In order to succeed in today’s competitive business environment, companies worldwide depend on the talent and expertise of their finance managers. The salaries of these mission-critical experts vary by industry, company, location and experience. How can you ensure that the compensation you’re offering candidates will keep you in the lead for attracting top finance talent?
Current Pay Scales
Industry sources report pay scales for finance managers ranging from a national average of approximately $80,000 to more than $100,000. Philadelphia area compensation fits this national picture.
- US News & World Report sets the median pay for US finance managers at $109,740, with the lowest professionals earning about $59,600 a year and the highest earning more than $187,000 annually. The best paid finance pros are in the metropolitan areas of New York City; San Francisco, Nassau, NY; Sarasota, FL, and San Jose, CA.
- The skills associated with the highest pay for finance managers include modeling, strategic planning, forecasting and analysis.
Demand Will Grow
The US Bureau of Labor Statistics forecasts that employment for finance managers will grow steadily in the years ahead, driven by regulatory changes and an increase in business start-ups. For most positions, a bachelor’s degree in finance, accounting, business administration or a related field is a minimal requirement. A master’s degree and/or Certified Public Accountant (CPA) designation is an added qualification.
You can be confident that professionals who have earned an MBA with a specialization in finance are able to:
- Buy and sell securities.
- Analyze interest rates and how they are determined.
- Develop successful investment policies.
- Compare and evaluate portfolio performance.
- Leverage advanced knowledge and skills to succeed as finance managers.
With a robust training and development strategy, you can retain these leaders and advance them into positions including financial controller, financial director, CFO, finance administrator and corporate controller.
How to Land Your Superstar
If you offer a competitive compensation package and attractive growth opportunities – and find candidates whose goals and visions align with those of your organization – then you’re well on your way to hiring a finance manager who will continue to add value and strengthen your business for the future.
For assistance in developing your strategic hiring plan and making this happen, read our related posts or contact the specialized recruitment experts at Magellan Search & Staffing today.