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The differences between finance associates and finance administrators can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a finance associate, becoming a finance administrator takes usually requires 6-8 years. Additionally, a finance associate has an average salary of $81,339, which is higher than the $55,541 average annual salary of a finance administrator.
The top three skills for a finance associate include financial statements, powerpoint and financial services. The most important skills for a finance administrator are customer service, financial aid, and powerpoint.
| Finance Associate | Finance Administrator | |
| Yearly salary | $81,339 | $55,541 |
| Hourly rate | $39.11 | $26.70 |
| Growth rate | 10% | 17% |
| Number of jobs | 83,256 | 130,256 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 68% | Bachelor's Degree, 61% |
| Average age | 43 | 46 |
| Years of experience | 4 | 8 |
Finance associates perform various financial tasks for a company. These include managing accounting records, preparing payroll documents as well as financial and budget reports, and handling payments. Additionally, finance associates help with tax preparation, audits and reviews, and help with developing and implementing procedures, best practices, and policies for financial and accounting operations. The skills and qualifications for this role may include a bachelor's degree in finance or accounting, excellent communication skills, and attention to detail.
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 associates and finance administrators have different pay scales, as shown below.
| Finance Associate | Finance Administrator | |
| Average salary | $81,339 | $55,541 |
| Salary range | Between $50,000 And $130,000 | Between $38,000 And $80,000 |
| Highest paying City | New York, NY | Dover, DE |
| Highest paying state | New York | Delaware |
| Best paying company | Pillsbury Winthrop Shaw Pittman | State Street |
| Best paying industry | Professional | Manufacturing |
There are a few differences between a finance associate and a finance administrator in terms of educational background:
| Finance Associate | Finance Administrator | |
| Most common degree | Bachelor's Degree, 68% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between finance associates' and finance administrators' demographics:
| Finance Associate | Finance Administrator | |
| Average age | 43 | 46 |
| Gender ratio | Male, 47.3% Female, 52.7% | Male, 29.3% Female, 70.7% |
| Race ratio | Black or African American, 5.5% Unknown, 4.1% Hispanic or Latino, 11.4% Asian, 12.3% White, 66.5% American Indian and Alaska Native, 0.2% | 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 Percentage | 6% | 11% |