.

Financial manager duties vary with their certain titles, which include controller, treasurer or finance officer, cash manager, credit manager, and risk manager. Controllers prepare the financial reports that summarize forecast and summarize the organization’s current and future financial position, through income statements, balance sheets, and analyses of future earnings and/or expenses. Controllers also are in charge of preparing special reports required by governmental regulatory authorities. Oftentimes, controllers oversee the accounting, audit, and budget departments.

What are Various Types of Financial Managers?

Most of us think of treasurers and finance officers, who direct the organization’s financial goals, objectives, and budgets, when we think about “company finances”. These professionals are commonly visualized as the bespectacled people with pocket protectors, and sure, that might apply considering how important details are in this career. They manage the investment of funds, manage associated risks, supervise cash management activities, execute capital-raising strategies to support a firm’s expansion, and deal with acquisitions and mergers.

There are also credit managers that oversee a firm’s issuance of credit, as well as establish credit-rating criteria. Their job is to monitor the collections of past-due accounts. Some financial managers specialize in international finance and develop financial and accounting systems for the banking transactions of multinational organizations.

Various financial institutions, such as banks, credit unions, and mortgage and finance companies, employ additional financial managers who oversee the day to day and more long term functions, such as lending, trusts, mortgages, and investments, or programs, including sales, general operations, and the ever expanding world of electronic financial services.

These managers may be required to solicit business, authorize loans, and direct the investment of funds, always adhering to federal and state laws and regulations. The ultimate goal is to be a Chief Financial Officer (CFO) and sit amongst the executives at the top of the company’s organizational chart.

What Do Financial Managers Participate In?

In addition to carrying out general duties, financial managers perform tasks unique to their organization or industry. As an example, government financial managers must be experts on the governmental functions such as appropriations and budgeting processes, but health care financial managers must be knowledgeable about issues surrounding healthcare financing, which can range from supply acquisition, remuneration of doctors, and even the possibility of a suit. Additionally, financial managers keep aware of special tax laws and regulations that affect their industry as well as regulations that affect the future.

As you can see, there are a wide variety of positions and duties to go with the wide range in salaries. Lastly, remember the needs of the company or government agency, as well as the budget, help to dictate the salary you will receive. The lesson here is to always aim high.

Sponsored

Showing schools in your area

5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Liberty University provides a worldclass education from a christ-centered worldview
  • 100% online programs at associate, bachelor’s, master’s, and doctoral levels
  • No standardized testing if student meets admission requirements
  • Accredited by the Southern Association of Colleges and Schools Commission on Colleges
  • 87% of Liberty University students receive some form of financial aid
  • Online Courses
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Averett University is a top-ranked, fully-accredited institution that offers students over 30 undergraduate majors, minors and special programs, and 5 master's programs.
  • Accelerated programs designed for convenience: choose from weekly evening courses at one of Averett's Virginia locations or study online and on your own time.
  • Averett University was named one of Virginia’s top colleges for return on investment, and their average scholarship package lowers the cost of attendance further by almost 40%.
  • Averett offers students learning experiences that mirror real-life situations. This means you can put today's lesson to the test during tomorrow’s workday.
  • Averett University's 12:1 student-professor ratio makes your education a collaborative endeavor based on close relationships between students and faculty.
  • Online Courses
1 Program(s) Found
  • Hallmark University has a modern approach to business education. Our students are "hired" on day one to a mock company and live out their education as if on the job.
  • Students also gain valuable work experience having gone through real case studies from Fortune 100 companies.
  • By utilizing compressed, objective-driven courses, you can complete your education in nearly half the time of a similar program at a traditional college or university.
  • Each of our courses are designed to include scenario-based activities. You get to practice what you learn so you're ready for the challenges you will face when you graduate.
  • Our graduates enter the workforce with experience employers desire in addition to a credible degree.
  • Don't settle for learning in large lecture halls. Get the attention needed to succeed.
  • Online Courses
Sponsored

Showing schools in your area

5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Liberty University provides a worldclass education from a christ-centered worldview
  • 100% online programs at associate, bachelor’s, master’s, and doctoral levels
  • No standardized testing if student meets admission requirements
  • Accredited by the Southern Association of Colleges and Schools Commission on Colleges
  • 87% of Liberty University students receive some form of financial aid
  • Online Courses
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Hallmark University has a modern approach to business education. Our students are "hired" on day one to a mock company and live out their education as if on the job.
  • Students also gain valuable work experience having gone through real case studies from Fortune 100 companies.
  • By utilizing compressed, objective-driven courses, you can complete your education in nearly half the time of a similar program at a traditional college or university.
  • Each of our courses are designed to include scenario-based activities. You get to practice what you learn so you're ready for the challenges you will face when you graduate.
  • Our graduates enter the workforce with experience employers desire in addition to a credible degree.
  • Don't settle for learning in large lecture halls. Get the attention needed to succeed.
  • Online Courses
5 Program(s) Found
  • Averett University is a top-ranked, fully-accredited institution that offers students over 30 undergraduate majors, minors and special programs, and 5 master's programs.
  • Accelerated programs designed for convenience: choose from weekly evening courses at one of Averett's Virginia locations or study online and on your own time.
  • Averett University was named one of Virginia’s top colleges for return on investment, and their average scholarship package lowers the cost of attendance further by almost 40%.
  • Averett offers students learning experiences that mirror real-life situations. This means you can put today's lesson to the test during tomorrow’s workday.
  • Averett University's 12:1 student-professor ratio makes your education a collaborative endeavor based on close relationships between students and faculty.
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!