Median annual earnings of financial managers were $73,340 in 2002. The middle 50 percent earned between $52,490 and $100,660. The lowest 10 percent had earnings of less than $39,120, while the top 10 percent earned over $142,260. Median annual earnings in the industries employing the largest numbers of financial managers in 2002 were as follows:
- Securities and commodity contracts intermediation and brokerage $125,220
- Management of companies and enterprises $125,310
- Nondepository credit intermediation $125,400
- Local government $125,090
- Depository credit intermediation $125,790
According to a 2002 survey by Robert Half International, a staffing services firm specializing in accounting and finance professionals, directors of finance earned between $75,000 and $204,500, and corporate controllers earned between $54,000 and $138,750.
The Association for Financial Professionals’ 14th annual compensation survey showed that financial officers’ average total compensation in 2002, including bonuses and deferred compensation, was $130,900. Selected financial manager positions had average total compensation as follows:
- Vice president of finance $183,500
- Treasurer $183,600
- Assistant vice president-finance $183,300
- Controller/comptroller $183,300
- Director $183,600
- Assistant treasurer $183,900
- Assistant controller/comptroller $183,500
- Manager $183,500
- Cash manager $183,700
Large organizations often pay more than small ones, and salary levels also can depend on the type of industry and location. Many financial managers in both public and private industry receive additional compensation in the form of bonuses, which also vary substantially by size of firm. Deferred compensation in the form of stock options is becoming more common, especially for senior level executives.
Financial managers combine formal education with experience in one or more areas of finance, such as asset management, lending, credit operations, securities investment, or insurance risk and loss control. Workers in other occupations requiring similar training and skills include accountants and auditors; budget analysts; financial analysts and personal financial advisor's; insurance underwriters; loan counselors and officers; securities, commodities, and financial services sales agents; and real estate brokers and sales agents.
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