Q: How long does it take to become a finance manager?

It takes 10 to 12 years to become a financial manager. Many financial managers spend around six years obtaining a finance education and another four to six years accumulating work experience.

Q: How much do finance managers earn?

Finance managers earn around $130,000 a year. However, it can range from as high as $240,000 a year to as low as $64,000 a year. Factors such as location and the type of company can greatly impact earning potential.

Q: Is being a finance manager hard?

Yes, being a finance manager is hard. To become a finance manager requires at least a bachelor's degree and around five years of experience working in a finance-related position, as well as several years working in a supervisor role.

Question 1

How long does it take to become a finance manager?

Accepted Answer

It takes 10 to 12 years to become a financial manager. Many financial managers spend around six years obtaining a finance education and another four to six years accumulating work experience.

Question 2

How much do finance managers earn?

Accepted Answer

Finance managers earn around $130,000 a year. However, it can range from as high as $240,000 a year to as low as $64,000 a year. Factors such as location and the type of company can greatly impact earning potential.

Question 3

How to become a finance manager at a car dealership

Accepted Answer

To become a finance manager at a car dealership, you need at least a bachelor's degree and five or more years of relevant experience in a related field, such as accounting or finance. A bachelor's degree is the minimum qualification, but you may choose to continue your education to make you a more competitive candidate.

Question 4

Is being a finance manager hard?

Accepted Answer

Yes, being a finance manager is hard. To become a finance manager requires at least a bachelor's degree and around five years of experience working in a finance-related position, as well as several years working in a supervisor role.

Question 5

What is the career path for a finance manager?

Accepted Answer

The career path for a finance manager includes jobs such as accountant, finance manager, and chief financial officer. Finance managers generally complete at least a bachelor's degree in finance or a related field before beginning work. Additional education may be required for different career paths.

Question 6

What is the corporate finance hierarchy?

Accepted Answer

The corporate finance hierarchy is the organizational structure of job titles at a finance company. Here is a detailed look at the job titles in the corporate finance hierarchy, starting with the bottom-level roles and ascending towards the most senior positions:

Question 7

What is a good starting salary for a Finance Manager?

Accepted Answer

A good starting salary for a finance manager is $79,000 in the United States. That puts you in the 10th percentile of annual income for a finance manager in the U.S., which is about what you would expect if you were new to the field. The average salary for finance managers is $118,129, but that normally requires some level of experience to achieve. Furthermore, a good starting salary for a finance manager can vary by state.

Question 8

How many vacation days do you get as a financial manager?

Accepted Answer

Financial managers get around 10-15 days of vacation per year. This is about the same as the national average for all professions in the United States. Some financial management positions, however, may offer more vacation time or other benefits as part of their compensation package, while others may offer fewer.

Question 9

How much do finance managers make at car dealerships?

Accepted Answer

The average salary for a finance manager working at a car dealership in 2022 is $156,000 per year. Over 56% of finance managers in this position will make over $151,000 annually. It is not unheard of for someone in this position to make over $200,000. This is the highest-paid position at a car dealership and is incredibly lucrative.

Question 10

What is the beginning salary for a financial manager?

Accepted Answer

The beginning salary for a finance manager is $51,712 a year. However, this can range from as low as $21,500 a year to as high as $115,000 a year. The most influential factors impacting how much a finance manager can earn are related to the location of the position and the type of company or industry.

Question 11

Can a finance manager make 100k?

Accepted Answer

Yes, you can make $100,000 per year as a finance manager. The chances of earning over $100k for a finance manager are actually pretty good because the highest-paid finance manager positions typically pay at least $174,000 per year. The average annual salary is $118,129 for finance manager jobs. For example, finance managers in New York whose salaries are in the 90th percentile earn an average salary of $206,000.

Question 12

Do finance managers make good money?

Accepted Answer

Yes, finance managers make good money. In fact, finance managers earn a median salary of $129,890 a year. The top 25% of earners make $181,980 a year, while the bottom 25% make $92,310 a year. This is one reason why working as a finance manager is ranked #3 in best business jobs and #16 in best-paying jobs.

Question 13

What are the qualifications of a finance manager?

Accepted Answer

The qualifications of a finance manager are at least a bachelor's degree and 5 or more years of relevant experience in a related field such as accounting or finance. A bachelor's degree is the minimum qualification for becoming a finance manager, but you may choose to continue your education to become a more competitive candidate.

Earning an MBA can bolster your resume. It also will help to increase your earning potential and qualifies you for many more positions and promotions. Professional certifications can also be extremely beneficial in proving you have the skills necessary to be successful in finance management.

You will need at least five years of experience before transitioning into management, so be sure to choose a related occupation that will prepare you for this transition. Many finance managers begin their careers as loan officers or accountants.

Question 14

What percentage of Finance Managers are female?

Accepted Answer

40.1% of finance managers are female in the United States. This is 1.5 percentage points higher than last year. Additionally, the percentage of female finance managers has increased by 2.5 percentage points since 2010. That means there are a total of 155,978 female finance managers in the U.S. and 232,996 male finance managers in the United States. Note that Zippia's estimate accounts only for the 388,974 people with the specific job title of finance manager and doesn't include grouping similar job titles, or people with potentially similar credentialing.

Question 15

Can financial managers work from home?

Accepted Answer

Yes, financial managers can work from home. Financial managers are responsible for overseeing financial operations and many of the tasks performed by financial managers can be done remotely using various financial management software and tools. While financial managers can work from home in many cases, the nature of their work may require some in-person collaboration and access to specific resources.

Question 16

What does a financial manager do on a daily basis?

Accepted Answer

A financial manager conducts financial analysis, provides risk management and compliance, prepares reports, and collaborates with stakeholders on a daily basis. A financial manager is a professional responsible for overseeing an organization's financial health, making strategic financial decisions, and managing financial operations. They work in various settings, including corporations, financial institutions, government agencies, nonprofit organizations, and consulting firms.

Question 17

What is an MBA in finance?

Accepted Answer

An MBA in finance is a Master of Business Administration (MBA) degree with a finance specialization and is designed for business professionals looking to excel in careers in the finance industry.

Question 18

What is strategic finance?

Accepted Answer

Strategic finance is the process of translating operational information and data from a business' wide variety of departments into optimal financial insights in real time. Currently, many businesses, especially start-ups concerned with growth, are using strategic finance to support long-term growth and company objectives and goals.

Question 19

What is the biggest industry in the world?

Accepted Answer

The biggest industry in the world is the financial industry. The financial industry is worth an exorbitant $109 trillion in global funds, making it the world's biggest industry.

The financial industry dwarfs most other industries in terms of its scope and the money within it. For example, the retail industry is only worth $26 trillion globally, and the real estate industry has a global worth of $33 trillion.

Frequently asked questions about finance managers

Questions about becoming a finance manager