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Financial directors are responsible for a company's financial operations. Financial directors assume the role of a treasurer, overseeing budgeting, financial analysis and forecasting, risk management, accounting and all other financial affairs.

Organizations of all kinds--businesses, financial institutions and non-profits--rely on financial directors to manage their finances. Financial directors develop a financial strategy, tracking revenue and managing capital and investments. Some financial directors serve as the chief financial officer, while others focus on a specific financial management role, such as planning and analysis, reporting, or risk management. Financial director careers are executive-level roles and generally require significant on-the-job experience and an advanced degree.

Financial director salary 2010 outlook

Financial directors generally command top salaries in their organization, since they are part of the executive team, the board of directors or senior management. The U.S. Bureau of Labor Statistics (BLS) reports an average 2010 salary of $173,350 for chief executives, which include the chief financial officer or financial director. Mid- and senior-level financial managers earned $116,970. Salary.com lists several financial director roles, indicating the range of median earnings potential:

• Financial planning and analysis director, $146,353
• Financial reporting director, $122,655
• Top-division financial executive, $200,331
• Chief financial officer, $333,563

Financial director salaries vary widely depending on the size and type of organization. The BLS identifies the financial sector as the source of the highest salaries for financial managers and chief executives, with investment funds and securities and commodities brokerages paying the most. CFOs also do well in high tech; software companies pay chief executives an average salary of $220,980.

Regional differences in salary also prevail. Financial managers do best in New York, New Jersey, Delaware and California. Financial managers willing to relocate can find a winning combination of high salaries and low cost of living in the following cities, according to 2010 BLS salary averages and ACCRA Cost of Living Index data:

• Joplin, Mo.: $136,000 and 87.1 cost of living (compared to nationwide average of 100)
• Dover, Del.: $103,160 or $135,920 in nearby Wilmington, 98 cost of living
• Dallas, Texas: $119,010 and 92 cost of living
• Jacksonville, Fla.: $112,890 and 94 cost of living

Finally, experience and education determine the level of responsibility financial directors can take on, which directly impacts their salary.

Financial director training online and on campus

Financial executives generally begin their careers with a bachelor's or master's degree in finance, accounting or business administration. Financial director schools offer the four-year undergraduate and two-year graduate degrees. An MBA in finance can help accelerate the career trajectory for financial managers. Financial director training online enables working financial professionals to upgrade their education without taking time out from their careers. In addition to formal business and finance training, finance professionals will need about ten to fifteen years' work experience to work their way into the director role, according to salary.com.

Career opportunities for financial directors

Companies always need financial directors, in good economic times and bad. Job growth is steady for both financial managers and executives, according to the BLS. Financial managers can expect 8 percent job growth and chief executives should see little growth in the ten-year period from 2008 to 2018. Financial director jobs face keen competition; a master's degree helps distinguish the strongest candidates, advises the BLS.

Financial expertise is the key to moving up the career ladder and into a financial director role. Ambitious financial managers can advance their careers by completing financial director training online and taking on greater responsibility on the job.

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