Finance jobs in the military fall under the Accounting, Budget and Finance career field. These jobs are available to servicemembers who do not wish to engage in active-duty service roles and for part-time Reserves. Some of them even call for travel aboard Navy vessels to different parts of the globe to ensure that resources are available when needed. Below are a number of these jobs.
|Job Title||Median Salary (2018)*||Applicable Military Skills/Traits|
|Payroll and Timekeeping Clerks||$66,183 (Bookkeeping, Accounting and Auditing Clerks)||Diligence, transparency, accuracy|
|Purchasing Agents||$65,717 (Contracts Specialists)||Surveillance, intelligence, decisiveness|
|Accountants||$111,272 (Accountants and Auditors)||Accuracy, diligence, accounting skills|
|Budget Analysts||$119,313 (Business Operations and Management Analysts)||Problem identification and resolution, analytical skills, prevision|
|Financial Managers||$100,003||Intelligence, sharp focus, knowledge of finance and accounting concepts, accountability|
Source:*Department of Defense
Find schools that offer these popular programs
- Banking Related Services
- Credit Management
- Financial Mgmt Services
- Financial Planning Services
- International Finance
- Investments and Securities
- Public Finance Mgmt
Finance Jobs in the Navy
The financial sector of the Navy is similar to that found in corporations. There are payroll and timekeeping clerks, accountants, purchasing agents, budget analysts and financial managers, among other job titles. However, the work they do is specific to the military structure, sometimes done in Navy vessels and they may also require basic Navy training. Below are five job titles indicating different finance duties and roles in the Navy.
Payroll and Timekeeping Clerks
The Navy processes millions in paychecks and in the purchase of large amounts of materials each year. When called upon, the Navy's accounting records, reports and the service-members' personal financial records must be reflected, and should align with the amount disbursed by the government. The work of recording and keeping account of these transactions is the duty of the payroll and timekeeping clerks. The clerks organize and keep track of all financial records, computing payments and allowances and perform an audit of all these records. Job training for this role includes classroom instruction and on-the-job practice. Applicants receive instruction on how to compute salaries, allowances and deductions, preparation of financial reports and budgets, interpretation of financial data, among other accounting principles and techniques. Payroll and timekeeping clerks work aboard ships, and sometimes in offices on land.
Purchasing agents are the enlisted servicemembers responsible for organizing and keeping track of all financial records of the Navy. They come up with a list of items needed in the Navy and solicit bids to make sure that the Navy gets quality items at a reasonable price. They must therefore negotiate, procure and carry out all administrative processes needed to get the needed resources. The job also calls for them to understand the market and its trends, pricing techniques, and the sources of goods and services. Therefore, the role of a purchasing agent is to be a buyer, adviser and administrator of the Navy's resources. Purchasing agents work aboard ships. Military training required for this role is done in a classroom setting and instruction includes training for computation of deductions, allowances and pay, and market trends, among other financial areas.
The amount the Navy spends each year on supplies, equipment and personnel add up to billions of dollars. Amounts as large as these need careful management so that it is put to the best use. Its spending and utilization also attracts much scrutiny. Accountants must, therefore, manage the Navy's financial records according to the Navy's procedures and policies, applying sound accounting practices. Primarily, accountants work in offices but accounting training is done in the classroom. The content studied includes military accounting, fiscal planning and statistical analysis, and financial management practices. Accountants also advise the superiors on financial issues.
Since every action taken by the military is critical, there is need for strategic planning of its operations, especially in the use of its resources, both human and material. Budget analysts, also called business operations and management analysts, carry the task of using their analytical expertise to direct and improve the operations of the Navy. They monitor the purchase and supply of equipment and the remuneration of personnel. Guided by analytical tools, they arrive at conclusions and offer advise to the leadership regarding accounting and finance matters. Budget analysts primarily work in an office setting. Job training for this role involves learning about organizations and their current operations, problem identification and analysis and other relevant information to this role. They are also taught how to prepare and review budgets.
Financial managers are officers who also direct and manage all military spending whether during war, peace or contingency. A financial manager sees through all financial management issues and ensures that they are moving smoothly. They also serve as advisers to commanders and other top Navy leaders regarding budgeting, costs analysis and accounting so that resources received from the government are put into good use. Financial managers are primarily based in offices. Training for this role typically includes learning about military accounting, payroll and personnel management practices, preparing and reviewing budgets, and fiscal and statistical analysis. The role of a financial manager calls for sharp focus, intelligence and knowledge of financial operations to redistribute resources and to use them effectively.