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Are you wondering about a Director of Finance Salary in the United States? Well, the salary of a director of finance in the U.S. is $186,924 as of September 26, 2022. However, a Finance director in locations like Los Angeles, NYC, and others may earn differently.
However, the usual range is between $156,632 and $222,334. This makes this job very lucrative and high paying.
This article further explains how you can begin a career in their field and the job prospects. So, let’s see what we have.
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What is a Director of Finance?
A Director of Finance is a professional in charge of overseeing the financial health of a company.
They examine financial markets and seek solutions to any challenges that may occur while generating management information on the company’s finances.
This is, of course, done so that key choices regarding future investments or budgets may be made properly.
What Do Directors of Finance Do?
Finance directors’ job responsibilities vary based on the firm. However, there are certain basic ones.
The major responsibility of financial directors is to analyze the company’s financial needs and organize efforts to achieve those objectives.
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1]. Making Economic Plans
Once a director of finance knows their company’s monetary demands, they may build economic strategies or plans to meet those needs.
Indeed, they usually examine income accounts to estimate how much the company currently makes.
2]. Analyzing Financial Objectives
Before finance directors can decide the actions to take to keep an organization running, they must first examine its financial requirements.
Although this may be a hard task, particularly in large businesses, these professionals frequently have great planning skills to better assist their companies.
Finance directors are responsible for reviewing financial information, meeting with marketing and sales teams, and analyzing market trends.
3]. Partnership with Accountants
Finance directors engage with accountants on a regular basis to ensure the condition of a company’s finances.
They can also confirm whether a company’s large-scale business plans are sustainable throughout the period of a tax year.
Accountants, on the other hand, can give finance directors the data and numbers they need to launch new initiatives while also ensuring the company stays within its budget.
4]. Making Financial Audits Quicker
Finance directors manage the process of a company’s financial audit.
In fact, auditing is a critical business technique that allows organizations to check their assets and maintain correct records.
Therefore, audits are assisted by finance directors to ensure they are quick and thorough.
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5]. Making Budgets
When executives take on a new project, they first check that the company can afford the related research and development costs.
Certainly, budget development is one of the most critical duties for finance directors since they carefully evaluate financial data to estimate how much an organization can afford to spend.
6]. Team management
Finance directors spend a lot of time meeting with various teams inside the company as the head of a department.
Finance directors may also teach new personnel and assist them in adjusting to a new system.
What are the Responsibilities of a Finance Director?
These are the list of duties and responsibilities of a director of finance;
- Overseeing financial planning and strategy.
- Analyzing and reporting on financial performance.
- Supervising audit and tax functions.
- Creating and executing accounting policies
- Creating forecasts and complete budgets.
- Accounting staff training.
- Examining departments budget
- Risk assessment, management, and reduction
- Analyzing difficult financial data.
- Handling internal controls
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What are the Requirements for Becoming a Finance Director?
If you desire to become a finance director, here are the necessary requirements:
- Minimum of Bachelor’s degree in Finance, Business Management, Accounting, or other related fields.
- Master’s degree and/or CPA preferred.
- 5+ years experience in a senior finance position
- Accounting software skills.
- Previous financial management experience
- A strong aptitude for mathematics.
- Effective communication skills.
- Computer literacy.
- Excellent analytical skills.
- Broad understanding of accounting principles.
How to Become a Director of Finance?
A master’s degree in finance, accounting, or a related discipline is required to become a finance director, while some organizations may accept a bachelor’s degree with a load of hands-on experience.
However, previous management or leadership experience is preferred. The American Institute of Certified Public Accountants provides certification that demonstrates to employers that you are competent and committed to the field.
You must also have a broad awareness of company processes and procedures, as well as a working knowledge of business taxation and other associated legal issues. So, accounting concepts, computer skills, and analytical thinking are further requirements.
What is the Salary and Job Prospect for Directors of Finance?
The average annual income for finance managers, which includes directors of finance, is $131,710, according to the Bureau of Labor Statistics (BLS). This amount is significantly greater than the national median pay.
The predicted job increase for these positions is 17% between 2020 and 2030, which is much greater than the overall average.
These values may vary depending on a candidate’s degree of education, employment experience, and region.
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What are the Top 10 Highest Paying Cities for Director Finance Jobs?
We’ve discovered ten places where the average income for a Director Finance position is higher than the national average.
So, Atkinson, NE tops the list, with Green River, WY, and Stamford, CT close behind in second and third place.
| City | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
|---|---|---|---|---|
| Atkinson, NE | $154,243 | $12,853 | $2,966 | $74.16 |
| Green River, WY | $152,711 | $12,725 | $2,936 | $73.42 |
| Stamford, CT | $149,519 | $12,459 | $2,875 | $71.88 |
| Bellevue, WA | $148,645 | $12,387 | $2,858 | $71.46 |
| Belgrade, MT | $147,720 | $12,310 | $2,840 | $71.02 |
| Keystone, CO | $145,673 | $12,139 | $2,801 | $70.04 |
| San Francisco, CA | $142,498 | $11,874 | $2,740 | $68.51 |
| Bolinas, CA | $141,990 | $11,832 | $2,730 | $68.26 |
| Hartford, CT | $141,690 | $11,807 | $2,724 | $68.12 |
| Cool Valley, MO | $140,680 | $11,723 | $2,705 | $67.64 |
What is the Assistant Director of Finance Salary?
Salary ranges can differ greatly based on a variety of important aspects, including schooling, certifications, extra skills, and the length of time you’ve been working in a given field.
According to Salary.com, as of September 26, 2023, the average Assistant Director of Finance pay is $76,400, while the common salary range is $64,083 to $90,285.
What are the Top 10 Highest Paying Cities for Assistant Finance Director Jobs?
We’ve discovered 10 places where an Assistant Finance Director’s usual pay is higher than the national average.
Atkinson, NE is at the top of the list, followed closely by New York City, NY, and Bridgehampton, NY, in the second and third place, respectively.
| City | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
|---|---|---|---|---|
| Atkinson, NE | $104,700 | $8,725 | $2,013 | $50.34 |
| New York City, NY | $92,313 | $7,692 | $1,775 | $44.38 |
| Bridgehampton, NY | $90,363 | $7,530 | $1,737 | $43.44 |
| Great Neck Gardens, NY | $88,153 | $7,346 | $1,695 | $42.38 |
| Boston, MA | $87,721 | $7,310 | $1,686 | $42.17 |
| Deer Park, CA | $87,277 | $7,273 | $1,678 | $41.96 |
| Green River, WY | $86,816 | $7,234 | $1,669 | $41.74 |
| Juneau, AK | $86,282 | $7,190 | $1,659 | $41.48 |
| Morton, WA | $86,113 | $7,176 | $1,656 | $41.40 |
| Queens, NY | $85,915 | $7,159 | $1,652 | $41.31 |
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What is the Director of Finance Salary in New York, NYC?
As of September 26, 2022, the average income for a finance director in New York, NY, was $224,869, according to Salary.com.
However, the range is usually between $188,429 and $267,468.
What are the Top 10 Highest Paying Cities for Finance Director Jobs?
The average salary for a Finance Director position in ten cities has been shown to be higher than the national average.
Therefore, Atkinson, NE, is at the top of the list, followed closely by Green River, WY, and Stamford, CT, in the second and third positions.
| City | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
|---|---|---|---|---|
| Atkinson, NE | $114,569 | $9,547 | $2,203 | $55.08 |
| Green River, WY | $113,430 | $9,452 | $2,181 | $54.53 |
| Stamford, CT | $111,060 | $9,255 | $2,135 | $53.39 |
| Bellevue, WA | $110,411 | $9,200 | $2,123 | $53.08 |
| Belgrade, MT | $109,723 | $9,143 | $2,110 | $52.75 |
| Keystone, CO | $108,203 | $9,016 | $2,080 | $52.02 |
| San Francisco, CA | $105,844 | $8,820 | $2,035 | $50.89 |
| Bolinas, CA | $105,466 | $8,788 | $2,028 | $50.70 |
| Hartford, CT | $105,243 | $8,770 | $2,023 | $50.60 |
| Cool Valley, MO | $104,494 | $8,707 | $2,009 | $50.24 |
What is the Director of Finance Salary in Los Angeles, CA?
As of August 2023, a Finance Director in Los Angeles makes an average income of $144,079, according to Payscale.
What is the Associate Director of Finance Salary?
As of September 29, 2032, the average yearly salary for an Associate Director of Finance in the United States was $104,089, according to ZipRecruiter.
According to a basic pay calculator, this amounts to around $50.04 per hour. This also amounts to $2,001 every week or $8,674 per month.
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What are the Top 10 Highest Paying Cities for Associate Director Finance Jobs?
The average income for an Associate Director of Finance position in ten cities is higher than the national average.
So, Atkinson, Nebraska, takes the top place on the list, followed closely by Bridgehampton, and New York City, respectively.
| City | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
|---|---|---|---|---|
| Atkinson, NE | $139,700 | $11,641 | $2,686 | $67.16 |
| New York City, NY | $123,174 | $10,264 | $2,368 | $59.22 |
| Bridgehampton, NY | $120,571 | $10,047 | $2,318 | $57.97 |
| Great Neck Gardens, NY | $117,622 | $9,801 | $2,261 | $56.55 |
| Boston, MA | $117,045 | $9,753 | $2,250 | $56.27 |
| Deer Park, CA | $116,454 | $9,704 | $2,239 | $55.99 |
| Green River, WY | $115,838 | $9,653 | $2,227 | $55.69 |
| Juneau, AK | $115,125 | $9,593 | $2,213 | $55.35 |
| Morton, WA | $114,901 | $9,575 | $2,209 | $55.24 |
| Queens, NY | $114,637 | $9,553 | $2,204 | $55.11 |
Conclusion
It is advisable for you to have at least a college degree in Finance, Business Management, Accounting, or other related fields, before you can embrace this career path.
FAQs
What is the Highest Pay for Finance Directors?
the highest pay for a Finance Director is $167k /yrADD IMAGE
What is the Lowest Pay for Finance Directors?
the lowest pay for a Finance Director is $65k /yr
What is the Highest-Paying Job in Finance?
Investment banker.
Information technology auditor.
Compliance analyst.
Financial advisor.
Insurance advisor.
How Much Does a VP in Finance Make?
Vice President of Finance in the US is $260,479.
Does Finance Make a lot of Money?
A major in finance pay well. For finance majors, the typical beginning pay is $55,000, while the typical mid-career salary is $110,000.
Frequently Asked Questions
the highest pay for a Finance Director is $167k /yr
the lowest pay for a Finance Director is $65k /yr
Investment banker.
Information technology auditor.
Compliance analyst.
Financial advisor.
Insurance advisor.
Vice President of Finance in the US is $260,479.
A major in finance pay well. For finance majors, the typical beginning pay is $55,000, while the typical mid-career salary is $110,000.
References
- salary.com– Assistant Director of Finance Salary
- Ziprecruiter.com– Associate Director Finance Salary
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