What is the salary for a financial manager?
(Note: Please note that salaries can be based heavily on industry, experience, and corporate policies. The above figures are based on estimates from glassdoor.com).
The salary for financial managers across Europe ranges from 30,000 to 120,000 euros. This wide range of salaries can be attributed to the fact that financial managers of companies of all sizes are employed at different levels of seniority. A finance manager in a small business can be a one-person department that handles all financial activities such as cash flow, vendor payments, payroll, bank account reconciliations, and so on. While a financial manager at a large company could have dozens of people to report to them and only deal with a specific specialization within the financial industry.
The salary of financial managers would therefore depend on overall responsibility, experience, size, employee policy and even the sector in which the company operates. Financial managers are paid the most in financial services companies such as investment banks, commercial banks, insurance companies and credit card companies. Salaries are also competitive in large global Fortune 500 companies in industries as diverse as pharmaceuticals, technology, automotive, heavy industry, oil and gas, consumer goods, electronics, consulting, etc. After all, we have the state sector, science and even non-profit organisations.
This means that there is a financial job for someone in every sector. However, pay packets vary from sector to sector, and those working in high-growth industries should, of course, end up with a healthier increase in pay.
How can you get paid more as a financial manager?
There are two viable strategies for someone who wants to increase their total financial compensation quickly. The first strategy is to specialise in a highly coveted niche in finance. For example, a financial analyst who is very good at creating financial models and forecasts should be able to earn much more than his colleagues can. Another example: a financial manager specializing in mergers and acquisitions could be indispensable for a company that sees inorganic growth as a core strategy.
The other main strategy is to quickly increase the overall tasks entrusted to you as a financial manager. This means that the employee would have to perform exceptionally well year after year and secure promotions as quickly as possible. They would have to take on additional tasks that are not part of the daily routine and take initiatives that visibly help the organization.
The first strategy is usually simpler than the second and allows a candidate to follow training courses or certifications to strengthen their CV. However, both strategies are practicable, and the latter strategy could be better suited for candidates who are looking all the way to a CFO or CEO position to a CFO or CEO position.
For more articles, see other articles to learn more about the careers of financial managers:
Job Description & Profiles, Curriculum Vitae,Template & Examples, Qualifications, Skills & Requirements etc.
Find jobs to learn more about the financial manager positions we currently have.
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