How Can Finance Professionals Leverage AI?
11 Nov, 2024
What Is the Average Salary For Finance Managers in the North West?
13 Feb, 20241-2 minutes
In this blog, you will learn:
- The average salary for Finance Managers in the North West.
- Benefits to being a Finance Manager.
- How to earn more as a Finance Manager.
- Where the latest Finance Manager jobs are and how to apply for them.
Considering a career in financial management? Curious about the average salary for Finance Managers in the North West? Perhaps you are already working as a Finance Manager and you’re wondering if your salary is in line with the industry average?
Working as a Finance Manager can be financially rewarding, but the average salary can vary depending on location, region and the higher cost of living.
Throughout this blog, we explore the perks and advantages of this career path, as well as uncovering tips on how to earn even more as a Finance Manager.
How much does a Finance Manager earn in the North West?
The average salary for Finance Manager jobs in the North West in 2024 is approximately £53,600. This is a significant increase from £49,900, the average Financial Manager salary in 2023.
The role of Finance Manager in the North West has seen a 6.7% salary growth versus 4.2% UK average growth and is expected to increase further still, reaching an average salary of £56,300 in 2025.
The average salary can vary depending on location, experience and if the Finance Manager has private clients. A Junior Finance Manager’s salary will fall below the average finance salary, because of experience, productivity and in-demand skills.
Experienced workers usually earn more than beginners regardless of location, industry, employer, as their salary is instead based on success and performance.
How much does a Finance Manager earn in different regions?
Difference in wages can be a result of a combination of factors, such as industry, geographic location, educational experience and qualifications and worker skill. Living costs in the nation’s capital are the highest in the country so the salary has to compensate for it and be higher on average.
According to personal finance website, Up The Gains, it’s estimated that living in London is 27% more expensive than in the rest of the UK, which is why Finance Managers are paid more in London than other locations.
Competitive salaries vary as the average salary of a Finance Manager in the North East is much lower than the North West at £49,400.
In Preston, Finance Managers earn on average £50,296, compared to Salford where the average salary is approximately £56,369.
In East Anglia, the role of Finance Manager is on the rise for 2024 with an average salary of £52,700, a 5.1% salary growth versus 4.2% UK average growth.
7 benefits to being a FinanceManager
A career in finance management can be financially rewarding with a lot to offer. It isn’t just the salary that is advantageous to being a Finance Manager, there are even more benefits that make it an attractive job.
Here are some benefits to being a Finance Manager:
- High earning potential.
- Job security.
- Opportunity for progression.
- Option to work from anywhere.
- Profit-sharing plan.
- Performance based bonuses.
- Additional cash compensation.
High earning potential
A successful career in finance management can result in a higher earning potential depending on experience, location and qualifications. Even those starting at entry-level positions, there is the opportunity to experience a generous increase in pay through hard work, commitment and dedication to learning.
Job security
A Finance Manager is at the heart of a company's decision-making process. They provide vital insights into financial health, risk management, and investment strategies, helping organisations make informed choices. Their contributions are pivotal for business growth and sustainability.
As the role is full of crucial responsibilities, good Finance Managers are highly sought after, adding to the increased level of job security.
Opportunity for progression
A career in finance has much to offer a young, ambitious professional, including a structured career path and multiple opportunities for progression. A Finance Manager requires a Bachelor's Degree in a relevant field in addition to at least 5 years experience.
However, employers in the finance sector encourage their employees to continuously learn as the financial landscape is constantly evolving. By earning a higher qualification or staying abreast of industry trends, you may be eligible for a role with a higher salary such as a Senior Finance Manager.
A Senior Finance Manager can earn between £52,965 and £65,340. Depending on your experience, it may eventually be possible to step into the role of Finance Director or Managing Director.
Option to work from anywhere
As a Finance Manager, you could have the luxury of working from home or a hybrid working pattern. Not only does that mean being able to work in a comfortable environment, but if you travel or commute to work, you could save some money on petrol or public transport.
According to Real Business Rescue, the average UK employee spends £126 a month commuting, which equates to approximately £1,500 a year.
Profit sharing plan
Benefits such as profit-sharing, might be included in your compensation package. A profit-sharing plan is a retirement plan or incentivised compensation scheme that gives employees a share of the company’s profits based on its quarterly or annual earnings.
A profit sharing plan is an incentive that gives employees a higher sense of value and can make them feel appreciated and valued for their work. If your organisation doesn’t offer profit sharing, why not put the suggestion forward?
Performance based bonuses
Performance-based bonuses or compensation is when an employee's benefits or incentives are directly tied to individual work performance and/or the business’s overall performance. In some cases, Finance Managers can earn more money as part of their compensation by achieving their targets.
Choosing an employer or Finance Manager job where salary is linked to performance can significantly maximise earning potential as individuals have the opportunity to receive additional benefits based on their individual performance. This can drive individuals more and increase productivity as well as result in higher earnings.
Additional cash compensation
Additional cash compensation includes bonuses and allowances based on factors such as sales, productivity and persistence.
Despite the average annual salary for a Finance Manager in Manchester and Liverpool differing by less than £20, there is a significant difference in the additional cash compensation. In Manchester the additional cash compensation for a Finance Manager role is £3,902, but in Liverpool, the compensation is £4,835.
Cash compensation is higher in London than anywhere else in the North West or North East. In London, the additional compensation can vary from £4,098 to £12,344.
How to earn more as a Finance Manager
If you’re looking to earn a higher salary as a Finance Manager, it is important to look into acquiring additional skills, qualifications and knowledge that will be useful in the job. Like all jobs, working full time rather than part time means a higher wage, and there is always the option to work more hours or non-standard hours to increase your earnings.
A Finance Manager should expect a higher hourly rate if they work overtime, or if they choose to work during undesirable times such as in the evenings, overnight or weekends. A Finance Manager can also stand to earn more if they have extra qualifications, experience and a greater education, with more likelihood of a promotion and career growth.
Discover your next Finance Manager job
As a leading finance recruitment agency, we work with some of the biggest employers in the North West. Why not take a look at the current finance jobs available or upload your CV and one of our experienced finance consultants will be in touch to discuss relevant opportunities.
We recently conducted an interview with finance recruitment expert Shannon McGarry which is packed with insights, tips and advice about recruitment in the finance industry.
If you’ve already got an interview lined up, why not check out 8 killer questions to ask in a finance interview to give yourself the best possible chance of success!
If you love this content, you might like these articles from our Finance Career Hub
Recruit a Finance Manager
With years of experience recruiting in the finance sector, we have exclusive access to some of the most qualified and experienced Accounts Assistant, Finance Directors, Financial Advisors and more!
If you’re struggling looking to recruit the best Financial Managers, why not get in touch with our Principal Consultant Shannon McGarry to discuss how we can help you.
Meet Shannon McGarry
Who is Spencer Clarke Group?
As an award winning and innovative recruitment industry, we’re constantly thinking of ways to push the boundaries and deliver the best recruitment service possible.
Recruitment means more to us than just matching candidates and clients, we are determined to effect positive change and we take bold strides in order to do this.
We operate in two sectors:
In eleven specialisms:
Healthcare, Social Care & Nursing
Corporate Functions & Business Support
