Finance business partners play a crucial role in the success of any organization. They work closely with senior management and provide valuable financial insights to help make informed business decisions. As a result, finance business partners are highly sought after and well-compensated for their expertise. In this article, we will take a closer look at finance business partner salaries and provide insights into what you need to know about this career path. We will explore the factors that influence salary levels, the typical salary range for finance business partners, and the skills and qualifications required to succeed in this role.
Finance Business Partner Salary: What You Need to Know
If you are considering a career as a finance business partner, one of the critical aspects to consider is the salary. Finance business partners are professionals who work with various departments in an organization, such as marketing, sales, and operations, to provide financial insights and guidance to help the company achieve its financial goals. They also play a crucial role in decision-making processes by analyzing financial data and providing recommendations that can impact the organization’s bottom line. Here’s what you need to know about the finance business partner salary.
1. Overview of Finance Business Partner Salary
The finance business partner salary varies depending on several factors, such as the level of experience, location, and industry. According to Glassdoor, the average salary for a finance business partner in the United States is $108,000 per year. However, this figure can range from $75,000 to $149,000 per year, depending on the factors mentioned earlier.
2. Factors that Affect Finance Business Partner Salary
Experience: The number of years of experience can significantly impact the finance business partner salary. Professionals with more experience typically earn more than those with less experience.
Location: The location of the employer can also affect the salary. Finance business partners working in metropolitan areas may earn higher salaries than those working in rural areas.
Industry: The industry can also play a role in determining the finance business partner salary. For instance, those working in the financial services industry may earn more than those working in other industries.
3. Education and Certification Requirements
To become a finance business partner, you need to have a bachelor’s degree in finance, accounting, or a related field. Some employers may also require a master’s degree in business administration (MBA) or a related field. Additionally, obtaining professional certifications such as the Certified Management Accountant (CMA) or Chartered Financial Analyst (CFA) can also increase your earning potential.
4. Job Outlook
The job outlook for finance business partners is positive. According to the Bureau of Labor Statistics, employment of financial analysts, a similar occupation, is projected to grow 5 percent from 2019 to 2029, which is faster than the average for all occupations.
In conclusion, the finance business partner salary can vary depending on several factors, such as experience, location, and industry. However, it is generally a lucrative career with a positive job outlook. If you are considering a career as a finance business partner, obtaining a relevant degree, and professional certifications can increase your earning potential and help you stand out in a competitive job market.