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Job Description of a Financial Administrator
A financial administrator has responsibility for a company's financial operations. In the business world, administrators organize processes, people and other resources to meet objectives. In finance, administrators focus on the company's fiscal activities, including accounting, budget management and financial reporting. Position titles vary from company to company; they are often referred to as finance managers or financial managers.
A financial administrator oversees daily financial operations and long-term financial planning. The job involves developing the processes, reports and guidelines needed to build and maintain the financial health of the workplace, and coordinating finance department staffing. Professionals in this role also ensure the company's financial reports meet legal and regulatory requirements, such as those defined within the Sarbanes-Oxley Act, to protect the company from claims of fraud.
A financial administrator develops and monitors budgets, and prepares or directs the preparation of income statements, balance sheets, financial summaries and forecasts. Management duties include overseeing the functions and staff members in accounts payable and accounts receivable. This administrator should also monitor market trends and have the ability to provide business leaders with sound financial advice on opportunities to maximize profits.
Attributes and Skills
Successful financial administrators are highly organized and detail-oriented professionals with strong analytical, communication and math skills. These administrators must understand legal and regulatory requirements relating to business finance at local, state and federal levels, and know auditing techniques to help ensure the company's financial operations remain in compliance. Computer proficiency for this position includes spreadsheets, presentation, word processing and reporting software.
Educational Requirements and Outlook
Some companies hire financial administrators with bachelor's degrees in business, finance or economics, but master's degrees are often preferable. An in-depth knowledge of accounting principles and practices, along with the ability to perform thorough financial analyses are required. The U.S. Bureau of Labor Statistics reported the annual median salary for financial administrators at $134,180 in 2020. The projected job growth through 2022 is 9 percent.
Financial Managers salary
- Top 10% Annual Salary: More than $208,000 ($100/hour)
- Median Annual Salary: $134,180 ($64.51/hour)
- Bottom 10% Annual Salary: Less than $70,830 ($34.05/hour)
A careers content writer, Debra Kraft is a former English teacher whose 25-plus year corporate career includes training and mentoring. She holds a senior management position with a global automotive supplier and is a senior member of the American Society for Quality. Her areas of expertise include quality auditing, corporate compliance, Lean, ERP and IT business analysis.
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