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Finance manager vs chief accountant

The differences between finance managers and chief accountants can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-8 years to become a finance manager, becoming a chief accountant takes usually requires 2-4 years. Additionally, a finance manager has an average salary of $101,374, which is higher than the $61,481 average annual salary of a chief accountant.

The top three skills for a finance manager include financial analysis, CPA and customer service. The most important skills for a chief accountant are external auditors, reconciliations, and general ledger accounts.

Finance manager vs chief accountant overview

Finance ManagerChief Accountant
Yearly salary$101,374$61,481
Hourly rate$48.74$29.56
Growth rate17%6%
Number of jobs125,34552,287
Job satisfaction54
Most common degreeBachelor's Degree, 66%Bachelor's Degree, 69%
Average age4644
Years of experience84

What does a finance manager do?

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.

What does a chief accountant do?

Chief accountants develop financial strategies, oversee the accounting department, make investment decisions, and develop financial strategies. They provide assistance to departments with their reviews and budgets, tax studies, and internal control. It is part of their job to respond to the accounting questions from time management. They take charge of monitoring and recording financial transactions based on corporate regulations and policies. Also, they recommend changes to the procedures of accounting.

Finance manager vs chief accountant salary

Finance managers and chief accountants have different pay scales, as shown below.

Finance ManagerChief Accountant
Average salary$101,374$61,481
Salary rangeBetween $71,000 And $144,000Between $43,000 And $87,000
Highest paying CityNew York, NYNew York, NY
Highest paying stateNew YorkNew York
Best paying companyBarclaysIBM
Best paying industryFinanceRetail

Differences between finance manager and chief accountant education

There are a few differences between a finance manager and a chief accountant in terms of educational background:

Finance ManagerChief Accountant
Most common degreeBachelor's Degree, 66%Bachelor's Degree, 69%
Most common majorBusinessAccounting
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Finance manager vs chief accountant demographics

Here are the differences between finance managers' and chief accountants' demographics:

Finance ManagerChief Accountant
Average age4644
Gender ratioMale, 60.0% Female, 40.0%Male, 57.0% Female, 43.0%
Race ratioBlack 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%Black or African American, 8.2% Unknown, 3.9% Hispanic or Latino, 10.5% Asian, 15.3% White, 61.6% American Indian and Alaska Native, 0.5%
LGBT Percentage11%7%

Differences between finance manager and chief accountant duties and responsibilities

Finance manager example responsibilities.

  • Manage the preparation of monthly reporting packs and board presentations with robust variance analysis, commentaries and forward looking KPIs.
  • Manage a team of sales persons, business managers, sales manager, A/R, A/P, and general managers.
  • Lead successful sales team and provide direct oversight on overall dealership business profitability.
  • Manage accounts payable/receivable, deposits, payroll preparation, purchasing and inventory management, liaison to accountant.
  • Oversee financial analysis, financial audits, G/L, A/R, A/P and fixed-asset accounting in accordance with GAAP standards.
  • Execute simple SQL queries to validate data in tables.
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Chief accountant example responsibilities.

  • Manage and monitor accounting procedures for compliance with Sarbanes-Oxley and coordinate and facilitate external audit requirements.
  • Prepare monthly trial balance, balance sheets, and profit and loss statements according to GAAP.
  • Prepare monthly account reconciliations (bank reconciliation, accounts receivable reconciliation, accounts payable reconciliation, and general ledger reconciliation).
  • Research, advise and resolve accounting and business issues, ensuring compliance with U.S. GAAP and head office requirements.
  • Monitor deposits and withdrawals of revenue and expenses, review payroll, and ensure accurate processing and timely bank reconciliations.
  • Prepare daily SOX audit documentation, ensuring that bank account activity have been reconcile and to identify any outstanding variances.
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Finance manager vs chief accountant skills

Common finance manager skills
  • Financial Analysis, 7%
  • CPA, 7%
  • Customer Service, 6%
  • Hyperion, 4%
  • Financial Models, 4%
  • Strong Analytical, 4%
Common chief accountant skills
  • External Auditors, 13%
  • Reconciliations, 10%
  • General Ledger Accounts, 9%
  • Balance Sheet Accounts, 7%
  • Financial Reports, 5%
  • Internal Controls, 4%

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