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Working As A Finance Officer

  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Guiding, Directing, and Motivating Subordinates
  • Coaching and Developing Others
  • Establishing and Maintaining Interpersonal Relationships
  • Deal with People

  • Mostly Sitting

  • Make Decisions

  • $73,000

    Average Salary

What Does A Finance Officer Do

Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.

Duties

Financial managers typically do the following:

  • Prepare financial statements, business activity reports, and forecasts
  • Monitor financial details to ensure that legal requirements are met
  • Supervise employees who do financial reporting and budgeting
  • Review company financial reports and seek ways to reduce costs
  • Analyze market trends to maximize profits and find expansion opportunities
  • Help management make financial decisions

The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.

Financial managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about topics in healthcare finance. Moreover, financial managers must be knowledgeable about special tax laws and regulations that affect their industry.

The following are examples of types of financial managers:

Chief financial officers (CFOs) are accountable for the accuracy of a company’s or organization’s financial reporting, especially among publicly traded companies. As head of a company’s entire financial department, they manage the lower level financial managers. They oversee the company’s financial goals, objectives, and budgets.

Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by governmental agencies that regulate businesses. Often, controllers oversee the accounting, audit, and budget departments of their organization.

Treasurers and finance officers direct their organization’s budgets to meet its financial goals. They oversee the investment of funds and carry out strategies to raise capital (such as issuing stocks or bonds) to support the firm’s expansion. They also develop financial plans for mergers (two companies joining together) and acquisitions (one company buying another).

Credit managers oversee their firm’s credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.

Cash managers monitor and control the flow of cash that comes in and goes out of the company to meet the company’s business and investment needs. For example, they must project cash flow (amounts coming in and going out) to determine whether the company will have a shortage or surplus of cash. 

Risk managers control financial risk by using strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty. Among the risks they try to limit are those that stem from currency or commodity price changes.

Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks, such as the need to make disability payments for an employee who gets hurt on the job or the costs imposed by a lawsuit against the company.

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How To Become A Finance Officer

Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.

Education

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.

Licenses, Certifications, and Registrations

Professional certification is not required, but some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience.

Work Experience in a Related Occupation

Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst. 

In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.

Important Qualities

Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task which requires analytical ability.

Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.

Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.

Math skills. Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.

Organizational skills. Financial managers deal with a range of information and documents and so they must stay organized to do their jobs effectively.

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Finance Officer Career Paths

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Average Length of Employment
Chief Accountant 4.7 years
Finance Supervisor 3.8 years
Accountant 3.7 years
Finance Manager 3.7 years
Staff Accountant 3.0 years
Finance Executive 3.0 years
Finance Officer 3.0 years
Finance Clerk 2.7 years
Finance Associate 2.4 years
Finance Assistant 2.2 years
Finance Internship 0.5 years
Top Careers Before Finance Officer
Accountant 14.1%
Internship 6.7%
Controller 6.5%
Manager 3.7%
Cashier 3.4%
Bookkeeper 3.4%
Officer 2.9%
Top Careers After Finance Officer
Accountant 10.5%
Consultant 5.7%
Controller 5.1%
Manager 3.9%
Internship 3.8%
Bookkeeper 3.5%
Director 3.4%
Owner 3.3%

Do you work as a Finance Officer?

Average Yearly Salary
$73,000
Show Salaries
$44,000
Min 10%
$73,000
Median 50%
$73,000
Median 50%
$73,000
Median 50%
$73,000
Median 50%
$73,000
Median 50%
$73,000
Median 50%
$73,000
Median 50%
$119,000
Max 90%
Best Paying Company
SG Americas Securities Holdings
Highest Paying City
Yonkers, NY
Highest Paying State
New York
Avg Experience Level
3.5 years
How much does a Finance Officer make at top companies?
The national average salary for a Finance Officer in the United States is $73,388 per year or $35 per hour. Those in the bottom 10 percent make under $44,000 a year, and the top 10 percent make over $119,000.

The largest raises come from changing jobs.

See what's out there.

Real Finance Officer Salaries

Job Title Company Location Start Date Salary
Cheif Financial Officer CTI Towers, Inc. Jun 24, 2014 $205,000 -
$300,000
Senior Financial Officer TIG Holding Ny LLC Nov 21, 2011 $162,000
Senior Financial Officer TIG Holding Ny LLC. Nov 14, 2011 $162,000
Senior Financial Officer Tisa Ny, Inc. Nov 12, 2012 $156,525
Financial Officer Shippa LLC Jan 08, 2016 $150,000
Aircraft Finance Officer 1St. Source Bank Jun 20, 2012 $145,250
Loan Syndication Financing Officer SG Americas Securities, LLC Jul 30, 2012 $130,000
Financial Officer Surfacexchange LLC Jan 04, 2011 $130,000
Senior Finance Officer Fourwinds Capital Management (Us) Inc. Sep 21, 2011 $126,000
Treasurers, Controllers, and Financial Officers Van Eck Associates Corporation Jun 15, 2011 $125,882
Global Program Finance Officer Novartis Pharmaceuticals Corporation Sep 24, 2015 $123,000
Global Program Finance Officer, Oncology Business Unit Novartis Pharmaceuticals Corporation Aug 03, 2016 $123,000
Financial Officer/Controller Premier Home Health Care, Inc. Apr 01, 2011 $72,002
Financial Officer BARU Group LLC Apr 30, 2013 $72,000
Senior Finance Officer Counterpart International Sep 05, 2016 $71,365
Cheif Financial Officer of Redevelopment Wallachia LLC Jan 12, 2015 $70,500
Finance Officer, Haiti World Vision, Inc. Oct 01, 2012 $70,000 -
$80,000
Senior Finance Officer Counterpart International, Inc. Sep 05, 2015 $69,680
Officer/Financial Analysis Bank of China New York Branch Jan 01, 2015 $69,372
Financial Officer New Super China Buffet, Inc. Oct 01, 2011 $67,744
Budget/Finance Officer Bari Studio, Inc. Feb 01, 2012 $58,436
Junior Trade Finance Officer Brickell Bank Dec 09, 2016 $56,500
Field Finance Officer International Research and Exchanges Board Feb 05, 2016 $55,474
Accounts and Finance Officer Lexicon Hospitality LLC Sep 23, 2016 $55,370
Finance Officer Counterpart International, Inc. Sep 10, 2014 $55,000

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Top Skills for A Finance Officer

  1. Financial Statements
  2. Income Tax Returns
  3. General Ledger Accounts
You can check out examples of real life uses of top skills on resumes here:
  • Developed, analyzed and prepared monthly consolidated financial statements and related reports for senior management and Board of Directors.
  • Analyzed 1099's and partnership returns used in the preparation of individual income tax returns.
  • Performed bank and general ledger accounts analysis, reconciliation and prepared necessary adjusting journal entries;.
  • Established & maintained Financial Procedures Manual.
  • Assist in preparation of year end/closeout of company financial records and coordinates annual audit activities related to financial records.

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Top 10 Best States for Finance Officers

  1. New York
  2. Connecticut
  3. New Jersey
  4. Massachusetts
  5. Delaware
  6. Rhode Island
  7. District of Columbia
  8. Colorado
  9. Pennsylvania
  10. Virginia
  • (1,037 jobs)
  • (277 jobs)
  • (510 jobs)
  • (698 jobs)
  • (47 jobs)
  • (83 jobs)
  • (227 jobs)
  • (338 jobs)
  • (532 jobs)
  • (681 jobs)

Finance Officer Resume Examples And Tips

The average resume reviewer spends between 5 to 7 seconds looking at a single resume, which leaves the average job applier with roughly six seconds to make a killer first impression. Thanks to this, a single typo or error on your resume can disqualify you right out of the gate. At Zippia, we went through over 5,359 Finance Officer resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

Learn How To Create A Top Notch Finance Officer Resume

View Resume Examples

Finance Officer Demographics

Gender

Male

49.8%

Female

43.6%

Unknown

6.7%
Ethnicity

White

54.8%

Hispanic or Latino

14.7%

Black or African American

11.6%

Asian

11.6%

Unknown

7.3%
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Foreign Languages Spoken

Spanish

39.3%

French

10.9%

Arabic

6.2%

Mandarin

5.1%

Chinese

4.4%

German

4.4%

Urdu

4.4%

Hindi

4.0%

Portuguese

4.0%

Amharic

2.5%

Korean

2.2%

Dari

2.2%

Japanese

2.2%

Bengali

1.5%

Russian

1.5%

Cantonese

1.5%

Italian

1.1%

Thai

1.1%

Greek

1.1%

Indonesian

0.7%
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Finance Officer Education

Schools

Strayer University

9.7%

National University

6.8%

Stanford University

6.8%

University of Maryland - University College

6.3%

University of South Florida

5.9%

New York University

5.9%

Purdue University

5.5%

University of Alabama at Birmingham

4.6%

University of Texas at Austin

4.6%

University of Washington

4.6%

American University

4.6%

University of California - Berkeley

4.2%

George Washington University

4.2%

University of Southern California

4.2%

Ashford University

3.8%

University of Florida

3.8%

University of Houston

3.8%

Kaplan University

3.8%

Missouri State University

3.4%

Fordham University

3.4%
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Majors

Business

30.0%

Accounting

28.5%

Finance

18.0%

Management

4.0%

Economics

3.7%

Political Science

1.4%

Psychology

1.3%

Marketing

1.3%

Law

1.2%

Computer Science

1.1%

English

1.1%

Criminal Justice

1.0%

Public Administration

1.0%

Human Resources Management

1.0%

Education

1.0%

Management Information Systems

0.9%

Health Care Administration

0.9%

Management Science

0.8%

Business/Commerce

0.8%

International Business

0.7%
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Degrees

Bachelors

49.3%

Masters

28.4%

Associate

6.6%

Certificate

5.9%

Diploma

4.8%

High School Diploma

3.4%

Doctorate

1.4%

License

0.2%
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Updated May 18, 2020