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Financial manager : Salary and conditions

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  1. Job description
  2. Salary and conditions
  3. Entry requirements
  4. Training
  5. Career development
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Case studies

  • Range of typical starting salaries: £22,000 - £35,000. Average starting salaries in the banking and finance sector are as high as £35,000, rising to £45,000 in the investment banking sector.
  • Range of typical salaries for newly qualified accountants in public service and not-for-profit agencies: £36,500 - £40,500.
  • Range of typical salaries for experienced financial managers (ten years plus) in commerce and industry: £65,000 - £95,000 upwards. There is some evidence that salary increase is preferred in the finance sector, over the well-publicised bonus culture of recent years although these still seem to be in evidence for senior accountants/financial managers.
  • Salaries vary widely according to the type, sector, size and location of the employing organisation. The highest salaries tend to be paid in London and the surrounding areas. The private sector, most notably the banking and capital markets sector and particularly organisations based in the City, pays more than the public sector. 
  • It is common for employers to provide financial support for professional study, as well as study leave.
  • Working hours are generally from 9am to 5pm, five days a week, with some flexibility possible. However, longer hours may be required, depending on current deadlines and workload and jobs within the City can be highly pressured with long working hours. During the early years of your career, while undertaking professional study, you will need to factor extra working hours into your official working day.
  • Jobs are available in most areas of the country, the majority being in or near large towns and cities.
  • Self-employment is possible, and sometimes finance professionals work as consultants, usually after significant experience has been gained within an organisation.
  • Career breaks are possible but, as with any profession, if you are considering re-entry you must keep up to date with developments.
  • Travel for work is likely, particularly if the company operates from a number of different sites, with overnight stays or periods away from home sometimes required.
  • Opportunities to travel and work abroad will be determined by the size and nature of the organisation, its clients or customers, and whether it has overseas sites or international links.
 
AGCAS
Written by Andrea Gregory, AGCAS
Date: 
November 2010
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