Salary, Wages, Pay: Financial Managers

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 88,310
Nondepository credit intermediation 78,400
Local government 63,090
Depository credit intermediation 58,790

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 150,600
Assistant vice president-finance 141,300
Controller/comptroller 134,300
Director 113,600
Assistant treasurer 111,900
Assistant controller/comptroller 115,500
Manager 84,500
Cash manager 64,700

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.