Are you looking to advance your career in finance or accounting? Becoming a Finance Manager or Accounting Manager is a rewarding path that offers leadership opportunities and competitive pay. These roles are closely related – both involve overseeing financial operations – and the steps to achieve them often overlap. However, there are key differences in their focus that aspiring professionals should understand. In this guide, we’ll explain what finance and accounting managers do, the skills you’ll need, the demand for these roles, typical salaries around the world, and the steps to become one. Let’s dive in!
What is a Finance Manager or Accounting Manager?
Finance Manager: A finance manager (often called a financial manager) is responsible for the overall financial health and strategy of an organization. They create financial reports, direct investment activities, and plan for the company’s long-term financial goals. In practice, finance managers handle budgeting, forecasting, and advising senior executives on financial decisions to maximize profits and growth.
Accounting Manager: An accounting manager focuses on the day-to-day financial records and compliance. They oversee the accounting department and staff, ensuring accurate financial reporting and adherence to regulations. Accounting managers manage the general ledger, prepare financial statements, monitor accounting systems, and support audits. In other words, they make sure every dollar is tracked correctly and that the company’s financial reports are precise and lawful.
Overlap and Differences: Both finance managers and accounting managers work towards maintaining a company’s financial well-being and often work closely together. The finance manager’s role is more about financial planning and analysis for future strategy, while the accounting manager’s role is about maintaining accurate financial records and compliance in the present. In smaller companies, the roles may be combined or share duties, whereas in larger organizations they are distinct positions. Either way, both positions are leadership roles within the finance function, and companies rely on these professionals to make sound financial decisions and keep finances on track.
Finance Manager / Accounting Manager Skills
Success in either a finance manager or accounting manager role requires a blend of technical expertise and soft skills. You’ll be translating numbers into actionable business insights and leading teams, so a well-rounded skill set is crucial. Important skills include:
- Analytical skills: The ability to interpret financial data and trends. You’ll need to evaluate budgets, financial statements, and performance metrics to guide decisions.
- Attention to detail: Precision is key in finance. Whether you’re preparing reports or reviewing ledgers, being detail-oriented prevents errors and ensures accuracy.
- Mathematical proficiency: Strong math skills (and comfort with tools like spreadsheets) are essential for financial analysis, forecasting, and handling complex financial documents.
- Communication skills: You must be able to explain financial information in simple terms to stakeholders. Finance and accounting managers often present findings to executives or departments, so clear communication is vital.
- Organizational and time management: Managing numerous financial tasks, deadlines (e.g. monthly close, audits), and reports requires excellent organization. You’ll juggle budgets, statements, and team schedules efficiently.
- Leadership and teamwork: As a manager, you will lead a team of financial or accounting professionals. Strong leadership skills help in delegating tasks, mentoring junior staff, and collaborating across departments.
- Technical expertise: Proficiency with finance software and systems. Finance managers often use tools for financial modeling and business intelligence, while accounting managers work extensively with accounting software and ERP systems. Being tech-savvy streamlines processes.
- Knowledge of standards and regulations: Accounting managers need deep knowledge of accounting principles (GAAP, IFRS) and compliance (tax laws, audit standards). Finance managers should understand financial regulations, risk management, and industry-specific metrics (for example, SaaS metrics like ARR or churn in a software company).
As you can see, many of these skills overlap for both roles. Both finance and accounting managers need a mix of analytical prowess and people skills. The main difference is that an accounting manager’s expertise leans more toward accounting rules and ensuring compliance, whereas a finance manager excels in strategic financial planning and analysis. Developing these skills through education, certifications (like CPA for accountants, or CFA/CMA for finance professionals), and on-the-job experience will prepare you for success in these management roles.
Finance Manager / Accounting Manager Employer Demand
The good news for aspiring finance and accounting managers is that employer demand for these roles is high and growing. Virtually every medium to large organization needs professionals to manage finances or oversee accounting, so opportunities span across all industries – from healthcare and manufacturing to finance, nonprofits, and technology. In fact, the U.S. Bureau of Labor Statistics projects that employment of financial managers will grow by about 17% from 2023 to 2033, which is “much faster than the average” for all jobs. This growth reflects how critical financial leadership is for companies in a growing economy.
What’s driving this demand? As businesses grow and markets become more complex, companies need experts to handle financial strategy, ensure regulatory compliance, and manage risks. The BLS notes that services provided by financial managers (like planning and directing investments) will remain in demand, and specialties such as risk management are expected to be especially sought after. In the wake of financial regulations and a dynamic global market, companies place a premium on skilled managers who can navigate economic uncertainties and keep finances healthy.
Industry Opportunities: Finance and accounting manager roles are found in all sectors, but some of the best opportunities (and salaries) are in high-growth industries. For example, technology and SaaS (Software-as-a-Service) companies have boomed in recent years and often seek finance/accounting managers to help scale their operations. These tech firms value professionals who understand fast-paced business models and can implement financial controls for rapid growth. Similarly, sectors like banking, consulting, pharmaceuticals, and energy also have strong demand for these roles. In short, if you have the right skills and experience, you’ll find that employers across the board are eager to hire qualified finance and accounting managers.
Geographically, demand is robust in major business hubs. Cities like New York, London, San Francisco, Toronto, and Sydney host many corporate headquarters and startups, translating to numerous job openings for these positions. Remote and hybrid work options have also increased, meaning you might not have to relocate to work for a top company – many firms (including SaaS companies) are open to hiring finance talent to work remotely.
Finance Manager / Accounting Manager Salary
Considering the responsibility these managers carry, it’s no surprise that the roles are well-compensated. However, salaries can vary significantly by country, experience level, and industry. Generally, finance managers tend to command high salaries, and accounting managers’ salaries are comparable, sometimes slightly lower or on par depending on the organization. High-paying sectors like investment banking or tech can push these salaries to the top of the range. Below is a comparison of average annual salary ranges for finance/accounting managers in a few countries:
| Country | Average Salary Range (Annual) |
|---|---|
| United States (USD) | $67,000 – $203,000 |
| United Kingdom (GBP) | £40,000 – £80,000 |
| Canada (CAD) | C$80,000 – C$140,000 |
| Australia (AUD) | A$100,000 – A$150,000 |
Salary ranges are approximate and represent early-career to experienced professionals in each country.
These figures illustrate the broad range of earnings you might see. For instance, in the United States the average finance manager earns around $117,000 per year, while in the United Kingdom the average is about £47,000 per year. Entry-level managers or those at smaller firms may earn toward the lower end of the range, whereas seasoned managers at large companies (or in lucrative industries) can hit the upper end. The highest salaries often include additional compensation like bonuses, profit sharing, or stock options – common in industries like SaaS and finance. In fact, some of the best-paying Finance Manager and Accounting Manager positions are in the tech sector; a successful finance/accounting manager at a thriving SaaS company, for example, might earn a total package well into six figures.
It’s also worth noting that Accounting Manager roles, while still well-paid, sometimes have slightly lower averages than Finance Manager roles in the same market. For example, in the U.S., an accounting manager averages around $93K/year compared to a finance manager’s $117K. However, the gap can close quickly with experience, and both roles offer strong earning potential. Ultimately, your exact salary will depend on factors such as your experience, education, certifications, the size of the company, and the industry you choose to work in.
Ways to Become a Finance Manager / Accounting Manager
Now, how do you go from where you are today to landing a finance or accounting manager position? While there’s no overnight shortcut, there is a clear pathway that many professionals in these roles have followed. Below, we outline the typical steps and tips to help you become a Finance Manager or Accounting Manager.
- Earn a relevant degree: The first step is usually education. Most finance and accounting managers hold at least a bachelor’s degree in a relevant field. Degrees in finance, accounting, economics, or business administration are common foundations. This formal education gives you knowledge of financial principles, accounting practices, and business operations. In fact, financial managers typically need a bachelor’s degree to even be considered, and many start their careers with this academic background. If you know early on that you want to manage finances, focus your coursework on topics like financial management, corporate finance, and accounting.
- Build foundational experience in finance or accounting roles: A degree alone isn’t enough – experience is critical. After graduation (or even during, via internships), seek entry-level roles that will ground you in the day-to-day of finance or accounting. Common starting positions include financial analyst, junior accountant, auditor, or budgeting analyst. Many future finance managers begin as analysts, and many accounting managers begin as staff accountants. This is where you apply your knowledge in the real world: analyzing financial data, preparing reports, closing books monthly, etc. Expect to spend a few years in these roles learning the ropes. On average, successful financial managers have about 5 or more years of experience in a related financial occupation before moving up to a manager role. Use this time to familiarize yourself with financial software, corporate financial workflows, and collaborative teamwork. It’s also wise to rotate through different functions if possible (for example, accounting, financial planning, auditing) to become well-rounded.
- Develop key skills and earn certifications: While working in entry-level jobs, consciously develop the key skills we discussed earlier. Push yourself to improve your analytical abilities – volunteer to take on tasks like financial modeling or complex reconciliations. Work on your communication by presenting findings in meetings. If you aim to be an accounting manager, ensure you have a strong grasp of accounting standards and practice preparing full financial statements. If you’re targeting a finance manager path, try your hand at forecasting and building budgets. In addition, consider professional certifications that can accelerate your credibility. For accounting-focused professionals, earning a CPA (Certified Public Accountant) license or an ACCA qualification (for those in the UK and elsewhere) is highly valued for managerial roles. For those on a finance track, certifications like CFA (Chartered Financial Analyst) or CMA (Certified Management Accountant) can demonstrate expertise in financial analysis and management accounting. These credentials often aren’t mandatory, but they can set you apart and sometimes substitute for some experience in the eyes of employers. They also deepen your knowledge, which will be directly useful in a manager role.
- Move up to senior and supervisory roles: With a few years of experience and some advanced skills or certifications under your belt, start seeking opportunities to take on more responsibility. In many organizations, there’s a progression: from analyst to senior analyst, or from accountant to senior accountant, and then to a supervisory role. Aim for those senior or lead positions – they often involve mentoring junior staff or managing small projects, which gives you a taste of management. For instance, a senior accountant might oversee a team of juniors during the quarterly close, or a senior financial analyst might coordinate the budgeting process for multiple departments. Excelling in these roles shows you can handle leadership and complex tasks. Don’t hesitate to let your managers know about your career goals; if they see you’re leadership material, they might delegate some managerial tasks to you as a test. Gather as much leadership experience as possible (even if unofficial), such as training new hires, leading meetings, or implementing a new software system for the team. This is also a good time to seek a mentor – perhaps a Finance Director or Controller in your company – who can guide you on what it takes to reach the next level.
- Consider a master’s degree (optional but beneficial): While not always required, many finance and accounting professionals pursue a master’s degree to boost their advancement prospects. A Master of Business Administration (MBA) with a focus in finance, or a master’s in accounting or finance, can provide advanced knowledge and make you a more competitive candidate for management. Some companies prefer or even require a master’s for higher managerial roles. The MBA is particularly popular for those aiming for Finance Manager roles because it provides broader business leadership training in addition to finance. If you’re eyeing a CFO or Director of Finance position eventually, an MBA could be very useful. For accounting professionals, a master’s in accounting or an MBA can also fulfill credit hour requirements for a CPA or deepen your expertise in areas like taxation or auditing. We list this step as optional because plenty of finance and accounting managers achieve the title without a master’s, but it can accelerate your timeline or open doors to roles at top firms. Weigh the cost and time against the benefits in your industry – if you’re in a very competitive field or aiming for a top-tier company, graduate education might be worth it.
- Network and stay updated: As you progress, networking becomes increasingly important. Many management hires, especially in finance, come through professional connections or internal promotions. Build relationships with colleagues, join professional associations (like the Association of Financial Professionals or local accounting societies), and attend industry events. Networking can expose you to job opportunities and insider advice. Additionally, stay up-to-date with industry trends and changes. The finance world evolves with new regulations, technology (e.g., AI in financial analysis, new accounting software), and market developments. Subscribe to finance journals or follow influential CFOs on LinkedIn. Being knowledgeable about current trends not only prepares you for interview questions but also enables you to bring fresh ideas to your job. This proactive approach can set you apart as someone ready to manage and innovate.
- Apply for Finance Manager or Accounting Manager positions (strategically): When you feel ready for the jump, start looking for open positions – but be strategic. Tailor your resume to highlight leadership experiences and results you’ve achieved (e.g., “Implemented a new budgeting system that reduced reporting time by 20%” or “Led a team of 4 in completing the annual audit two weeks early”). If you’re aiming internally, talk to your HR or managers about your ambitions; companies often prefer to promote from within if a capable candidate is available. If looking externally, leverage your network and consider working with a recruiter who specializes in finance/accounting roles.
- Explore opportunities in high-growth sectors and niche job boards: As a final tip, remember that not all finance manager jobs are equal – some industries pay more or offer faster advancement. Tech and SaaS companies, for example, are known for rewarding finance talent well due to the complex, high-growth nature of their business. Don’t limit yourself to traditional job search methods. In addition to sites like LinkedIn or Indeed, use specialized job boards that focus on lucrative sectors. For instance, The SaaS Jobs is a niche job board where you can find finance manager and accounting manager openings in the SaaS and software industry. Platforms like this can connect you with high-paying opportunities at startups and tech firms that you might miss on general job sites. Being open to these sectors could mean a higher salary and a chance to work in a cutting-edge environment. Just make sure you tailor your approach – if you target SaaS companies, for example, highlight any experience with subscription-based revenue or software industry exposure.
Becoming a finance manager or accounting manager is a journey that requires education, experience, and continuous growth. By building a strong foundation in financial principles, gaining practical experience, and honing your leadership skills, you can position yourself for these senior roles. It’s a career path with excellent rewards – from playing a key role in business success to enjoying job stability and high earning potential. Remember that whether you choose the finance management route, the accounting management route, or explore both, the two roles are highly respected and often interchangeable in terms of career capital. Many professionals even switch between them or oversee both functions, especially in sectors like SaaS where finance and accounting are tightly interwoven. Stay focused, keep learning, and actively seek opportunities, and you’ll be well on your way to becoming a Finance Manager or Accounting Manager.
Good luck on your journey to financial leadership!
