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The differences between finance management specialists and finance managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-8 years to become both a finance management specialist and a finance manager. Additionally, a finance manager has an average salary of $101,374, which is higher than the $70,219 average annual salary of a finance management specialist.
The top three skills for a finance management specialist include financial resources, financial reports and financial data. The most important skills for a finance manager are financial analysis, CPA, and customer service.
| Finance Management Specialist | Finance Manager | |
| Yearly salary | $70,219 | $101,374 |
| Hourly rate | $33.76 | $48.74 |
| Growth rate | 17% | 17% |
| Number of jobs | 143,820 | 125,345 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 66% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
A finance management specialist is in charge of overseeing and managing a company's financial activities, ensuring accuracy and smooth workflow. They typically coordinate with different departments to gather accurate data, manage budgets and schedules, prepare cost and budget reports, and assess existing procedures to identify areas needing improvement. They must also maintain extensive records, produce sales forecasts, and participate in creating financial goals and objectives. Furthermore, as a finance management specialist, it is essential to develop strategies to optimize financial operations, all while implementing the company's policies and regulations.
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.
Finance management specialists and finance managers have different pay scales, as shown below.
| Finance Management Specialist | Finance Manager | |
| Average salary | $70,219 | $101,374 |
| Salary range | Between $48,000 And $101,000 | Between $71,000 And $144,000 |
| Highest paying City | Washington, DC | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | PayPal | Barclays |
| Best paying industry | Government | Finance |
There are a few differences between a finance management specialist and a finance manager in terms of educational background:
| Finance Management Specialist | Finance Manager | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between finance management specialists' and finance managers' demographics:
| Finance Management Specialist | Finance Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 52.1% Female, 47.9% | Male, 60.0% Female, 40.0% |
| Race ratio | Black or African American, 7.5% Unknown, 4.1% Hispanic or Latino, 14.3% Asian, 10.1% White, 63.6% American Indian and Alaska Native, 0.3% | 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 | 11% | 11% |