Everything You Need to Know About the Average Finance Business Partner Salary
Would you like to learn about the average finance business partner salary? If you’re just starting out in your career and you want to know what kind of salary you can expect to earn, this overview of the average salary and other compensation details can give you some insight. Learn more now!
How Much Does an Associate Make?
The finance business partner salary is largely determined by how much you work. If you work a lot of hours, you can make more than your average associate salary. If you don’t put in many hours and prioritize life outside of work, then your potential earnings are likely lower. This isn’t always true, but there is some truth to it. If you take a look at finance business partner salary surveys, you’ll see that most of them have a very wide range. This indicates there are some fundamental differences in what different companies offer their employees and how much influence each factor has on compensation. If your future finance business partner salary is any higher than average, then you’re going to need an offer from a company that already pays above average salaries—not an easy task. That said, there are definitely exceptions and they can provide important information about how much to ask for when you negotiate your job offer.
How Much Does a Senior Associate Make?
The finance business partner salary will vary based on several factors. One of those factors is location, as cities like San Francisco and New York City pay higher salaries than places in Oklahoma and Texas. Another factor is experience, as experienced finance business partners command higher salaries than junior members of their team. If you're currently a senior associate or a full-fledged financial officer (aka a business partner) you should expect to make between $250,000 - $450,000 per year. Though keep in mind that your salary might be less if you work for a small company or one based outside of a major city. The finance business partner salary will also depend on your specific experience and your responsibilities. If you oversee all of a company's financial operations, for example, you might make more than a senior associate who focuses exclusively on accounting or budgeting. An entry-level finance business partner might start out making as little as $130,000 per year (around $50k - $80k), though that amount can vary based on location and industry. For example, in finance businesses where salaries are competitive with other industries like investment banking it’s not uncommon to see average salaries above $200k even for junior associates. Plus if you choose to move around or switch companies throughout your career expect some fluctuation in compensation over time.
How Much Does a Principal Make?
The finance business partner salary is driven by a lot of different factors. That’s why it's important to define exactly what you mean by business partner before you start doing research. Because some companies don't have that role, while others have specific titles for people who aren't in charge of finances, like director of finance or CFO (Chief Financial Officer). The finance business partner salary isn't a flat rate -- it’s tied directly to how much work an individual has taken on and whether they're expected to perform additional duties. That's why it can fluctuate based on where someone is in their career and their level of responsibility at a company. The lowest level of finance business partner salary can be found on Glassdoor, where data shows an average starting pay of just under $56,000 per year. However, some of those listings are for junior-level finance business partners. Many companies start new hires in their financial departments at a lower rate -- around $45,000 per year -- and then offer higher raises after a certain period of time based on performance reviews. In order to get a good idea of what most finance business partner salaries look like at different career stages, you'll need to dig into other sources that provide more detailed data about specific companies.
What Do All the Different Titles Mean, Anyway?
It's not uncommon for business partners to have multiple roles, especially at smaller companies. If you have a CPA or MBA, it's possible your partner will assign you bookkeeper and financial analyst duties. But what if you see things like financial consultant, controller or consultant in your role description? What exactly does each of those titles mean, and what do they entail? Read on to learn all about finance business partner salaries as well as additional roles.
What About Private Equity Compensation Packages?
The finance business partner salary has a lot to do with where you are in your career. As is true in many industries, senior finance professionals get paid more. And, like everything else in business, there’s a hierarchy. The average junior level finance professional makes $59,000 per year while average senior level professionals make $72,500. However, when it comes to private equity compensation packages things can get tricky as compensation plans differ from fund-to-fund and from firm-to-firm. The best way for an up and coming financial professional to make sure he or she isn’t left behind is by getting a handle on that situation right away. That means getting all of your questions answered upfront before signing on with any one company.
How Much Does an Executive Director or Managing Director Earn?
According to Glassdoor data, executive directors in finance earned an average salary of $138,823 in 2017. New York City and San Francisco also represent hotspots for finance business partners with a larger pool of opportunities and higher salaries. While New Yorkers make an average salary of $145,000, managing directors based in San Francisco can earn $173,700 on average. If you're located elsewhere and interested in becoming a business partner or if you're just curious about what your peers are earning nationwide (the national average is $125,830), check out our Finance Business Partner Salary Calculator Tool below!
In Conclusion
The finance business partner salary ranges from $70,000 in small organizations to over $200,000 in big multinational corporations. If you are planning a career as a finance business partner and have no experience or education you can anticipate earning an entry level salary of $70,000 with benefits. Once you’ve gained years of experience your annual income should be around $140,000. After spending a decade working as a finance business partner your salary could reach over six figures—earning up to $250,000 annually.
