Finance Salary GuideMN Finance & Accounting Compensation and Hiring Trends

Table of Contents

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Understanding the Finance & Accounting Salary Guide 3

Retaining Top Finance & Accounting Talent 4

Finance & Accounting Hiring Trends in Minnesota 5

The Evolving Workplace: How to Recruit & Retain Millennials 6

Finance & Accounting Salary Summary 7

Finance & Accounting Salaries – Minnesota 8

Accounting Salaries 8

Compliance Salaries 10

Finance Salaries 12

Executive Salaries 14

Additional Resources 15

Talent and Job Search Resources 16

About Versique 16

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The Minnesota Finance & Accounting Salary Guide from Versique is a comprehensive resource on compensation and hiring trends in the finance and accounting industries.

The information and figures inside are based on hundreds of full-time placements made by our experienced finance and accounting recruiting professionals, as well as thousands of candidates within our Applicant Tracking System. Our finance and accounting recruiters work with hiring managers and job seekers throughout Minnesota each day, giving them unique and comprehensive insight into Minnesota’s finance and accounting compensation and hiring trends.

In addition to our own data and recruiter insight, we’ve gathered information from hiring and finance experts to bring you the most complete guide to the finance and accounting industries. In each of our practice areas, we strive to bring you a salary guide as unique as our approach to recruiting.

Understanding the latest salary trends and hiring outlook is integral to attracting and retaining the top finance and accounting talent within your organization. Our Finance & Accounting Salary Guide gives you the local insight you need to meet Minnesota’s emerging salary expectations in order to recruit, retain and engage your current talent and your future workforce. The guide features:

• Accurate, up-to-date finance and accounting salary data and job descriptions for the top full-time positions throughout Minnesota

• Expert recruiting and compensation advice for employers on how to attract top level talent

• An in-depth look into the hiring outlook for finance and accounting jobs in Minnesota

• New and relevant job search advice and coaching on how to position yourself when negotiating your salary or raise

Understanding the

Finance & Accounting Salary Guide

4

Retaining Top

Finance & Accounting Talent

Retaining top talent is all about engaging and motivating your employees, while making them feel valued in the organization. More than 40% of employers and CFO’s surveyed said that their biggest staffing concerns involves retaining their valuable employees and staff. Now that the economy is beginning to bounce back in some areas, more individuals are beginning to seek opportunities at new companies. In fact, half of all employees are planning to move jobs within the next year, most between the ages of 18 and 29, which makes it even more urgent and important for employers to take steps towards retaining their current employees.

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Develop an Employment Brand

One of the best ways to engage and retain your current top performing talent is to develop a cohesive employment brand that reflects your organization’s vision. Studies show that engaged employees have a 51% lower turnover rate and 18% higher productivity levels (iCIMS).

Know Your Employees

Are the majority of your employees Baby Boomers or Millennials? Knowing what motivates your employees (benefits, pay, nature of their work, etc.) is integral to keeping them engaged and retaining top talent.

A recent survey by Hays found a discrepancy between the benefits employees consider important and the benefits their employers offer (i.e. 45% of employers offer life insurance; however, only 4% of employees consider it important). In order to attract and retain top talent, organizations need to structure benefits in such a way that employees get what they really need, rather than what the organization believes they want. In the emerging economy, top performers look for an employer that understands their needs and works to fulfill them to the best of their ability.

Source: Hays

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Finance & Accounting

Hiring Trends in Minnesota

In the years following the recession, the total number of finance and accounting employees in MN has increased by only 6%. However, the unemployment rate for finance professionals in Minnesota is less than 2%, which is well below the national average of 6%.

Overall employment in the Minnesota finance and accounting market is projected to grow faster than employment growth as a whole, with some positions increasing in demand by as much as 32% by the year 2020 [Minnesota Bureau of Labor and Statistics]. Much of this increase will be due to a demand for specific finance and accounting skill sets and the need to fill positions vacated by retiring baby boomers with 20+ years of experience.

Due to a short supply of these top professionals, job seekers can afford to be more selective in their employment search. Additionally, employers will have to shift their focus to the passive candidate market, recruiting professionals that are already employed.

After the recession, “the market for finance and accounting talent has split into two distinct groups”, states Keith Feinberg, “highly qualified finance and accounting candidates with in-demand skills and moderately skilled employees” (Monster.com).

Employers may find it difficult to find finance and accounting professionals, especially accountants, auditors, and analysts with 2-4 years of experience. With this challenge in mind, companies that attract the attention of top talent and move quickly through the hiring process have a distinct advantage over those with lengthy evaluation processes.

In addition to the skills gap, the number of baby boomers becoming eligible to retire is a cause for concern with employers as years of experience leave with them. Employers will need to establish succession plans and consider the possibility of training in more junior talent.

In the current market, many companies look to utilize smaller teams and, therefore, look for degreed finance and accounting professionals who not only fit well into their culture, but add value in multiple areas of the business.

Top Finance & Accounting Positions in Minnesota

Controller

Tax Manager

Auditor

Tax Accountant

Financial Analyst

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6

The Evolving

Workplace: How to Recruit & Retain

Millennials

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Each week, 70,000 baby boomers turn 65 and become eligible to retire. As young professionals take their place, companies will have as many as four generations of employees in the workplace at one time. It’s estimated that by 2020, Millennials will represent 80% of the workforce. The challenge for employers will be creating a culture that fosters an environment of employee satisfaction for all generations. In recent years, the average time an employee spends at one company has dropped by half, to 3.5 years, and over 60% of employees express remorse during the first 90 days of employment. The question remains, what elements need to be present for Millennials to stay engaged?

What Millennials Want:

• A collaborative team environment in which everyone works towards a common goal.

• A motivated workforce with the desire to get better at what they do.

• An environment in which employees earn the respect of co-workers, it is not assumed because of title or position.

• Appropriate and competitive benefits are provided and effectively communicated. If they are not provided, resources to provide direction are available.

• Systems and processes in place that are efficient and consistently followed. Well-thought-out changes and additions can be made easily.

Offer Workplace Flexibility

According to Future Workplace, flexible hours and generous telework policies are more important to Millennial workers than salary.

Note: in this study, workplace flexibility ranked above career progression and compensation in importance. However, managers did not rate this as one of the “perceived” top five

levels of attractiveness.

Communicate Mission and Values

Employees want to work at a company whose values match their own and are likely willing to take a pay cut to do so. In a Net Impact survey, 58% of respondents said they would be willing to take a 15% pay cut to work for a company whose values matched their own.

Listen to Your Employees

The Millennial workforce craves the chance to contribute creatively and have their ideas heard. A company that fosters professional growth and values ideas from everyone is more likely to retain top Millennial talent.

Tips to Retain Millennials:

7

Below are the average base salary ranges for various positions within the finance and accounting industry, broken down by overall function. The salary ranges are based on full-time placements made by our executive finance and accounting recruiting professionals, as well as thousands of candidates within our Applicant Tracking System.

Finance & Accounting Salary Summary

Note: As was mentioned above, these ranges represent the average base Finance & Accounting salaries across a variety of industries and company sizes throughout Minnesota. While there are a number of non-monetary benefits, which can cause salaries with the same or similar titles, to fall outside these ranges, due to companies varying compensation structures, the ranges at the right are based solely on employee’s base salaries and do not include any type of monetary or non-monetary incentives. These types of non-monetary benefits can include compensation structure, retirement plan, tuition reimbursement, discounted parking, free coffee, company discount, work environment as well as a number of other non-monetary benefits.

Finance & Accounting Salaries – MN

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Position Title Salaries

Accounting

Staff Accountant $39,764 - $63,010

Cost Accountant $45,336 - $70,221

Senior Accountant $48,780 - $80,690

Accounting Manager $61,200 - $95,520

Manager of Cost Accounting $62,250 - $107,510

Manager of A/P – A/R $67,845 - $90,341

Assistant Controller $64,782 - $99,660

Controller $89,165 - $134,250

Corporate Controller $86,136 - $149,660

Compliance

Auditor $40,185 - $66,520

Internal Auditor $39,650 - $65,847

Senior Auditor $50,125 - $86,312

Audit Manager $75,850 - $126,225

Internal Audit Director $89,105 - $195,349

Tax Accountant $46,891 - $78,221

Tax Manager $58,247 - $119,416

Senior Tax Manager $81,122 - $155,373

Finance

Financial Analyst $45,630 - $79,612

Senior Financial Analyst $70,425 - $110,341

Finance Manager $85,441 - $124,020

Senior Finance Manager $87,150 - $151,560

Director of Finance $81,441 - $177,356

Treasury Analyst $41,230 - $73,120

Treasury Manager $64,875 - $125,973

Director/Manager of Financial Reporting $79,050 - $167,217

Director/Manager of FP&A $82,150 - $135,813

Executive

CFO $120,683 - $302,064

Corporate Tax Director $115,310 - $224,310

VP of Finance $86,775 - $193,600

Accounting

Company size and annual revenues: | S = under $250 million | M = $250 million to $1 billion | L = more than $1 billion

Prepares and maintains accounting records including assets, liabilities, profit and loss, and cost/budget data. Responsible for creating and interpreting financial records and statements for management. Reports to the Controller. Typically requires a bachelor’s degree in finance or accounting with 1-3 years of hands on accounting experience.

Staff Accountant

Prepares and analyzes various cost reports, costing audits, and accounting records (i.e. sales costs, R&D costs, subcontracting, etc.). Helps develop and implement cost accounting procedures and methods. Requires a bachelor’s degree in accounting or a related field and 1-5 years of experience in an accounting function.

Cost Accountant

Interprets and analyzes complex accounting records/financial statements including general accounting, cost/budget data for management. Reports directly to the organization’s management and offers recommendations regarding tax strategies, resource utilization, and budget forecasts. Requires a bachelor’s degree in finance or a related field and 3-5 years of accounting/finance experience.

Senior Accountant

Manages accounting functions and preparations of reports and statistics detailing the company’s financial results. May specialize in one or more functional areas such as payroll, budget, accounts receivable, accounts payable, etc. Supervises professional and/or clerical accounting employees. Requires a bachelor’s degree in accounting and 5-9 years of related accounting experience.

Accounting Manager

Oversees the preparation and analysis of cost reports and audits as well as the day-to-day operations of the department. Manages and interprets cost audits and prepares reports for presentation to management. Responsible for designing and implementing various cost control procedures within the organization. Requires a bachelor’s degree and 7-10 years of cost accounting experience.

Manager of Cost Accounting

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Staff Accountant Cost Accountant Senior Accountant Accounting Manager Manager of Cost Accounting

S $39,764 - $48,367 $45,336 - $53,760 $48,780 - $59,850 $61,200 - $73,650 $62,250 - $75,863

M $47,667 - $56,120 $52,870 - $61,850 $60,136 - $71,221 $72,821 - $85,110 $74,972 - $91,673

L $55,316 - $63,010 $61,110 - $70,221 $70,350 - $80,690 $84,362 - $95,520 $91,050 - $107,510

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Accounting cont.

Company size and annual revenues: | S = under $250 million | M = $250 million to $1 billion | L = more than $1 billion

Supervises recording of amounts due, calculation of discounts, and verification of invoices. Ensures expense coding and check insurance are accomplished accurately and timely. Typically has staff accountants reporting to them. Requires a bachelor’s degree and 5-9 years of related A/P – A/R management experience.

Manager of A/P – A/R

Directs cost and budget controls, financial analysis, and reports. Analyzes and interprets financial data and recommends changes to improve financial performance. May be the top level in a mid-sized company or may report to the CFP in a larger organization. Supervises accounting staff members. Requires a bachelor’s degree in finance/accounting with 7-10 years of related experience.

Controller

Reports to the controller and supports him/her in directing budget and cost controls, financial analysis, and accounting procedures. Focuses on tracking and analyzing the organization’s expenditures and income, as well as ensuring their compliance with government regulations and tax laws. Requires a bachelor’s degree in finance or a related field and 5-9 years of experience.

Assistant Controller

Responsible for managing all finance and accounting controls, while monitoring and advising all regulatory changes in regards to financial reporting, taxes, and accounting. Works closely with senior leadership on strategic and operational initiatives. May develop and drive new measurement tools to improve financial performance. Requires a bachelor’s degree in finance/accounting with 10-15 years of financial accounting experience in large organizations (i.e. Fortune 1000).

Corporate Controller

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Manager of A/P – A/R Assistant Controller Controller Corporate Controller

S $67,845 - $75,625 $89,165 - $104,200 $89,165 - $104,200 $86,136 - $107,210

M $74,813 - $82,577 $105,189 - $121,500 $105,189 - $121,500 $106,689 - $129,921

L $81,336 - $90,341 $120,050 - $134,250 $120,050 - $134,250 $128,752 - $149,660

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Company size and annual revenues: | S = under $250 million | M = $250 million to $1 billion | L = more than $1 billion

Compliance

Conducts audits to verify accuracy of company records and compliance with standards. Responsible for compiling audit findings in order to make recommendations for system and procedure improvements. Requires a bachelor’s degree in accounting with a concentration in auditing or a related field, along with 1-3 years of auditing experience.

Auditor

Reviews organizational records for accuracy and conformance to legal standards. Inspects financial information to ensure correct procedures were followed. Compiles audit findings and recommends revisions to systems and procedures. May mentor more junior auditors on correct auditing practices. Requires a bachelor’s degree in accounting or a related field and 3-5 years of auditing experience.

Senior Auditor

Responsible for auditing the financial and accounting data of various departments to ensure accuracy and compliance with government laws and regulations. May work with outside auditors to help support the external auditing function. Requires a bachelor’s degree in finance or a related field and 1-3 years of experience.

Internal Auditor

Oversees and directs the review and verification of records, along with ensuring compliance with standards, policies, and procedures. Makes recommendations based on the findings. Assists management in the design and administration of audit policies and procedures within the organization. Requires a bachelor’s degree in finance or a related field and 5-7 years of auditing & management experience.

Audit Manager

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Auditor Internal Auditor Senior Auditor Audit Manager Internal Audit Director

S $40,185 - $51,660 $39,650 - $48,330 $50,125 - $61,770 $75,850 - $91,667 $89,105 - $125,245

M $49,205 - $58,175 $47,225 - $57,668 $60,541 - $73,784 $90,890 - $108,320 $124,220 - $160,441

L $57,400 - $66,520 $56,421 - $65,847 $72,442 - $86,312 $107,500 - $126,225 $159,725 - $195,349

Directs and supervises the internal compliance auditing of accounting and financial data of various departments, as well as evaluates the work of senior level auditors to ensure compliance with accounting/audit principals. Collaborates with business leadership to develop and implement audit and control policies and procedures. Advises senior management on risk and control issues. Requires a bachelor’s degree in finance or accounting, 10-15 years of audit management experience, and Certified Public Accounting (CPA) certification.

Internal Audit Director

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Company size and annual revenues: | S = under $250 million | M = $250 million to $1 billion | L = more than $1 billion

Compliance cont.

Maintains tax records and prepares paperwork for local, state, and federal tax returns. Responsible for many of the technical aspects of creating and filing tax reports. Requires a bachelor’s degree in finance/accounting and 3-5 years of financial accounting experience.

Tax Accountant

Manages the retention and preparation of tax records, returns, and additional required assets. Assesses the impact of the company’s tax liability and oversees the tax accounting staff. In larger organizations, Sr. Tax Manager typically reports to the Director of Tax. Requires a bachelor’s degree in accounting and 7-10 years of related accounting and management experience.

Senior Tax Manager

Manages the retention and preparation of tax records, planning, returns, and additional required assets. Assesses the impact of the company’s tax liability and oversees the day-to-day activities of the tax accounting staff. In larger organizations, Tax Manager typically reports to the Sr. Tax Manager or Director of Tax. Requires a bachelor’s degree in finance or a related field and 5-9 years of tax experience.

Tax Manager

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Tax Accountant Tax Manager Senior Tax Manager

S $46,891 - $57,440 $58,247 - $76,100 $81,122 - $106,261

M $56,100 - $68,210 $75,670 - $96,150 $105,724 - $130,248

L $67,890 - $78,221 $96,300 - $119,416 $130,367 - $155,373

Company size and annual revenues: | S = under $250 million | M = $250 million to $1 billion | L = more than $1 billion

Finance

12

Develops business plans, integrated revenue/expense analyses, forecast projections, budget comparisons, and other financial reports. Responsible for creating and analyzing monthly and annual reports to ensure accurate financial reporting. Requires a bachelor’s degree in finance/accounting or a related field with 1-5 years of experience.

Financial Analyst

Manages and guides the activities of the finance staff. Supports the annual budget planning process, cash management, and tax handling functions. Typically reports to the Sr. Finance Manager or Finance Director at larger organizations. Requires a bachelor’s degree along with 5-9 years of related finance experience.

Finance Manager

Analyzes and compiles financial data and reports while providing recommendations to management for achieving the organization’s profit objectives. May train or mentor more junior staff members. Requires a bachelor’s degree in finance or a related field and 5-7 years of financial analysis experience.

Senior Financial Analyst Leads and coordinates all areas of the finance process (i.e. budgeting, forecasting, etc.). Responsible for developing, establishing, and implementing financial policies and procedures as well as strategic and tactical initiatives to help improve financial performance, while ensuring company compliance with local, state, and federal finance regulations. Oversees and provides leadership to the finance staff. Requires a bachelor’s degree in finance or accounting and 7-11 years of experience in a financial position.

Senior Finance Manager

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Financial Analyst Senior Financial Analyst Finance Manager Senior Finance Manager Director of Finance

S $45,630 - $56,661 $70,425 - $84,220 $85,441 - $99,150 $87,150 - $108,333 $81,441 - $113,252

M $55,120 - $69,500 $83,330 - $96,667 $98,735 - $112,600 $108,050 - $130,110 $111,050 - $145,300

L $69,400 - $79,612 $96,100 - $110,341 $110,330 - $124,020 $129,605 - $151,560 $147,110 - $177,356

Oversees all financial functions of an organization including accounting, insurance, tax, budget, and credit. Ensures company compliance with key federal and state tax requirements. Requires a bachelor’s degree with 9-15 years of finance leadership experience. Typically reports to the CFO or VP of Finance.

Director of Finance

Company size and annual revenues: | S = under $250 million | M = $250 million to $1 billion | L = more than $1 billion

Finance cont.

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Responsible for analyzing forecast budgets and financial statuses in addition to researching economic trends and potential investment opportunities for the organization. Creates and produces monthly/quarterly reports for management including liquidity position, gap reporting, and balance sheet changes. Requires a bachelor’s degree in finance or accounting along with 3-7 years of experience in finance/accounting/treasury.

Treasury Analyst

Directs and oversees the preparation of all financial reports, financial forecasting, budgeting, and corporate finance functions for the finance department. Reviews and researches reports on future and historical trends in performance to determine the appropriate path for financial development. Requires a bachelor’s degree and 7-12 years of related financial planning/analysis experience.

Director/Manager of FP & A

Responsible for managing the daily cash balances and evaluating short and long term investment alternatives. Develops automation and improvements for current treasury processes as well as managing the treasury staff. Requires a bachelor’s degree in finance or accounting and 5-9 years of treasury management experience.

Treasury Manager

Provides strategic support to the financial reporting team and assists in determining quarterly forecasts and annual budgeting processes. Develops and analyzes financial models to ensure they support the company’s strategic initiatives. Reports to the Director of Financial Planning & Analysis. Requires a bachelor’s degree in accounting ,7-12 years of related public accounting experience, and CPA certification.

Director/Manager of Financial Reporting

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Treasury Analyst Treasury Manager Director/Manager of FP&A Director/Manager of Financial Reporting

S $41,230 - $53,600 $64,875 - $84,300 $82,150 - $99,670 $79,050 - $108,440

M $52,874 - $63,050 $86,050 - $107,731 $98,220 - $117,333 $107,291 - $137,173

L $62,950 - $73,120 $105,419 - $125,973 $115,572 - $135,813 $136,763 - $167,217

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Company size and annual revenues: | S = under $250 million | M = $250 million to $1 billion | L = more than $1 billion

Executive

Ensures the organization’s compliance with all federal, state, local, and international tax laws. Monitors legislative developments to ensure compliance. Responsible for coordinating the preparation and review of the organization’s tax information for tax compliance. Requires a bachelor’s degree in accounting or a related field and a minimum of 11 years on average of related tax and accounting leadership experience.

Corporate Tax Director

Develops and recommends plans for expansion of various company programs, operations, and financial activities. Responsible for all aspects of accounting operations forecasting, financial reporting, and budget management. Requires a bachelor’s degree in finance with a minimum of 11 years on average of related leadership experience. Often considered lead finance role in small and mid-sized companies or companies without a CFO.

VP of Finance

Responsible for directing the overall finance, accounting, budgeting, tax, and treasury strategies of an organization. Works with senior staff to set annual financial goals for the organization. Requires a bachelor’s degree and a minimum of 11 years on average of finance/accounting leadership experience. Typically reports to the CEO or COO.

CFO

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Corporate Tax Director VP of Finance* CFO

S $115,310 - $151,663 $86,775 - $122,050 $120,683 - $180,310

M $150,288 - $188,912 $121,670 - $159,085 $180,424 - $249,712

L $187,463 - $224,310 $157,330 - $193,600 $250,233 - $302,064

*VP of Finance salary numbers only applicable in companies where the role reports to a CFO

Additional Resources

Have you ever wondered how to make your way into that CFO chair? Most internally promoted CFOs come directly from a controller role, while those hired from outside the organization tend to have already been CFOs elsewhere. Regardless of how you plan to reach that position, there are a few important elements to understand about the differences between these two positions. Read the full post here!

Controller to CFO: How to Make the Career Jump

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As an executive recruiter with more than 12 years of experience in the industry, this has to be one of the most common questions people ask me for advice on. It also happens to be one of the most often incorrectly answered questions, regardless of the level of position being pursued. Read the full post here!

Dominating the Most Difficult Interview Question:

What Is Your Greatest Weakness?

For more finance and accounting career insight, click and read more of Joe Reardon’s blogs on the Versique website!

• Millennials vs. The World: How Our Workforce Needs to Evolve

• The Interview: Are You a Passionate Candidate?

• The Art of Meaningful Networking

16

Talent and Job Search Resources

Call today to find a new opportunity, or start the search for your team’s top

finance and accounting talent!

Contact Our Finance

& Accounting Team

info@versique.com952-935-2000

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About Versique

Versique is a single-source talent acquisition firm specializing in both permanent placement and consulting services throughout Minnesota. Our Finance & Accounting team places qualified candidates in roles including:

With a combined 350+ years of executive recruiting experience in our specialized practice areas, we utilize our unique approach to create meaningful connections and place the right candidates in the right roles. We work in a variety of practice areas including Finance & Accounting, Sales, Operations & Engineering, IT, Marketing, HR, and Consumer Packaged Goods (CPG).

• Chief Financial Officer (CFO)• Vice President of Finance• Controller• Director/Manager of Accounting• Treasurer• Treasury Manager/Analyst• Director of Finance

• Director of Financial Reporting• Director of Tax• Financial Analyst• Accounts Payable Manager• Accounts Receivable Manager• Senior Accountant• Staff Accountant

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