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The differences between chief finance officers and finance managers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes More than 10 years to become a chief finance officer, becoming a finance manager takes usually requires 6-8 years. Additionally, a chief finance officer has an average salary of $143,947, which is higher than the $101,374 average annual salary of a finance manager.
The top three skills for a chief finance officer include payroll, CPA and oversight. The most important skills for a finance manager are financial analysis, CPA, and customer service.
| Chief Finance Officer | Finance Manager | |
| Yearly salary | $143,947 | $101,374 |
| Hourly rate | $69.21 | $48.74 |
| Growth rate | 6% | 17% |
| Number of jobs | 145,184 | 125,345 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 66% |
| Average age | 52 | 46 |
| Years of experience | - | 8 |
A chief financial officer is responsible for managing and reviewing the financial status of a company. Chief financial officers' duties include ensuring the accuracy of financial reports, monitoring the company's expenses and budget goals, providing recommendations to prevent financial loss and increase revenues, processing the company's tax obligations, and resolving financial disputes. A chief financial officer must have an impeccable knowledge of the financial industry, updated with the current market trend, and strong leadership and decision-making skills to support the organization's financial department.
A finance manager is responsible for monitoring the financial system of a company. Their tasks include handling their organization's financial status, generating cost estimates and budget goals, identifying business opportunities to increase revenues and profitability, improving financial strategies, reducing costs, analyzing account statements, processing invoice as needed, analyzing market trends, searching potential partnerships, and presenting reports. A finance manager must have excellent analytical skills and knowledge of the accounting and financial industry. They are responsible for providing the best recommendations for the organization's growth.
Chief finance officers and finance managers have different pay scales, as shown below.
| Chief Finance Officer | Finance Manager | |
| Average salary | $143,947 | $101,374 |
| Salary range | Between $80,000 And $257,000 | Between $71,000 And $144,000 |
| Highest paying City | Washington, DC | New York, NY |
| Highest paying state | California | New York |
| Best paying company | Baker McKenzie | Barclays |
| Best paying industry | Construction | Finance |
There are a few differences between a chief finance officer and a finance manager in terms of educational background:
| Chief Finance Officer | Finance Manager | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 66% |
| Most common major | Accounting | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between chief finance officers' and finance managers' demographics:
| Chief Finance Officer | Finance Manager | |
| Average age | 52 | 46 |
| Gender ratio | Male, 71.9% Female, 28.1% | Male, 60.0% Female, 40.0% |
| Race ratio | Black or African American, 3.8% Unknown, 3.9% Hispanic or Latino, 7.9% Asian, 7.7% White, 76.1% American Indian and Alaska Native, 0.6% | Black or African American, 7.6% Unknown, 4.1% Hispanic or Latino, 14.6% Asian, 10.2% White, 63.2% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 12% | 11% |