Financial Management Officer Salary
A financial management officer’s salary can range from $112,003 to $168,005 per year. The median wage for this position is $140,004, with the top six percent earning more than $168,005. In 2018, this position’s average federal tax rate was twenty-four percent. This means an individual in this position could expect to take home $112,114 a year, or approximately $4,671 per paycheck.
Compensation
Compensation for a financial management officer varies depending on the company and industry. These professionals oversee financial management functions and advise the leadership. In addition, they create financial reports and set performance standards for personnel and assets. They also advise on the most efficient use of resources. The average salary for a financial management officer is $70,830, but it can reach up to $208,000 depending on the experience and industry.
In 2012, directors of finance earned $79,000 to $184,000, while corporate controllers earned $61,250 to $149,250. While this range is fairly consistent across different industries, it is often higher for larger organizations. In addition to salaries, financial managers may receive bonuses. These bonuses vary by the size of the organization and the industry, and geographic location.
Job Outlook
Job opportunities for financial managers are high, and the field is expected to grow in the coming years. These individuals are responsible for organizations’ financial management and identifying risks that may hinder the organization’s success. They also analyze data and develop new strategies to help their organizations achieve their goals. In addition, they hire and supervise employees. While a bachelor’s degree is typically required for this job, many employers are now preferring candidates with a master’s degree.
To become a financial management officer, candidates must complete educational requirements and pass a computer-based test. In addition, candidates should have experience in budgeting, budget hearings, payroll plan development and administration, and internal controls. However, experience in managing consumer loans and preparing individual tax returns is not required. Also, candidates must be willing to relocate for this position.
Experience required
If you are interested in a career as a financial management officer, you have come to the right place. Various organizations employ financial management officers who often have a bachelor’s degree. While some organizations may require a master’s degree, the essential requirement for the position is experienced in accounting and finance. Some of these officers may even obtain professional certification. To become certified, a candidate must continue taking finance and accounting courses.
The responsibilities of a finance officer include liaising with the accounting department, preparing budgets, and monitoring organizational spending. They also prepare financial statements to comply with laws and regulations. Lastly, a financial officer may oversee filing systems and ordering supplies.
Education required
A financial management officer’s job description includes directing financial management functions, advising senior leadership, and performing organizational operations. The role also requires strong analytical skills and the ability to work effectively with others. In addition, these professionals need to have a passion for finance and excellent interpersonal skills. Some people who wish to enter this field may be eligible for government finance officer internships. Such opportunities usually last three months. However, some may be able to extend the training to a second semester.
Most finance officers hold a Bachelor’s degree in a related field. However, some organizations look for graduates with a Master’s degree. The most important factor, however, is an experience in accounting and finance. In addition, some finance officers pursue professional certifications, including Certified Public Finance Officer (CPFO). The CPFO certification requires ongoing education to maintain the certification.
Career opportunities
Career opportunities for financial management officers are numerous, and these positions are in demand across various industries. At the same time, entry-level positions in this field can be competitive and offer a high-stress level, a challenging work environment, high salaries, and the chance to interact with intelligent colleagues. Although many people turn to this field for its income potential, it is also important to note that the most successful professionals tend to have an innate passion for their work.
Financial managers are responsible for overseeing the financial operations and resources of an organization. They provide advice to the leadership and conduct economic analyses. They also prepare company financial documents and interface with business partners.