Finance is one of the most critical elements of every business. From the company’s day-to-day running, purchasing assets, paying salaries, hiring staff, and paying off debts, finance is the lifeblood of any business. These reasons are enough to justify a financial manager salary and paycheck. Dealing with company’s finance is a pretty complicated task. You need to know your portfolios, current tax rates, and government regulations to be at the top of your business.
If you aspire to have a career in finance, this article is all you need. Take courses on DevOps and explore the indispensable skills required to be a finance manager and critical things that can fuel your career growth.
Financial Manager Salary 2024
The salary of a financial manager depends on various factors and levels of experience you own in your domain.
Financial Manager Salary: Based on Experience
Beginner
If you are a beginner, your salary will be low—just enough to get by. If you want to make a decent living, you will need several years of experience under your belt. The average financial manager salary for those with less than 1 year of experience is $78,729.
Intermediate
Intermediate financial managers with an experience of 3 to 7 years make an average of $90,912.
Advanced
If you have been a financial manager for more than 10 years, your salary can be expected to be even higher. An advanced financial manager's average annual salary is $98,469.
Financial Manager Salary: Based on Location
India
India is the most popular country for financial managers, with nearly 200,000 employed in the field. The average salary for a financial manager in India is ₹ 13 lakhs and can range from ₹ 3.5 lakhs per year to ₹ 30 lakhs per year.
US
The average financial manager's salary in the United States is $134,180 USD per year. This makes them more than twice as likely to earn a six-figure income compared to other professions in the country. Financial managers also make more money than their counterparts abroad.
The highest-paid financial managers work in New York, where they can expect to earn about $215,640 each year on average. The lowest-paid professionals work in Blaine County, Idaho, where they'll see about $50k annually.
UK
As with other countries, the average salary for a financial manager in the UK is £45,122. Various factors affect the amount of money you can expect to make as a financial manager, depending on where you live and how long you have been working.
Your income will also be affected by your experience and the industry in that you choose to work. For example, an experienced financial manager working in Scotland will earn less than someone with similar qualifications employed by an investment bank or hedge fund in London.
Australia
The average salary for a Financial Manager in Australia is $125,000. The range of salaries is from $115,000 to $135,000, and the experience level typically ranges from 6-10 years.
Canada
The average salary for a Financial Manager in Canada is $81,000. The salary range is from $76,000 to $88,000, and the experience level typically ranges from 6-10 years.
Singapore
Singapore is a great place to live if you are an ambitious financial manager who wants to get rich. The country has one of the world's highest salaries for financial managers, and its tax rate is low enough that you can keep most of your paycheck. The average finance manager's salary in Singapore is S$72,000 per year.
What does a Finance Manager do?
A finance manager oversees a company’s financial health and ensures it remains viable. They manage accounting, profitability, expenses, and financial reporting. Earlier, a finance manager was majorly required to produce financial reports. But with an increase in globalization and hyperconnectivity, the current role of a finance manager looks drastically altered.
They now need to deal with a lot of data to analyze, strategize, and plan their company’s finances. They must also be adept at credit and risk management, international financial regulations, derivatives, and even cryptocurrencies. Below is the summing of the roles and responsibilities of a finance manager:
- Understanding company’s financial health and the working of the capital markets.
- Creating financial reports.
- Projecting profits for the company.
- Managing the company’s credit and loans.
- Advising the management on financial decisions.
- Creating budgets and helping the company to stick to them.
- Helping to raise funds for the business.
- Allocating funds towards the business needs and goals.
- Analyzing financial trends and looking for growth opportunities.
- Maximize wealth for business owners and other stakeholders.
- Negotiating with the company’s banks and financial institutions.
Top Companies for Finance Managers
If you are looking to start applying for the role of a corporate finance manager but don’t know where to start, you need not worry anymore. Below is the list of some of the best companies for a finance job:
- Barclays
- Goldman Sachs
- Boston Consulting Group
- Morgan Stanley
- McKinsey & Co
- KPMG
- HDFC
- State Bank of India
Best-paid Skills and Qualifications for Finance Managers
Just like any other role, as a finance manager, you cannot afford to stay stagnant regarding your skills. You need to upgrade your skills and qualifications constantly. This has several benefits, such as staying relevant in the job market and letting you have better bargaining power when it comes to payments.
Let us take a look at some skills necessary for your career growth as a financial reporting manager:
- Leadership
- Communication, networking, and interpersonal skills
- Attention to detail.
- Problem-solving skills
- Analysis
- Technological skills
- Honesty and values.
- Transparency
- Strategic and analytical skills.
- Knowledge of the industry.
- Ability to work in teams and independently.
Besides these, as a financial planning and analysis manager, here are some advanced skills that help you gain more knowledge about your field:
- Understanding and analyzing financial statements.
- Cash versus accrual accounting.
- Proficiency in mathematics.
- Variance and financial analysis.
- Budget is making and presenting.
- Financial reporting.
How to Improve Financial Management Skills?
Once you have gained a certain year’s worth of experience, it always pays to upskill yourself. Here are some ways in which you can do that:
Technology is an essential part of any profession. Information technology has quite an important role from communicating with one another to allowing faster and more efficient services. As a finance manager, you can take up the relevant Fintech courses.
Think about strengthening your educational background. For instance, if you have a bachelor’s degree, think of getting an advanced degree in economics or business administration. Courses in international finance and global economics are also great options.
Instead of being a generalist, you can focus on being a specialized finance manager. This may include honing your skills in specific aspects of finance such as insurance, treasury, risk management, etc.
Lend more credibility to your qualifications by earning a license or certificate. Some options include certifications such as CFA (Chartered Financial Analyst) or CPA (Certified Public Accountant).
Conclusion
Financial management plays a pivotal role in any company. The conduit interconnects all other departments and allows businesses to stay afloat and thrive. If you are good with numbers and understand technology, there will be no shortage of opportunities. Make sure you are set to take up challenges and keep upgrading yourself. One of the best ways to gain financial manager skills is to undergo courses such as DevOps Foundation training.