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The differences between finance managers and cost accounting 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 manager and a cost accounting manager. Additionally, a finance manager has an average salary of $101,374, which is higher than the $89,286 average annual salary of a cost accounting manager.
The top three skills for a finance manager include financial analysis, CPA and customer service. The most important skills for a cost accounting manager are variance analysis, financial analysis, and reconciliations.
| Finance Manager | Cost Accounting Manager | |
| Yearly salary | $101,374 | $89,286 |
| Hourly rate | $48.74 | $42.93 |
| Growth rate | 17% | 17% |
| Number of jobs | 125,345 | 61,135 |
| Job satisfaction | 5 | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 78% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
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.
A cost accounting manager is responsible for analyzing and evaluating pricing and costing systems of the goods and services of an organization, ensuring its adherence to the internal guidelines and state regulations. Cost accounting managers review business and financial transactions to generate accounting reports for management reference. They also identify business opportunities that would provide revenue resources and profits by monitoring industry trends and public demands. A cost accounting manager must have excellent analytical skills and accounting principles knowledge, especially in resolving account and expense discrepancies.
Finance managers and cost accounting managers have different pay scales, as shown below.
| Finance Manager | Cost Accounting Manager | |
| Average salary | $101,374 | $89,286 |
| Salary range | Between $71,000 And $144,000 | Between $67,000 And $118,000 |
| Highest paying City | New York, NY | Boston, MA |
| Highest paying state | New York | Connecticut |
| Best paying company | Barclays | Microsoft |
| Best paying industry | Finance | Manufacturing |
There are a few differences between a finance manager and a cost accounting manager in terms of educational background:
| Finance Manager | Cost Accounting Manager | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 78% |
| Most common major | Business | Accounting |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between finance managers' and cost accounting managers' demographics:
| Finance Manager | Cost Accounting Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 60.0% Female, 40.0% | Male, 71.7% Female, 28.3% |
| Race ratio | 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% | Black or African American, 7.6% Unknown, 4.1% Hispanic or Latino, 14.6% Asian, 9.2% White, 64.2% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |