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Become A Finance Administrator

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Working As A Finance Administrator

  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Guiding, Directing, and Motivating Subordinates
  • Coaching and Developing Others
  • Establishing and Maintaining Interpersonal Relationships
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Make Decisions

  • $57,000

    Average Salary

What Does A Finance Administrator Do

Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.

Duties

Financial managers typically do the following:

  • Prepare financial statements, business activity reports, and forecasts
  • Monitor financial details to ensure that legal requirements are met
  • Supervise employees who do financial reporting and budgeting
  • Review company financial reports and seek ways to reduce costs
  • Analyze market trends to maximize profits and find expansion opportunities
  • Help management make financial decisions

The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.

Financial managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about topics in healthcare finance. Moreover, financial managers must be knowledgeable about special tax laws and regulations that affect their industry.

The following are examples of types of financial managers:

Chief financial officers (CFOs) are accountable for the accuracy of a company’s or organization’s financial reporting, especially among publicly traded companies. As head of a company’s entire financial department, they manage the lower level financial managers. They oversee the company’s financial goals, objectives, and budgets.

Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by governmental agencies that regulate businesses. Often, controllers oversee the accounting, audit, and budget departments of their organization.

Treasurers and finance officers direct their organization’s budgets to meet its financial goals. They oversee the investment of funds and carry out strategies to raise capital (such as issuing stocks or bonds) to support the firm’s expansion. They also develop financial plans for mergers (two companies joining together) and acquisitions (one company buying another).

Credit managers oversee their firm’s credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.

Cash managers monitor and control the flow of cash that comes in and goes out of the company to meet the company’s business and investment needs. For example, they must project cash flow (amounts coming in and going out) to determine whether the company will have a shortage or surplus of cash. 

Risk managers control financial risk by using strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty. Among the risks they try to limit are those that stem from currency or commodity price changes.

Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks, such as the need to make disability payments for an employee who gets hurt on the job or the costs imposed by a lawsuit against the company.

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How To Become A Finance Administrator

Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.

Education

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.

Licenses, Certifications, and Registrations

Professional certification is not required, but some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience.

Work Experience in a Related Occupation

Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst. 

In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.

Important Qualities

Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task which requires analytical ability.

Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.

Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.

Math skills. Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.

Organizational skills. Financial managers deal with a range of information and documents and so they must stay organized to do their jobs effectively.

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Finance Administrator Career Paths

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Average Length of Employment
Finance Secretary 3.8 years
Accountant 3.7 years
Finance Manager 3.7 years
Finance Officer 3.5 years
Finance Executive 3.0 years
Finance Specialist 3.0 years
Finance Clerk 2.7 years
Finance Associate 2.4 years
Junior Accountant 2.4 years
Finance Assistant 2.2 years
Top Careers Before Finance Administrator
Accountant 6.1%
Bookkeeper 6.0%
Cashier 4.5%
Internship 4.0%
Manager 3.5%
Controller 3.0%
Top Careers After Finance Administrator
Accountant 7.9%
Controller 5.2%
Bookkeeper 4.5%
Consultant 3.6%
Owner 3.2%
Cashier 3.2%
Manager 3.2%

Do you work as a Finance Administrator?

Average Yearly Salary
$57,000
View Detailed Salary Report
$37,000
Min 10%
$57,000
Median 50%
$57,000
Median 50%
$57,000
Median 50%
$57,000
Median 50%
$57,000
Median 50%
$57,000
Median 50%
$57,000
Median 50%
$86,000
Max 90%
Best Paying Company
Analysts International Corp
Highest Paying City
Madison, WI
Highest Paying State
New Hampshire
Avg Experience Level
3.5 years
How much does a Finance Administrator make at top companies?
The national average salary for a Finance Administrator in the United States is $57,358 per year or $28 per hour. Those in the bottom 10 percent make under $38,000 a year, and the top 10 percent make over $86,000.

Real Finance Administrator Salaries

Job Title Company Location Start Date Salary
SR. Finance Apps (Peoplesoft) Adminstrator Informatica LLC Redwood City, CA Oct 19, 2015 $120,000
C&TM Finance & Admin USA & Latin America Duty Free JTI Duty-Free USA, Inc. Miami, FL Aug 23, 2014 $89,424
Financial Administrator The Vanguard Group Malvern, PA Aug 01, 2013 $83,862
Bilingual Financial Administrator & Planner PCS Station, Inc. Monterey Park, CA Sep 17, 2015 $83,814
AIS Financial Reporting Administrator State Street Bank and Trust Company Princeton, NJ Apr 29, 2015 $81,619 -
$90,000
Finance Administrator Accident Care and Treatment Center Oklahoma City, OK Sep 13, 2016 $79,851
Financial Administrator Weperform.org El Cerrito, CA Sep 19, 2015 $75,069
Financial Administrator Analysts International Corporation Warren, MI Sep 25, 2011 $75,000
Financial Administrator Johns Hopkins University Washington, DC Jun 15, 2013 $69,000
Financial Administrator The Vanguard Group Malvern, PA Jul 14, 2014 $68,410
Financial Administrator G&G Properties Inc. Austin, TX Aug 25, 2011 $67,000
Financial Administrator/Research Service Analyst The Johns Hopkins University Baltimore, MD Aug 22, 2011 $61,500
Financial Administrator The Vanguard Group Malvern, PA Sep 15, 2014 $60,429
Finance Administrator The Nature Conservancy Arlington, VA Sep 18, 2011 $59,904
Financial Administrator California Unviersity of Management and Sciences Arlington, VA Nov 18, 2015 $57,762
Financial Administrator Renren Game USA, Inc. CA Sep 07, 2013 $55,556
Financial Aid Administrator Columbia College Fairfax, VA May 01, 2015 $55,472
Financial Aid Administrator Columbia College Fairfax, VA Apr 02, 2015 $55,472
Financial Administrator Northwestern University Chicago, IL Jan 23, 2012 $52,978
Financial Aid Administrator University of North Dakota Grand Forks, ND Jul 01, 2011 $52,395
Financial Aid Administrator Columbia College Fairfax, VA Apr 02, 2012 $51,570
Financial Aid Administrator Columbia College Fairfax, VA May 01, 2012 $51,570
Financial Administrator Euphrates, Inc. Johnstown, NY Apr 11, 2016 $51,397
Financial Administrator The Vanguard Group Malvern, PA Sep 14, 2016 $51,127
AIS Financial Reporting Administrator Senior Assoc State Street Bank and Trust Company Boston, MA Sep 25, 2012 $51,000 -
$65,000

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Top Skills for A Finance Administrator

  1. Financial Aid
  2. Income Tax Returns
  3. Financial Statements
You can check out examples of real life uses of top skills on resumes here:
  • Communicated with lenders to resolve credit and loan issues based on analyzing and evaluating financial aid eligibility for students.
  • Reconciled and maintained balance sheet accounts, prepared journal entries, oversaw monthly closings and preparation of monthly financial statements
  • Maintained all General Ledger accounts and produced monthly Financial Statements and payroll.
  • Managed campus accounts receivables including federal financial aid, deferred tuition and collection processes in accordance with established guidelines.
  • Spearheaded annual audit of supply chain management system (SCM), including reconciliation of gift-in-kind funds (GIK).

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Average Salary:

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Top 10 Best States for Finance Administrators

  1. New York
  2. Delaware
  3. New Jersey
  4. Connecticut
  5. District of Columbia
  6. Virginia
  7. Rhode Island
  8. Pennsylvania
  9. North Carolina
  10. Massachusetts
  • (628 jobs)
  • (50 jobs)
  • (321 jobs)
  • (159 jobs)
  • (113 jobs)
  • (362 jobs)
  • (50 jobs)
  • (348 jobs)
  • (308 jobs)
  • (427 jobs)

Finance Administrator Resume Examples And Tips

The average resume reviewer spends between 5 to 7 seconds looking at a single resume, which leaves the average job applier with roughly six seconds to make a killer first impression. Thanks to this, a single typo or error on your resume can disqualify you right out of the gate. At Zippia, we went through over 5,880 Finance Administrator resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

Learn How To Create A Top Notch Finance Administrator Resume

View Resume Examples

Finance Administrator Demographics

Gender

Female

62.1%

Male

26.6%

Unknown

11.3%
Ethnicity

White

60.3%

Hispanic or Latino

15.4%

Black or African American

12.0%

Asian

8.1%

Unknown

4.2%
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Foreign Languages Spoken

Spanish

46.3%

French

11.4%

Portuguese

5.2%

Chinese

4.8%

German

4.4%

Arabic

4.4%

Mandarin

3.5%

Italian

3.1%

Hindi

2.2%

Cantonese

2.2%

Urdu

2.2%

Dutch

1.7%

Korean

1.7%

Tagalog

1.7%

Russian

1.3%

Vietnamese

0.9%

Bengali

0.9%

Carrier

0.9%

Serbian

0.9%

Swedish

0.4%
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Finance Administrator Education

Schools

University of Phoenix

27.3%

Strayer University

9.7%

Kaplan University

6.5%

Northeastern University

5.8%

Liberty University

3.9%

University of Maryland - University College

3.9%

Southern New Hampshire University

3.7%

Capella University

3.7%

American InterContinental University

3.5%

University of Houston

3.3%

Walden University

3.3%

University of Central Florida

3.2%

Northern Virginia Community College

3.2%

Webster University

3.0%

University of Pittsburgh -

3.0%

Ashford University

2.8%

Arizona State University

2.6%

Purdue University

2.6%

DePaul University

2.5%

Colorado Technical University

2.5%
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Majors

Business

37.5%

Accounting

21.9%

Finance

10.6%

Management

4.0%

Psychology

2.7%

Health Care Administration

2.5%

Human Resources Management

2.2%

Criminal Justice

1.9%

Marketing

1.9%

Economics

1.8%

Communication

1.6%

Education

1.6%

Political Science

1.4%

English

1.3%

Computer Science

1.2%

Elementary Education

1.2%

Liberal Arts

1.2%

General Studies

1.1%

Public Administration

1.1%

Sociology

1.1%
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Degrees

Bachelors

41.7%

Masters

23.8%

Other

17.3%

Associate

9.8%

Certificate

4.6%

Diploma

1.6%

Doctorate

1.1%

License

0.2%
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