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Finance manager vs cost accounting manager

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 vs cost accounting manager overview

Finance ManagerCost Accounting Manager
Yearly salary$101,374$89,286
Hourly rate$48.74$42.93
Growth rate17%17%
Number of jobs125,34561,135
Job satisfaction5-
Most common degreeBachelor's Degree, 66%Bachelor's Degree, 78%
Average age4646
Years of experience88

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 cost accounting manager do?

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 manager vs cost accounting manager salary

Finance managers and cost accounting managers have different pay scales, as shown below.

Finance ManagerCost Accounting Manager
Average salary$101,374$89,286
Salary rangeBetween $71,000 And $144,000Between $67,000 And $118,000
Highest paying CityNew York, NYBoston, MA
Highest paying stateNew YorkConnecticut
Best paying companyBarclaysMicrosoft
Best paying industryFinanceManufacturing

Differences between finance manager and cost accounting manager education

There are a few differences between a finance manager and a cost accounting manager in terms of educational background:

Finance ManagerCost Accounting Manager
Most common degreeBachelor's Degree, 66%Bachelor's Degree, 78%
Most common majorBusinessAccounting
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Finance manager vs cost accounting manager demographics

Here are the differences between finance managers' and cost accounting managers' demographics:

Finance ManagerCost Accounting Manager
Average age4646
Gender ratioMale, 60.0% Female, 40.0%Male, 71.7% Female, 28.3%
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, 7.6% Unknown, 4.1% Hispanic or Latino, 14.6% Asian, 9.2% White, 64.2% American Indian and Alaska Native, 0.3%
LGBT Percentage11%11%

Differences between finance manager and cost accounting manager 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.
  • Show more

Cost accounting manager example responsibilities.

  • Manage the monthly analysis of variances which include PPV, MUV, substitution and labor.
  • Lead ERP system integration team and restructure manufacturing accounting system of newly acquire facility.
  • Manage payroll and all taxation matters, coordinate independent audit; communicate with outside organizations and agencies.
  • Direct the development, administration, and standards necessary to maintain financial controls in compliance with GAAP and SOX.
  • Provide financial management of inventories for multiple facilities to include book-to-physical account reconciliations, inventory projections and reduction plans.
  • Maintain standard cost integrity including annual standard changes, inventory valuation, monthly closings, account reconciliations and annual budgeting.
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Finance manager vs cost accounting manager skills

Common finance manager skills
  • Financial Analysis, 7%
  • CPA, 7%
  • Customer Service, 6%
  • Hyperion, 4%
  • Financial Models, 4%
  • Strong Analytical, 4%
Common cost accounting manager skills
  • Variance Analysis, 5%
  • Financial Analysis, 5%
  • Reconciliations, 4%
  • Financial Reports, 4%
  • Product Cost, 4%
  • ERP, 4%

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