Good people are hard to find. It may be an old adage, but it accurately summarizes the dilemma of those hiring in Finance and Accounting. Making matters worse, when a great candidate is finally found after painstaking weeks or months of searching, a new challenge arises: Compensation.
The ongoing skills shortage is not only driving up salaries, but is also making it more difficult than ever to determine the appropriate offer to extend to a candidate. Offer an exorbitant amount to “play it safe” and tens of thousands of dollars could be spent unnecessarily. Reach out with an offer that is drastically low and the candidate may immediately move on, leaving you with no counter offer or second chance. In order to level the playing field, let’s take a look at the salaries of some of the highest paying Finance and Accounting jobs in 2017.
Chief Financial Officer
Truly a captain at the helm of the monetary ship, the CFO role holds tremendous responsibility, and in turn, garners tremendous respect. Those that seek this position do so because they are skilled in discerning strong financial insights out of analytics, managing risk appropriately, and determining operational strategy. Salary is also quite the motivator. While at smaller organizations it may be hundreds of thousands less, in large publicly-traded companies a CFO can earn anywhere from $300,000 - $500,000.
Director of Revenue Accounting
It doesn’t take a Business 101 course to understand that without revenue a business simply would not be in operation. Depending on the industry, the Director of Revenue Accounting may need to work collaboratively with sales, marketing, and billing departments in order to provide strategic direction in revenue collection and allocation. A high-pressure role, in a mid-size company it can bring in $175,000.
Internal Audit Director
The average salary across all size organizations for the Internal Audit Director role is $157,500, and for good reason. Typically reporting directly to the CFO, the position of Internal Audit Director is essential to a smoothly-running business. Truly a safeguard and line of defense against errors and inconsistencies, the role inspects and assesses financial operations and determines corrective action, opportunities for improvement in accuracy, and methods of ensuring compliance.
An often complained-about topic in society, those that find their calling in the tax profession enjoy taking this burden (and confusion) off the plate of others. As experts in local, state, and federal requirements, Tax Managers enjoy a healthy salary of $105,000 on the low end and upwards of $155,000 at the top. For workers in this role every day is Tax Day, and that’s a good thing.
A truly multi-faceted role, Assistant Controllers have varying responsibilities that include managing day-to-day account activities, conducting internal audits, and preparing complex financial statements and reports for compliance purposes. The job also requires a keen understanding of accounting principles and regulations and is well compensated, with an average salary of $132,500.
When it comes to financial data, security is of the utmost importance. A computer system infrastructure that is weak can be susceptible to critical information loss, or worse, cyberattack. With tight regulations and public scrutiny at a high, it’s clear why IT security is a top challenge for CFOs. The IT Auditor role can alleviate these worries by ensuring the utmost network security surrounding sensitive data. Pay can reach up to $125,000 for those with 10 or more years of experience and a strong interest in both technology and Finance.
Payroll Director / Manager
Salary for Payroll Directors / Managers varies tremendously depending on the size of the organization. Small businesses cap the role at $85,000, while a Payroll Director at a large business can earn up to $140,000. This range stems from the fact that smaller organizations have less demanding payroll needs with fewer employees, while organizations with thousands of workers require immense resources to manage a large payroll accurately in accordance with legal standards.
Senior Financial Analyst
A Senior Financial Analyst is tasked with reviewing a company’s financial data in order to predict future results and recommend action to increase profitability and meet executive objectives. Attention to detail is important in the role when summarizing sophisticated financial models and data into reports that directly impact the direction of an organization. The reward for this particular skill set is a salary that can reach $100,000 with several years of experience.
The Highest Paying Finance and Accounting Jobs
Though the responsibilities of these highest paying Finance and Accounting jobs differ, they share a commonality in their strong demand. Competition for these and other Finance and Accounting roles is very high, and understanding appropriate figures for these jobs is of foundational importance. Salary knowledge for these roles not only helps to hire the best talent, but will also improve the retention of top employees.
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