What is the Salary for a Finance Manager?
(Note: Please note that salaries can differ significantly based industry, experience, and company policies. The above figures are based on estimates taken from glassdoor.com)
The salary for finance managers across Europe ranges from EUR 30,000 to EUR 120,000. This broad range of salaries may be attributed to the fact that finance managers are employed by companies of all sizes at different seniority levels. A finance manager at a small company might be a one-person department handling all financial activities like cash flow, vendor payments, payrolls, bank account reconciliations, etc. Whereas a finance manager at a large corporation might have dozens of people reporting to them and handle just one specific specialisation within finance.
The salary for finance managers would, therefore, be dependent on overall responsibilities, experience, the size of the company, its employee policies and even the sector the company operates in. Finance managers get paid the most in financial services companies including investment banks, commercial banks, insurance companies, and credit card companies. Salaries are also competitive at large global Fortune 500 companies in sectors as diverse as pharmaceuticals, technology, automobile, heavy industry, oil and gas, consumer goods, electronics, consulting, etc. Finally, we have the government sector, academia, and even non-profit organisations.
This means that there is a finance job for someone in every sector. However, the pay packages differ from sector to sector and those working in high-growth industries should obviously expect healthier growth in compensation.
How to get paid more as a finance manager?
There are two viable strategies for someone looking to rapidly increase their overall compensation in finance. The first strategy is to specialise in some highly sought-after niche within finance. For example, a financial analyst who is extremely good at creating financial models and projections should be able to earn a lot more than what his or her peers can. As another example, a finance manager specialising in mergers and acquisitions might be indispensable for a company which is looking at inorganic growth as a core strategy.
The other main strategy is to rapidly increase the overall responsibilities entrusted to you as the finance manager. This means that the employee would have to perform exceedingly well year after year and secure promotions as quickly as possible. They would have to assume additional responsibilities which are not part of the daily routine and take initiatives that aid the organisation in visible ways.
The first strategy is usually easier than the second and allows a candidate to pursue advanced education courses or certifications to bolster their CV. However, both strategies are viable, and the latter strategy might be better suited for candidates looking to go all the way up to a CFO or CEO position eventually.
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