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Become A Finance Officer

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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

  • Unpleasant/Angry People

  • Mostly Sitting

  • Make Decisions

  • $69,000

    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
Finance Secretary 3.8 years
Finance Controller 3.8 years
Accountant 3.7 years
Finance Manager 3.7 years
General Accountant 3.5 years
Finance Officer 3.0 years
Finance Executive 3.0 years
Staff Accountant 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?

Finance Officer Demographics

Gender

Male

43.8%

Female

40.0%

Unknown

16.2%
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

University of Phoenix

21.3%

Strayer University

9.3%

Stanford University

5.6%

New York University

4.8%

University of Alabama

4.5%

University of South Florida

4.5%

University of Maryland - University College

4.3%

National University

4.1%

Liberty University

3.9%

George Washington University

3.7%

University of Washington

3.7%

American University

3.7%

University of Alabama at Birmingham

3.5%

Florida State University

3.5%

Purdue University

3.5%

Troy University

3.3%

University of Texas at Austin

3.3%

University of Houston

3.3%

Kaplan University

3.1%

The Academy

2.9%
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Majors

Business

31.1%

Accounting

28.3%

Finance

17.4%

Management

3.8%

Economics

2.9%

Marketing

1.5%

Law

1.4%

Political Science

1.4%

Human Resources Management

1.3%

Public Administration

1.2%

Psychology

1.2%

Education

1.2%

Computer Science

1.1%

Communication

1.0%

Criminal Justice

0.9%

Health Care Administration

0.9%

English

0.9%

Project Management

0.9%

Business/Commerce

0.8%

Information Technology

0.8%
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Degrees

Bachelors

42.0%

Masters

32.4%

Other

12.8%

Associate

4.7%

Certificate

3.6%

Diploma

2.3%

Doctorate

2.0%

License

0.2%
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Job type you want
Full Time
Part Time
Internship
Temporary
Average Yearly Salary
$69,000
View Detailed Salary Report
$44,000
Min 10%
$69,000
Median 50%
$69,000
Median 50%
$69,000
Median 50%
$69,000
Median 50%
$69,000
Median 50%
$69,000
Median 50%
$69,000
Median 50%
$110,000
Max 90%
Best Paying Company
Citi
Highest Paying City
Clifton, NJ
Highest Paying State
New Jersey
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 $70,051 per year or $34 per hour. Those in the bottom 10 percent make under $44,000 a year, and the top 10 percent make over $110,000.

Real Finance Officer Salaries

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

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Top Skills for A Finance Officer

  1. Financial Statements
  2. Payroll
  3. Audit
You can check out examples of real life uses of top skills on resumes here:
  • Provide financial analysis and reporting for decision making, including financial statements, Deposit, Delinquency and Production Reports.
  • Supervised payroll accountants that processed payroll data from several entities.
  • Conducted numerous budget inquiries and financial audits utilizing several accounting systems including the Standard Accounting, Budgeting, and Reporting System.
  • Ensured fixed assets register/Capitalization/Depreciation maintenance.
  • Performed bank and general ledger accounts analysis, reconciliation and prepared necessary adjusting journal entries;.

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Top 10 Best States for Finance Officers

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

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