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The differences between finance officers and finance administrators 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 officer and a finance administrator. Additionally, a finance officer has an average salary of $68,822, which is higher than the $55,541 average annual salary of a finance administrator.
The top three skills for a finance officer include real estate, financial data and origination. The most important skills for a finance administrator are customer service, financial aid, and powerpoint.
| Finance Officer | Finance Administrator | |
| Yearly salary | $68,822 | $55,541 |
| Hourly rate | $33.09 | $26.70 |
| Growth rate | 17% | 17% |
| Number of jobs | 140,730 | 130,256 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 61% |
| Average age | 46 | 46 |
| Years of experience | 8 | 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 finance administrator is responsible for supporting the financial operations of an organization, handling the accuracy of financial transactions, and resolving discrepancies in the company's financial statements. Finance administrators analyze the company's financial performance, including its losses and revenues, writing financial reports, and providing recommendations for cost-reduction processes to minimize financial risks. They also handle the allocation of departmental budgets, assist in tax audits, and process invoices and payroll release. A finance administrator must have excellent analytical skills and an extensive knowledge of the financial industry.
Finance officers and finance administrators have different pay scales, as shown below.
| Finance Officer | Finance Administrator | |
| Average salary | $68,822 | $55,541 |
| Salary range | Between $42,000 And $110,000 | Between $38,000 And $80,000 |
| Highest paying City | Boston, MA | Dover, DE |
| Highest paying state | Delaware | Delaware |
| Best paying company | Citi | State Street |
| Best paying industry | - | Manufacturing |
There are a few differences between a finance officer and a finance administrator in terms of educational background:
| Finance Officer | Finance Administrator | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 61% |
| Most common major | Accounting | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between finance officers' and finance administrators' demographics:
| Finance Officer | Finance Administrator | |
| Average age | 46 | 46 |
| Gender ratio | Male, 52.7% Female, 47.3% | Male, 29.3% Female, 70.7% |
| 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, 7.7% Unknown, 4.1% Hispanic or Latino, 14.8% Asian, 9.2% White, 63.9% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |