Many companies employ fiscal administrators to manage budgets, make financial decisions, and create reports. These professionals often supervise other finance staff, and must be knowledgeable about government regulations, the company's operations, and financial policies. Job growth in this field should be about as fast as average for the coming decade, but competition is still stiff, and a master's degree is often preferred by employers.
Fiscal administrators are in charge of making investments, preparing financial reports, developing goals and handling funds for agencies, organizations and firms. They also research and analyze reports, create proposals and oversee the implementation of the budget. Although the typical required degree for a fiscal administrator is a bachelor's degree, the combination of a master's degree and previous experience is preferred by most employers.
|Required Education||Varies; many employers desire candidates with a Master of Business Administration (MBA), though some accept individuals with a bachelor's degree in a financial or business-related field|
|Other Requirements||Previous experience in a similar field is preferred|
|Projected Job Growth (2018-2028)*||16% for all financial managers|
|Median Salary (2018)*||$127,990 for all financial managers|
Source: *U.S. Bureau of Labor Statistics
Almost all organizations, agencies and firms have a fiscal administrator who oversees the budget, prepares financial reports and develops goals and strategies. These professionals supervise employees who work in financial positions and monitor all monetary transactions. A fiscal administrator also conducts research and analyzes financial reports to develop expenditure and growth strategies for the organization.
The U.S. Bureau of Labor Statistics (BLS) reports that financial managers earned a median salary of $127,990 per year, as of May 2018. Through 2028, employment of these professionals is expected to increase much faster than the average by 16% (www.bls.gov).
In general, fiscal administrators are in charge of various tasks in relation to the finances of an organization, business or government agency. They must be strong communicators, have knowledge of government practices, understand financial policies and prove the ability to research and develop multiple reports. Other duties include:
- Managing budgets
- Maintaining interdepartmental quality performance
- Analyzing fiscal plans and developing goals
- Preparing special reports and proposals
- Handling mergers and take-overs
- Overseeing lending, sales and income
- Federal, state and local reports filing
The minimum education requirement to become a fiscal administrator is a bachelor's degree. There is not a specific degree program for fiscal administration, but a degree program in public administration, finance, accounting, business administration or economics provides adequate preparation for this role.
However, many employers prefer a master's degree in a related field. Obtaining a Master of Business Administration (MBA) or a master's degree in a related field can prepare aspiring fiscal administrators for tough competition in the job market.
At the undergraduate or graduate degree level, typical course topics for administration, finance and accounting include:
- Federal income taxation
- Financial management
- Business law
- Global economics
- Principles of investment
Fiscal administrators have typically completed a master's degree and gained work experience in finance, accounting, or economics. They are responsible for overseeing all financial decisions and activity within a company. According to the BLS, the median annual salary for fiscal administrators was $127,990 in 2018.