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Become A Finance Administrator

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Working As A Finance Administrator

  • Making Decisions and Solving Problems
  • Getting Information
  • Analyzing Data or Information
  • Processing Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Deal with People

  • Mostly Sitting

  • Make Decisions

  • $139,520

    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 jobs

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Finance Administrator Career Paths

Finance Administrator
Bookkeeper Accounts Payable Clerk Staff Accountant
Accounting Manager
7 Yearsyrs
Human Resources Manager Assistant Vice President Controller
Accounting Officer
7 Yearsyrs
Corporate Controller Chief Finance Officer
Chief Finance And Operating Officer
14 Yearsyrs
Contracts Administrator Senior Finance Analyst Accounting Manager
Corporate Accounting Manager
8 Yearsyrs
Human Resources Coordinator Business Manager Controller
Corporate Controller
12 Yearsyrs
Project Manager Senior Manager Controller
Director Of Accounting & Finance
11 Yearsyrs
Chief Operating Officer Finance Advisor Finance Manager
Director Of Operations And Finance
11 Yearsyrs
Chief Finance Officer Accounting Consultant Accounting Manager
Division Controller
9 Yearsyrs
Human Resources Coordinator Controller
Finance Controller
9 Yearsyrs
Operations Director Finance Advisor Senior Finance Analyst
Finance Leader
8 Yearsyrs
Bookkeeper Accountant Finance Analyst
Finance Manager
7 Yearsyrs
Chief Finance Officer President Finance Advisor
Finance Vice President
9 Yearsyrs
General Manager Human Resources Coordinator Controller
Interim Controller
15 Yearsyrs
Business Analyst Senior Finance Analyst Accounting Manager
Manager/Finance Accounting
8 Yearsyrs
Project Manager Property Manager Accountant
Plant Controller
10 Yearsyrs
General Manager Business Manager Controller
Regional Controller
10 Yearsyrs
Chief Operating Officer Sales Consultant Finance Manager
Reporting Manager
8 Yearsyrs
Contracts Administrator Finance Analyst Accounting Manager
Senior Accounting Manager
10 Yearsyrs
Human Resources Manager Senior Manager Controller
Senior Director Of Finance
14 Yearsyrs
Corporate Controller Finance Consultant Senior Finance Analyst
Senior Finance Manager
11 Yearsyrs
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Average Length of Employment
Finance Director 3.9 years
Finance Controller 3.8 years
Finance Manager 3.7 years
Finance Supervisor 3.5 years
Finance Officer 3.5 years
Administrator 3.2 years
Finance Leader 3.1 years
Finance Executive 3.1 years
Finance Internship 0.5 years
Top Employers Before
Controller 12.7%
Accountant 5.9%
Manager 3.2%
Top Employers After
Controller 10.8%
Consultant 6.0%
Accountant 4.5%
President 2.4%

Finance Administrator Demographics

Gender

Female

56.7%

Male

40.9%

Unknown

2.4%
Ethnicity

White

79.1%

Hispanic or Latino

10.3%

Asian

7.6%

Unknown

2.0%

Black or African American

1.0%
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Languages Spoken

Spanish

46.5%

French

13.1%

Portuguese

6.5%

German

4.9%

Chinese

3.7%

Urdu

3.3%

Mandarin

2.9%

Italian

2.9%

Arabic

2.9%

Hindi

2.4%

Dutch

2.4%

Korean

1.2%

Greek

1.2%

Tagalog

1.2%

Cantonese

1.2%

Bengali

0.8%

Russian

0.8%

Carrier

0.8%

Serbian

0.8%

Swedish

0.4%
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Finance Administrator Education

Schools

University of Phoenix

21.0%

Northeastern University

6.9%

Strayer University

6.7%

DePaul University

6.1%

Southern New Hampshire University

5.5%

New York University

5.1%

George Mason University

3.8%

Boston University

3.8%

Kaplan University

3.8%

Villanova University

3.8%

University of Maryland - University College

3.6%

Bentley University

3.6%

Liberty University

3.6%

Harvard University

3.4%

Hofstra University

3.4%

Pace University - New York

3.2%

University of Texas at Austin

3.2%

University of Connecticut

3.2%

George Washington University

3.0%

University of Central Florida

3.0%
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Majors

Business

35.0%

Accounting

25.9%

Finance

14.0%

Management

4.6%

Economics

1.9%

Marketing

1.8%

Psychology

1.7%

Health Care Administration

1.5%

Human Resources Management

1.5%

Public Administration

1.4%

Criminal Justice

1.4%

Education

1.3%

Law

1.3%

Communication

1.2%

Elementary Education

1.0%

Sociology

1.0%

Political Science

1.0%

English

0.8%

Project Management

0.8%

Liberal Arts

0.8%
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Degrees

Bachelors

38.1%

Masters

34.9%

Other

14.9%

Associate

5.9%

Certificate

3.4%

Doctorate

1.8%

Diploma

0.8%

License

0.1%
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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 May 01, 2012 $51,570
Financial Aid Administrator Columbia College Fairfax, VA Apr 02, 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

MonthlyFinancialStatementsPayrollProcessingProceduresEnsureComplianceAnnualAuditGeneralLedgerFinancialAidEligibilityHumanResourcesAnnualBudgetAccountsReceivablesCustomerServiceQuickbooksOversightInformationTechnologyFinancialManagementJournalEntriesFinancialAnalysisSuperviseGaapRiskManagement

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Top Finance Administrator Skills

  1. Monthly Financial Statements
  2. Payroll Processing
  3. Procedures
You can check out examples of real life uses of top skills on resumes here:
  • Prepared and analyzed operating and capital budgets, produced monthly financial statements and presented to Department leadership.
  • Managed the transition from local PC based payroll processing to ADP, including several subsequent major enhancements.
  • Participate in planning and implementation of various purchasing program activities; recommend and administer policies and procedures.
  • Develop local internal control procedures within corporate guidelines and ensure compliance.
  • Coordinated annual audit; worked with outside auditors.

Top Finance Administrator Employers

Finance Administrator Videos

A Day in the Life - Financial Manager

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