Finance and Accounting Managers

Background

Each year, the services spend billions of dollars on personnel, equipment, and supplies. Only through careful management can military funds be put to their best use. Finance and accounting managers advise commanders on financial and accounting matters. Finance and accounting managers direct and manage the financial affairs of the military. 

What They Do

Finance and accounting managers in the military perform some or all of the following duties:

• Advise management personnel on accounting, budgeting, and fiscal matters
• Develop ways to track financial transactions
• Direct the activities of finance and accounting staff
• Direct the preparation of budgets and financial forecasts
• Prepare and examine financial records and reports
• Set policies for the use of military funds

Physical Demands

No information available.

Special Requirements

A four-year college degree in accounting, finance, or a related field is required to enter this career. Some specialties require a master's degree in business administration or recognition as a Certified Public Accountant (CPA).

Helpful Attributes

Helpful attributes include:

• Interest in planning and directing the work of others
• Interest in work requiring accuracy and attention to detail
• Preference for working with numbers and statistics

Helpful School Subjects

No information available.

Helpful Fields of Study

No information available.

Work Environment

Finance and accounting managers work primarily in offices.

Services offering this career:

• Air Force
• Army
• Coast Guard
• Marine Corps
• Navy

Hiring Practices

To serve in the military, a person must be at least 17; the maximum age for enlistment varies. To enlist, a person must pass a physical exam and an aptitude test. An enlistee must also meet military standards of discipline and be a US citizen or permanent resident alien.

This position is for officers.

Wages

The military is competitive with the civilian world when it comes to pay and benefits. All branches offer the same basic pay and benefits.

Pay depends mainly on rank or grade as well as length of service. Bonuses and the situation in which the person is serving (for example: flight duty, sea duty, hazardous duty) also affect pay. 

Cost-of-living increases usually occur every year, based on inflation. The military also pays allowances for food, clothing, and housing. All these factors combined are called Regular Military Compensation (RMC). They should all be considered when comparing military pay to civilian pay.

There are two main parts to RMC: basic pay and allowances. There are also additional incentives for special abilities, training, or hazardous duty.

Check out the RMC Calculator to calculate your RMC based on your inputs.

Training Provided

Job training consists of two to 16 weeks of classroom instruction. Training length varies depending on specialty.

Course content typically includes:

• Duties of finance and accounting managers
• Financial management techniques, including budget preparation and review
• Military accounting
• Personnel management and payroll procedures
• Statistical analysis and fiscal planning

Civilian Counterparts

Civilian finance and accounting managers work for businesses, accounting firms, universities, hospitals, or government agencies. They perform duties similar to those performed by military finance and accounting managers. They usually specialize in certain areas of finance and accounting, such as budgets, internal auditing, or cost accounting. In large business firms, they may be called executive controllers or company treasurers.

Related Civilian Careers

• Accountants and Auditors
• Financial Managers
• Forensic Accountants

Employment and Outlook

In peace time the services have about 2,800 finance and accounting managers. In times of military action the number may be different, depending on the type of specialties required. Each year the services need new finance and accounting managers due to changes in personnel and the demands of the field. After job training, managers are assigned to finance and accounting offices. Initially, they perform work in accounting, auditing, or finance management operations. With experience, they may advance to senior management and command positions.