Finance Manager Salary Virginia
Finance Manager Salary Virginia – Cynthia Widmayer is a business writer who has been helping small businesses, solopreneurs and creatives tell their brand stories with engaging web content since 2013. Her signatures can be found at Bankrate, Metacritic, CNET and Simple Dollar, among others. Is it over there…
Want to become a financial manager? Read this guide to learn about finance manager salary expectations, as well as projected demand and top job openings.
Finance Manager Salary Virginia
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A finance manager oversees a company’s financial health. They analyze data, create strategies to increase profits, and act as consultants to the organization’s senior managers.
The median annual salary of a finance manager is over £100,000, according to the US Bureau of Labor Statistics (BLS). The BLS also predicts 17% job growth between 2020 and 2030.
This guide takes an in-depth look at finance managers’ salaries and job prospects. It also covers the most important factors that affect income and employment, such as location, industry, education and experience for this occupation.
The top 10% of money managers earned more than $208,000 in 2020, while the bottom 10% earned less than $70,830.
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As per the BLS, the median annual salary for finance managers is $134,180 in 2020, which equals $64.51 per hour. The top 10% of money managers earned more than $208,000 in 2020, while the bottom 10% earned less than $70,830.
This is a fast-growing career path with ample high-paying opportunities, making this role attractive to students and related fields. While there is high potential for an above-average salary, a finance manager’s salary depends on factors such as academic qualifications and experience.
Financial managers must have at least a bachelor’s degree. In addition to finance, other possible bachelor’s degrees include economics, management, and business.
Note: The salary information in the table below does not represent just finance managers, but professionals from all industries who hold finance degrees.
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Future financial managers can pursue master’s degrees and postgraduate certificates for higher salaries and job growth. However, a bachelor’s or master’s degree requires a significant investment of time and money. Students who specialize in financial management should consider this carefully before committing to higher education.
As with most professions, a finance manager’s salary increases with experience. Professionals with less than five years of experience earn less than those with two or three decades in the field. With more time, financial managers acquire skills that can lead to professional advancement and salary increase.
Finance managers with five or more years of experience can expect the biggest salary jump. Maximum growth and salary advancement usually occurs in the first 10 to 15 years of a financial management career.
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While education and experience are important factors in determining salary, the workplace also plays an important role. For example, New York’s financial managers earn the highest salary, around $215,640, but there are only 45,390 financial managers working in the state.
In comparison, financial managers earn $162,650 in California, but the state has a higher employment rate of $92,670. Factors that cause wage differences include cost of living, population density and the local labor market.
The best job prospects for financial managers are places with a thriving economy. The BLS predicts a 17% growth in finance manager positions between 2020 and 2030, which is above average. Those majoring in finance (or a related subject) should find financial managers in high demand in the next decade, especially in urban areas.
Financial managers can find job opportunities across the country, but opportunities in urban areas are greater than in rural areas. As financial management is related to business and financial transactions, the growth of the financial sector in big cities makes the job market big.
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According to BLS data, New York, New Jersey and Washington, DC have the highest-paying finance manager positions. Connecticut, Massachusetts and Illinois are some of the states with the highest concentration of jobs. Financial manager salaries vary by location, industry, and specific field of work.
Finance managers will find employment in any industry where finance, data analytics and transactions play an important role. The BLS notes that the banking sector has the highest concentration of finance managers, employing more than 98,570 professionals. This includes areas such as lending, brokerage and mortgages.
Business management was second, employing 74,260 finance managers. Financial investing and securities is the highest paying industry for finance managers, with an average salary of $206,050.
The day-to-day activities and salaries of finance managers vary. Some industries involve managing cash flow, directing investments and preparing credit reports. Other industries may have tasks such as offering financial advice, profit planning, and keeping up with current and future industry trends.
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According to BLS data from May 2020, money managers can earn up to $208,000 or $70,830 per year. In some states, finance managers can earn around $250,000 a year on average.
The BLS notes that financial managers earned an average median salary of $134,180 in 2020. This number can vary depending on career, location, industry and educational level.
Financial management graduates can find potentially rewarding roles in a variety of industries. Some of the highest paying jobs in financial management include financial managers, economists and financial analysts.
Currently, New York, New Jersey and DC offer the highest paying finance manager positions in the United States. The average annual salary for a financial manager in New York is $215,640 as of May 2020.
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The finance and insurance industry is the top employer for finance managers in 2020, followed by professional services, science and technology, and business management. These industries have potential jobs for financial managers and bright prospects and career advancement opportunities.
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According to the Bureau of Labor Statistics (BLS), 22, finance managers are among the highest-paying occupations in the United States, according to the latest 2018 salary data. In fact, when you exclude the medical profession from the list, financial managers. The average annual salary is the 7th highest in the country, with an average income of $146,830 per year.
There is more good news for financial managers. According to the BLS Occupational Outlook Handbook, employment for financial managers is expected to increase by 19% – much faster than average – from 2016 to 2026.
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However, not all states pay money managers the same. So if you want to earn more money in this field then read the full details of where money managers income is the lowest and where the income is the highest.
An analysis of salaries by state reveals that finance managers earn more than the national average in only 12 states plus the District of Columbia:
New York, New Jersey and Connecticut are almost surprising, given the quality and quantity of finance companies located in these states, centered in New York City.
Geographically, the states that pay the least for money managers are in the South – Mississippi, West Virginia, Arkansas, Louisiana and Tennessee; and mountain states – Idaho, New Mexico. Montana and Utah. One exception is Alaska, located in the US Pacific Division.
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Many of the states that pay the least money managers are also among the lowest in terms of median household income. According to the US Census Bureau’s 2017 American Community Survey, Mississippi has 49 The lowest median household income in the nation, $42,009; Rank 46 Arkansas has the second lowest household income at $43,813; And West Virginia, in 48th place, has the third lowest median household income in the United States at $44,061.
Here’s a look at median finance manager salaries by state. The overall ranking for each state is mentioned, and D.C. is also included. Below is the full profile of 50 states for financial managers.
In addition to current finance manager salaries by state, we look at changes over the years. The fastest growing state over the last five years is Maine, where the median salary went from $90,930 in 2013 to $119,080 in 2018. In Hawaii and Wisconsin, the median salary for finance managers has increased by more than a quarter. 2013 to 2018. And in 16 states plus DC, the average annual salary increased by 20% or more. Average Financial Manager Salary $101,374 per year To create our salary estimates, we started with information published in public sources such as the US Bureau of Labor. Statistics (BLS), Foreign Employment Certification Information Center (FLC) Show more
Financial managers earn an average of $101,374 a year, or $48.74 an hour in the United States. Finance managers at the bottom of that range, the bottom 10% for sure, earn about $71,000 a year, while the top 10% earn $144,000. How does location affect this?
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