What Is a Finance Executive?
Responsible for a business’s money transactions, including income and expenses, a finance executive makes sure that their organization is profitable. They manage cash-flow statements, budgeting and tax planning. They also determine ways for the company to cut costs to maximize profits.
What Does a Finance Executive Do?
Finance executives oversee an organization’s money. They monitor the organization’s income, expenses and investments, and they create and evaluate financial reports including cash-flow statements. To cut costs and maximize profits, finance executives collaborate with the organization’s other top executives to go over budgeting and taxes. Additionally, they monitor economic and financial trends.
Sometimes, finance executives will supervise a staff of accountants or finance clerks. They may also have to hire new staff and develop schedules. Finance executives typically work full time in an office environment, and long hours are common.
How Much Do Finance Executives Earn?
Finance executives are included with top executives by the Bureau of Labor Statistics. As of May 2017, top executives earned a median annual salary of $104,700. Employment for top executives is expected to grow 8 percent through 2026, about as fast as the average for all professions.
How Do I Become a Finance Executive?
Generally, finance executives need at least a bachelor’s degree and plenty of work experience. Many finance executives also have a master’s degree in business administration. While certifications are usually not required, some companies prefer that candidates have a certification or license that is relevant to their area.
The online Master of Business Administration program from Alvernia University prepares you to be an ethical finance executive. The program covers concepts in financial accounting, management theory, managerial decision-making and more. Accredited by the Accreditation Council for Business Schools and Programs (ACBSP), Alvernia’s MBA program is offered in a convenient online format that allows you to earn your degree at your own pace.