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The differences between finance officers and finance 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 officer and a finance manager. Additionally, a finance manager has an average salary of $101,374, 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 finance manager are financial analysis, CPA, and customer service.
| Finance Officer | Finance Manager | |
| Yearly salary | $68,822 | $101,374 |
| Hourly rate | $33.09 | $48.74 |
| Growth rate | 17% | 17% |
| Number of jobs | 140,730 | 125,345 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 66% |
| 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 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.
Finance officers and finance managers have different pay scales, as shown below.
| Finance Officer | Finance Manager | |
| Average salary | $68,822 | $101,374 |
| Salary range | Between $42,000 And $110,000 | Between $71,000 And $144,000 |
| Highest paying City | Boston, MA | New York, NY |
| Highest paying state | Delaware | New York |
| Best paying company | Citi | Barclays |
| Best paying industry | - | Finance |
There are a few differences between a finance officer and a finance manager in terms of educational background:
| Finance Officer | Finance Manager | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 66% |
| Most common major | Accounting | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between finance officers' and finance managers' demographics:
| Finance Officer | Finance Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 52.7% Female, 47.3% | Male, 60.0% Female, 40.0% |
| 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, 7.6% Unknown, 4.1% Hispanic or Latino, 14.6% Asian, 10.2% White, 63.2% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |