If working as a financial manager sounds interesting to you, perhaps you’re wondering how much financial managers earn. Overall, this is an extremely lucrative career path. As of 2016, financial managers were earning median yearly salaries of nearly $121,750 and mean yearly salaries of $139,720. The mean hourly rate of pay was $67.17 for this occupation.
Pay rates in this line of work vary substantially depending on many different factors. There were people employed in this niche who earned more than $221,330; the lowest paid individuals earned salaries lower than $65,000. Financial managers work in many different industries, and some industries pay better than others. Other factors affecting individual financial managers’ paychecks include geographic location, experience level, academic credentials and personal negotiating abilities. Let’s take a closer look at how some of these factors can influence a manager’s yearly earnings.
In 2016, the industries that paid the best salaries to their financial managers were pipeline transportation services with a mean annual salary of $221,330, securities brokerages with a mean annual salary of $202,380, liquor stores with a mean annual salary of $198,720, and central banks with a mean annual salary of $192,270. There are three major metro areas within the USA where finance managers earn particularly lucrative salaries:
New York City, New York
Mean yearly salaries were $200,730 for New York City area financial managers. This data also includes employees in the Jersey City and White Plains areas. Hourly mean pay rates were $96.50 in these areas.
San Francisco, California
Mean yearly salaries were $193,010 for California-based financial managers living in the greater San Francisco metropolitan area. $92.79 was the mean hourly pay rate. These figures also apply to employees living in the Redwood City and South San Francisco areas.
San Jose, California
Financial managers living in the San Jose, Sunnyvale and Santa Clara areas in California were earning mean annual paychecks of $177,020 as of 2016. The mean hourly pay rate in these areas was $85.11.
While the metropolitan areas mentioned above attract employers who pay their financial managers the largest overall paychecks, cost of living in each of these cities is another important factor you’ll need to consider prior to deciding where you want to conduct your job search. These cities are all notoriously expensive to live in, which offsets the high paychecks to a significant degree. If you’d prefer to work as a financial manager in a city with a lower cost of living, Des Moines, Iowa is a city worth considering. As of 2016, a high concentration of financial managers could be found living and working in this metropolitan area. They were earning respectable mean salaries of $124,750 per year.
Hopefully you now have an improved understanding of the many factors influencing financial managers’ paychecks. If you’d like to become a finance industry professional, we hope this data will be helpful to you as you plan where to educate yourself and seek work. We also hope this data has helped to satisfy your curiosity about how much a typical financial manager earns.