Finance managers, also known as business analysts or financial analysts, advise organisations and companies on fiscal matters. They help clients plan budgets, make short- and long-term financial goals and advise on strategies in areas such as investment, debt management and market trends. Finance managers also ensure that companies abide by legal regulation concerning monetary affairs. Such managers work across a wide variety of industries and salary levels will in part be dictated by their sector of employment, as well as factors such as location.
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In May 2009, the Bureau of Labor Statistics (BLS) conducted a national survey of employment, gathering wage data from nearly half a million finance managers working throughout the United States. The average annual salary for the profession was £73,924, equivalent to a monthly income of £6,160 and an hourly rate of £35.5. Finance managers may also receive additional benefits such as bonuses and profit-sharing.
Pay by Industry
The BLS found that the sectors of the financial industry that employ the greatest numbers of finance managers are depository credit intermediation, management of companies and enterprises, and securities and commodity contracts intermediation and brokerage. It listed the average wages in these sectors as £59,871, £84,955 and £100,600. Insurance companies paid an average of £80,580, while local government agencies offered £53,501.
Pay by Location
Geographical location also affects a finance manager's salary, according to wage analysis website SalaryExpert.com. In a May 2011 survey of salaries in some major cities, across all industry sectors, New York, Boston and Dallas offered the highest averages -- £96,290, £79,625 and £74,591, respectively -- while Phoenix was listed at just £58,093. The BLS listed New York and Delaware as the most lucrative states for a finance manager, with average salaries of £96,245 and £85,676, respectively. Connecticut was listed at £71,467.
The Bureau of Labor Statistics expects to see growth in employment opportunities for finance managers of around 8 per cent over the period from 2008 to 2018. This corresponds with projections for the country as a whole, estimated to grow by between 7 and 13 per cent across all occupations. For finance managers, growth will be driven by regulatory changes and the globalisation of finance, requiring interpretation and expertise to ensure business growth. As a result, finance managers should continue to secure good rates of compensation, although the BLS cautions that job vacancies are likely to be keenly contested.
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