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Finance assistant vs finance administrator

The differences between finance assistants and finance administrators can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a finance assistant, becoming a finance administrator takes usually requires 6-8 years. Additionally, a finance administrator has an average salary of $55,541, which is higher than the $37,926 average annual salary of a finance assistant.

The top three skills for a finance assistant include customer service, data entry and payroll. The most important skills for a finance administrator are customer service, financial aid, and powerpoint.

Finance assistant vs finance administrator overview

Finance AssistantFinance Administrator
Yearly salary$37,926$55,541
Hourly rate$18.23$26.70
Growth rate-8%17%
Number of jobs118,749130,256
Job satisfaction--
Most common degreeBachelor's Degree, 59%Bachelor's Degree, 61%
Average age5046
Years of experience28

What does a finance assistant do?

A finance assistant is responsible for supporting the financial department with daily operations by doing administrative and clerical tasks as needed. Finance assistants' duties include sorting financial records, updating account spreadsheets, assisting on bank statements reconciliation, processing payments, generating an invoice, auditing financial statements, escalating financial discrepancies for review, and reviewing cost analysis reports. A finance assistant must be knowledgeable of the financial industry and accounting processes, as well as have strong analytical and organizational skills.

What does a finance administrator do?

A finance administrator is responsible for supporting the financial operations of an organization, handling the accuracy of financial transactions, and resolving discrepancies in the company's financial statements. Finance administrators analyze the company's financial performance, including its losses and revenues, writing financial reports, and providing recommendations for cost-reduction processes to minimize financial risks. They also handle the allocation of departmental budgets, assist in tax audits, and process invoices and payroll release. A finance administrator must have excellent analytical skills and an extensive knowledge of the financial industry.

Finance assistant vs finance administrator salary

Finance assistants and finance administrators have different pay scales, as shown below.

Finance AssistantFinance Administrator
Average salary$37,926$55,541
Salary rangeBetween $27,000 And $52,000Between $38,000 And $80,000
Highest paying CityWashington, DCDover, DE
Highest paying stateConnecticutDelaware
Best paying companyBoston Consulting GroupState Street
Best paying industryManufacturingManufacturing

Differences between finance assistant and finance administrator education

There are a few differences between a finance assistant and a finance administrator in terms of educational background:

Finance AssistantFinance Administrator
Most common degreeBachelor's Degree, 59%Bachelor's Degree, 61%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Finance assistant vs finance administrator demographics

Here are the differences between finance assistants' and finance administrators' demographics:

Finance AssistantFinance Administrator
Average age5046
Gender ratioMale, 24.9% Female, 75.1%Male, 29.3% Female, 70.7%
Race ratioBlack or African American, 9.3% Unknown, 3.9% Hispanic or Latino, 16.3% Asian, 3.8% White, 66.0% American Indian and Alaska Native, 0.7%Black or African American, 7.7% Unknown, 4.1% Hispanic or Latino, 14.8% Asian, 9.2% White, 63.9% American Indian and Alaska Native, 0.3%
LGBT Percentage6%11%

Differences between finance assistant and finance administrator duties and responsibilities

Finance assistant example responsibilities.

  • Manage finance operations of assign USPS location.
  • Manage patient and insurance account receivables, perform patient account reconciliations, account audits, process insurance billing/correspondence.
  • Maintain cash receipts and disbursement records using QuickBooks and prepare bank reconciliations.
  • Provide emergency Medicaid screening for undocument patients, and perform necessary follow-up calls pertaining to NYC Medicaid applications.
  • Interpret information requests and correspond with patients and agencies in accordance with hospital, state and HIPAA regulations.
  • Schedule appointments, request prior authorization with appropriate CPT and ICD-9 codes, coordinate surgeries, procedures, etc.
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Finance administrator example responsibilities.

  • Manage the design and implementation of appropriate controls as per Sarbanes-Oxley (SOX) and internal corporate procedures.
  • Manage key logistics and secure necessary resources within budget constraints.
  • Monitor all transactions in assign inventory finance portfolio to manage invoice funding approval decision.
  • Do A/P, A/R and G/L.
  • Prepare daily, weekly and monthly reports including fund loans, commissions, titles, A/P & A/R.
  • Assist families with Medicaid applications.
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Finance assistant vs finance administrator skills

Common finance assistant skills
  • Customer Service, 21%
  • Data Entry, 10%
  • Payroll, 9%
  • Purchase Orders, 6%
  • Financial Assistance, 5%
  • Credit Card, 4%
Common finance administrator skills
  • Customer Service, 17%
  • Financial Aid, 12%
  • PowerPoint, 7%
  • Rehabilitation, 7%
  • Balance Sheet, 4%
  • Human Resources, 4%

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