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Senior finance manager hiring summary. Here are some key points about hiring senior finance managers in the United States:
Here's a step-by-step senior finance manager hiring guide:
A senior finance manager is an individual who supervises financial department staff members as well as monitors the daily financial operations within a company. Senior finance managers must keep track of the financial status and performance of the company so that they can identify areas for potential improvement. They review financial data and prepare reports to be presented to the management to help them in their business decision making. Senior finance managers must also maintain policies within the company and should have a deep understanding of financial regulations and legislations.
Before you start hiring a senior finance manager, identify what type of worker you actually need. Certain positions might call for a full-time employee, while others can be done by a part-time worker or contractor.
A senior finance manager's background is also an important factor in determining whether they'll be a good fit for the position. For example, senior finance managers from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.
This list presents senior finance manager salaries for various positions.
| Type of Senior Finance Manager | Description | Hourly rate |
|---|---|---|
| Senior Finance Manager | 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. | $45-88 |
| Finance Vice President | The vice president of finance is one of the highest-ranking executives in a company. He/She or she works under the chief financial officer, and both have similar duties that are often interchangeable... Show more | $47-106 |
| Finance Analyst-Operations Finance | Financial analysts are professionals who are in charge of the financial operations of businesses. The analysts analyze results, monitor variances, determine trends, and suggest management-related actions to improve corporate finances... Show more | $20-51 |
Including a salary range in the senior finance manager job description is a good way to get more applicants. A senior finance manager salary can be affected by several factors, such as the location of the job, the level of experience, education, certifications, and the employer's prestige.
For example, the average salary for a senior finance manager in Montana may be lower than in California, and an entry-level engineer typically earns less than a senior-level senior finance manager. Additionally, a senior finance manager with lots of experience in the field may command a higher salary as a result.
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | California | $150,246 | $72 |
| 2 | New York | $141,062 | $68 |
| 3 | Washington | $140,654 | $68 |
| 4 | Arizona | $135,633 | $65 |
| 5 | Massachusetts | $135,019 | $65 |
| 6 | New Jersey | $133,967 | $64 |
| 7 | Michigan | $130,623 | $63 |
| 8 | Connecticut | $129,222 | $62 |
| 9 | Pennsylvania | $128,275 | $62 |
| 10 | District of Columbia | $127,911 | $62 |
| 11 | Illinois | $127,724 | $61 |
| 12 | Ohio | $127,592 | $61 |
| 13 | Maryland | $127,524 | $61 |
| 14 | Virginia | $125,693 | $60 |
| 15 | Indiana | $125,325 | $60 |
| 16 | North Carolina | $125,097 | $60 |
| 17 | Wisconsin | $124,466 | $60 |
| 18 | Minnesota | $123,408 | $59 |
| 19 | Texas | $123,309 | $59 |
| 20 | Missouri | $122,918 | $59 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Roku | $178,380 | $85.76 | 3 |
| 2 | McKinsey & Company Inc | $170,960 | $82.19 | |
| 3 | Airbnb | $160,606 | $77.21 | |
| 4 | The Walt Disney Company | $160,330 | $77.08 | 87 |
| 5 | Boston Consulting Group | $160,167 | $77.00 | 6 |
| 6 | $158,417 | $76.16 | 57 | |
| 7 | Bain & Company | $156,336 | $75.16 | 13 |
| 8 | Anaplan | $155,707 | $74.86 | 10 |
| 9 | Bridgewater Associates | $155,610 | $74.81 | 2 |
| 10 | Palo Alto Networks | $151,727 | $72.95 | |
| 11 | Marin Software | $151,105 | $72.65 | |
| 12 | VMware | $148,901 | $71.59 | |
| 13 | Silicon Valley Bank | $148,791 | $71.53 | |
| 14 | Genentech | $148,453 | $71.37 | 7 |
| 15 | Capital Group | $147,935 | $71.12 | 7 |
| 16 | Pattern Energy Group | $147,849 | $71.08 | 9 |
| 17 | Citi | $147,120 | $70.73 | 58 |
| 18 | Flexport | $147,064 | $70.70 | 5 |
| 19 | Deutsche Bank | $146,938 | $70.64 | 41 |
| 20 | Opera Colorado | $146,849 | $70.60 |
A good senior finance manager job description should include a few things:
Including a salary range and the first name of the hiring manager is also appreciated by candidates. Here's an example of a senior finance manager job description:
There are a few common ways to find senior finance managers for your business:
To successfully recruit senior finance managers, your first interview needs to engage with candidates to learn about their interest in the role and experience in the field. You can go into more detail about the company, the role, and the responsibilities during follow-up interviews.
You should also ask about candidates' unique skills and talents to see if they match the ideal candidate profile you developed earlier. Candidates good enough for the next step can complete the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you've selected the best senior finance manager candidate for the job, it's time to write an offer letter. In addition to salary, this letter should include details about the benefits and perks you offer the candidate. Ensuring that your offer is competitive is essential, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and you should be open to discussion. After you reach an agreement, the final step is formalizing the agreement with a contract.
It's also important to follow up with applicants who do not get the job with an email letting them know that the position is filled.
To prepare for the new senior finance manager first day, you should share an onboarding schedule with them that covers their first period on the job. You should also quickly complete any necessary paperwork, such as employee action forms and onboarding documents like I-9, benefits enrollment, and federal and state tax forms. Finally, Human Resources must ensure a new employee file is created for internal record keeping.
Recruiting senior finance managers involves both the one-time costs of hiring and the ongoing costs of adding a new employee to your team. Your spending during the hiring process will mostly be on things like promoting the job on job boards, reviewing and interviewing candidates, and onboarding the new hire. Ongoing costs will obviously involve the employee's salary, but also may include things like benefits.
The median annual salary for senior finance managers is $133,358 in the US. However, the cost of senior finance manager hiring can vary a lot depending on location. Additionally, hiring a senior finance manager for contract work or on a per-project basis typically costs between $45 and $88 an hour.