Finance Manager Salary
Research says the global fintech market is expected to reach nearly $300 billion by 2026. Thus, the finance manager position is among the most crucial and in-demand jobs. Finance managers supervise an organization’s financial modeling, make strategic financial choices, and ensure the business is still viable and healthy financially.
In this blog, we will learn about finance manager salary based on their experience, role, and more.
Who is a Finance Manager?
Finance managers are accounting experts in charge of a company’s financial well-being. Their key responsibilities include forecasting, financial planning, budgeting, and accounting activities. It also includes analyzing and presenting financial data to upper management.
Finance managers operate in various industries, such as banking, healthcare, retail, manufacturing, etc. A degree in accounting, financial management, or a similar profession, as well as several years of experience in finance or accounting responsibilities, are often required to become a finance manager. Advanced qualifications, such as Chartered Financial Analyst (CFA) or Certified Public Accountant (CPA), can further help you demonstrate your professional experience and knowledge.
Finance Manager Salary in India
The finance manager’s salary can vary from city to city. The average finance manager’s salary in India is Rs.1,25,0000 per year.
However, the salaries can depend on several factors, such as the size of the organization, the location of the job, the type of industry, and also on an individual’s qualifications.
According to data, finance manager salaries in Mumbai were found to be 10-20% more than in other cities. Some other locations that provide better compensation include New Delhi, Bangalore, and Chennai. The average salaries of some of the top-paying cities are as follows:
| City | Average Salary (Per Year) |
| Mumbai | INR 1,380,000 |
| Hyderabad | INR 1,300,000 |
| Delhi | INR 1,220,000 |
| Bangalore | INR 1,200,000 |
| Chennai | INR 1,200,000 |
| Kolkata | INR 950,000 |
Your place of residence and your employer will significantly impact your income as a finance manager in India.
Finance Manager Salary Based on Experience
Finance manager salaries can also vary depending on the level of experience. In general, more experienced finance professionals will earn more as compared to people who have just started their careers. If you wish to learn about financial modeling and valuation, you can opt for an in-depth financial modelling and valuation course.
Following are the average salaries of finance managers in India based on their years of experience:
| Years of Experience | Average Salary (Per Year) |
| 1-3 years | INR 800,000 |
| 4-7 years | INR 1,000,000 |
| 8-10 years | INR 1,400,000 |
| More than 15 years | INR 2,000,000 |
It is important to note that these figures are just averages, and salaries may vary according to various factors.
Finance Manager Salary Based on Role
Finance manager salaries in India can vary depending on several factors. Here are some average finance manager salaries in INR based on job role:
| Job Role | Average Salary (Per Year) |
| Accounts Manager | INR 550,000 |
| Audit Manager | INR 600,000 |
| Risk Manager | INR 1,000,000 |
| Finance Manager | INR 1,200,000 |
| Budget Manager | INR 1,500,000 |
| Corporate Finance Manager | INR 1,900,000 |
| Finance Director | INR 4,500,000 |
It’s crucial to remember that these are only averages and that salaries might vary depending on particular situations. Other factors that can influence a finance manager’s compensation in India include the size of the firm, the amount of responsibility, the product or service being managed, and the organization’s growth stage.
Finance Manager Salary Based on Company
Salaries for finance managers also vary depending on the nature and size of the company. Larger and more established companies tend to pay more money and have better benefits. Still, smaller startups and nonprofits may pay less but provide more prospects for growth and creativity.
The average salaries for finance managers with experience between 8-15 years at some of the companies are as follows:
| Company Name | Average Salary (Per Year) |
| Accenture | INR 2,200,000 |
| Amazon | INR 3,000,000 |
| Bharti Airtel | INR 1,550,000 |
| Wipro | INR 2,000,000 |
| Genpact | INR 1,400,000 |
It is essential to remember that these are only averages and that incomes might vary significantly based on particular situations. Finance managers may receive bonuses, stock options, and other incentives in addition to base wages as part of their compensation package.
Furthermore, factors such as workplace culture, benefits, and work-life balance may influence a finance manager’s decision to work for a particular company.
Finance Manager Salary in Other Countries
The finance manager’s salary can also vary from country to country. Experience level and education can also have an impact on the salary. The average salaries in some of the high-paying countries are:
| Country | Average Salary (Per Year) |
| United States | USD 90,000 |
| United Kingdom | GBP 50,000 |
| Canada | CAD 85,000 |
| Dubai | AED 20,000 |
These salaries are just averages, and the actual salaries might depend on the individual’s capabilities and the company.
Requirements to Become a Finance Manager
Mentioned below are some skills that can help you become a successful finance manager:
- Education: Most finance manager roles need an undergraduate degree in finance, accounting, and related fields. Some positions might also require a master’s degree.
- Professional Certification: As you move up the career ladder, some positions need you to have specific certifications, such as Certified Public Accountant (CPA), Chartered Financial Analyst (CFA), or Certified Management Accountant (CMA).
- Relevant Experience: While hiring, employers prefer candidates with a certain level of experience in a specific field. This allows no additional need for training, and the person can do a good job.
- Analytical Skills: Finance managers should be able to make projections and identify trends by analyzing data.
- Communication: As a manager, it is crucial to communicate effectively with the team and ensure that everybody understands a work’s objective. They must be able to clearly and concisely communicate detailed financial information.
Conclusion
A finance manager’s salary depends on various factors, such as experience, role, and company. For those with the right training and abilities, a career in finance can be lucrative and satisfying. Moreover, this role is crucial to many organizations’ financial success and viability.
