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The differences between finance officers and chief finance officers 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 officer, becoming a chief finance officer takes usually requires More than 10 years. Additionally, a chief finance officer has an average salary of $143,947, which is higher than the $68,822 average annual salary of a finance officer.
The top three skills for a finance officer include real estate, financial data and origination. The most important skills for a chief finance officer are payroll, CPA, and oversight.
| Finance Officer | Chief Finance Officer | |
| Yearly salary | $68,822 | $143,947 |
| Hourly rate | $33.09 | $69.21 |
| Growth rate | 17% | 6% |
| Number of jobs | 140,730 | 145,184 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 72% |
| Average age | 46 | 52 |
| Years of experience | 8 | - |
A finance officer is responsible for monitoring the financial department and the transactions of an organization. Finance officers analyze financial reports, update account statements, and oversee the budget allocation for business operations. They also resolve billing discrepancies and banking issues, assist in cash statement release, and manage payroll disputes. A finance officer conducts data and statistical analysis to evaluate the company's financial performance and stability and identifying opportunities to increase revenues and grow more profits.
A chief financial officer is responsible for managing and reviewing the financial status of a company. Chief financial officers' duties include ensuring the accuracy of financial reports, monitoring the company's expenses and budget goals, providing recommendations to prevent financial loss and increase revenues, processing the company's tax obligations, and resolving financial disputes. A chief financial officer must have an impeccable knowledge of the financial industry, updated with the current market trend, and strong leadership and decision-making skills to support the organization's financial department.
Finance officers and chief finance officers have different pay scales, as shown below.
| Finance Officer | Chief Finance Officer | |
| Average salary | $68,822 | $143,947 |
| Salary range | Between $42,000 And $110,000 | Between $80,000 And $257,000 |
| Highest paying City | Boston, MA | Washington, DC |
| Highest paying state | Delaware | California |
| Best paying company | Citi | Baker McKenzie |
| Best paying industry | - | Construction |
There are a few differences between a finance officer and a chief finance officer in terms of educational background:
| Finance Officer | Chief Finance Officer | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 72% |
| Most common major | Accounting | Accounting |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between finance officers' and chief finance officers' demographics:
| Finance Officer | Chief Finance Officer | |
| Average age | 46 | 52 |
| Gender ratio | Male, 52.7% Female, 47.3% | Male, 71.9% Female, 28.1% |
| Race ratio | Black or African American, 7.6% Unknown, 4.1% Hispanic or Latino, 14.5% Asian, 10.1% White, 63.4% American Indian and Alaska Native, 0.3% | Black or African American, 3.8% Unknown, 3.9% Hispanic or Latino, 7.9% Asian, 7.7% White, 76.1% American Indian and Alaska Native, 0.6% |
| LGBT Percentage | 11% | 12% |