How Much A Finance Manager Earn
How Much A Finance Manager Earn – Cynthia Widmayer is a business writer helping small businesses, solopreneurs and creatives tell their brand stories with engaging web content since 2013. Its headlines can be found on Bankrate, Metacritic, CNET, and The Simple Dollar, among others. He…
Do you want to become a finance manager? Read this guide to financial manager salary expectations, along with projected demand and top jobs.
How Much A Finance Manager Earn
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Finance managers oversee the financial health of the business. They analyze data, create strategies to maximize profits, and act as advisors to senior managers in an organization.
The average annual salary of financial managers exceeds 100,000, according to the US Bureau of Labor Statistics (BLS). The BLS also projects employment growth of 17% between 2020 and 2030.
This guide takes an in-depth look at finance manager salaries and job prospects. It also covers the most important factors affecting income and employment, such as location, industry, education and experience for this career.
The top 10% of money managers made more than $208,000 in 2020, while the lowest 10% made under $70,830.
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According to the BLS, the average annual salary for money managers is $134,180 in 2020, which equates to $64.51 an hour. The top 10% of money managers made more than $208,000 in 2020, while the lowest 10% made under $70,830.
This is a fast-growing career with many opportunities for high pay, making this role attractive to students in and related fields. While there is a high potential for above-average salaries, the salary of a finance manager depends on factors such as academic qualifications and experience.
Finance managers must have at least a bachelor’s degree. In addition to finance, other possible undergraduate majors include economics, management and business.
Note: The salary data in the following table represents not only financial managers, but professionals in all industries who have a degree in finance.
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Aspiring financial managers can pursue master’s degrees and post-graduate certifications for higher wages and job growth. However, any degree or diploma requires a significant investment of time and money. Students pursuing financial management should consider carefully before committing to higher education.
As with most careers, a money manager’s salary increases with experience. Professionals with less than five years of experience earn less than those with twenty or three decades in their field. With more time in the role, financial managers gain skills that can lead to career advancement and salary increases.
Money managers with five or more years of experience can expect the highest salary increases. Maximum growth and salary increases often occur in the first 10-15 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, finance managers in New York earn the highest salaries, about $215,640, but there are only 45,390 money managers working in the state.
By comparison, financial managers earn $162,650 in California, but the state has a much higher employment rate of 92,670. Factors that contribute to the pay gap include the cost of living, population density and the local labor market.
The best job prospects for financial managers are places with a strong economy. The BLS predicts 17% growth in finance manager jobs between 2020 and 2030, which is above average. Those graduating with a degree in finance (or a related subject) should find financial managers in high demand over the next decade, particularly in metropolitan areas.
Finance managers can find job opportunities throughout the country, but the opportunities are greater in urban areas than in rural areas. Since financial management involves both commercial and monetary transactions, the strong financial sector in big cities makes up a large part of the labor market.
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According to BLS data, New York, New Jersey, and Washington D.C. he has the highest paying finance manager job. Connecticut, Massachusetts, and Illinois are some of the states with the highest concentrations of employment. The salary of a money manager varies by location, industry and specific job field.
Finance managers will find work in any industry where finance, data analysis and transactions play a key role. The BLS notes that the banking industry has the highest concentration of financial managers, employing more than 98,570 professionals. This includes areas such as loans, brokerage, and mortgages.
Business management is in second place, employing 74,260 finance managers. Financial investments and securities is the highest paying industry for money managers, with an average salary of $206,050.
The daily activities and salary of a financial manager vary. Various industries involve managing cash flow, directing investments, and preparing credit reports. Other sectors may have tasks such as offering financial advice, profit planning, and following current and future industry trends.
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According to BLS data from May 2020, a money manager can earn up to $208,000 or less than $70,830 a year. In some states, a financial manager can earn an average of nearly $250,000 per year.
The BLS notes that financial managers earn an average median salary of $134,180 in 2020. This figure can change depending on career stage, location, industry and level of education.
Graduates in financial management can find several potentially rewarding roles in a variety of industries. Some of the best paying jobs in financial management include financial manager, economist and financial analyst.
New York, New Jersey, and D.C. currently offers the highest paying money manager jobs in the United States. The average annual salary for a money 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 financial managers in 2020, followed by professional, scientific and technical services and business management. These industries have potentially lucrative jobs for financial managers and bright prospects and career advancement opportunities.
Tell us what kind of degree you’re looking for, and we’ll find a list of the best programs to get you there. A person working as a Finance Manager in Macau usually earns around MOP 15,500 per month. Salaries range from 7,120 MOP (lowest) to 24,600 MOP (highest).
This is the average monthly salary including accommodation, transport and other benefits. Finance Manager salaries vary drastically based on experience, skills, gender or location. Below you will find a detailed breakdown based on various criteria.
Both are pointers. If your salary is above average and average, then you are doing very well. If your salary is the lower of the two then many people are earning more than you and there is plenty of room for improvement. If your salary is between the median and the median then things can get a little difficult. We have written guides to explain everything about the different scenarios. How to compare your salary
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Level of experience is the most important factor in determining salary. Obviously the more years of experience the higher your wages. We’ve broken down Finance Manager salaries by experience level and here’s what we found.
While someone with an experience level between two and five years is expected to earn 10,800 MOP per month, 34% more than someone with less than two years of experience.
Looking ahead, an experience level between five and ten years earns a salary of 16,000 MOP per month, 48% more than someone with two to five years of experience.
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“On average, a person’s salary doubles their starting salary when they exceed the 10-year experience limit*. “
In addition, a Finance Manager whose skills vary between ten and fifteen years earns the equivalent of 19,500 MOP per month, 22% more than someone with five to ten years of experience.
If the level of experience is between fifteen and twenty years, then the expected salary is 21,200 MOP per month, 9% more than someone with ten to fifteen years of experience.
Finally, employees with more than twenty years of professional experience earn a salary of 23,000 MOP per month, 8% more than people with fifteen to twenty years of experience.
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Financial Manager Salary Comparison According to Education How does the level of education affect the salary? Below is the difference in average salary between different Finance Managers who have the same experience but different level of education.
We all know that a higher education equals a bigger salary, but how much money can a degree add to your income? We break down Finance Manager salaries by education level to make comparisons.