The salary of a financial manager is highly dependent on various factors, including experience, education, and certifications. The median salary for a financial manager was $120,620 per year in 2019, according to the Bureau of Labor Statistics. The highest paid managers earned more than $208,000 per year, while the lowest paid were paid less than $68,370 per year.
The minimum education for financial managers is typically a bachelor’s degree, with a minimum of 5 years of experience. Some employers prefer candidates who have completed a master’s degree or a graduate certification in financial management. This will help candidates develop the analytical skills needed for a career in this field. However, the salaries reported are not representative of all financial managers.
Finance managers play a pivotal role within any company. They are responsible for making big decisions and overseeing the budget. They also need to be knowledgeable about new technologies, international financial regulations, and capital markets. They need to be able to collaborate with other department heads and work with data. A financial manager salary will depend on experience, education, and the type of company one is working for.
According to the Bureau of Labor Statistics, the median annual salary for financial managers is $129,890. The top 25% earn about $181,980 per year, while the lowest 25% make less than $92,310. According to the Bureau of Labor Statistics, the salary of financial managers is projected to grow by 15% between 2019 and 2029, faster than the average for all occupations.
Those interested in becoming a financial manager should consider pursuing a degree in accountancy. Many finance and accountancy professions are impacted by the economic climate, which can hamper recruitment and increase competition. This may make it more desirable to work for smaller firms, which offer greater career opportunities. Moreover, a degree in accountancy will provide a strong international platform for career growth.