Many believe that a finance degree is a ticket straight to the boardroom, but there are also unique career opportunities in the military. Financial matters are at the heart of all military missions. After all, it takes monetary funding to:
- pay soldiers
- purchase weaponry
- secure necessary equipment
- support our troops on the front lines
All of these expenses need to be carefully examined and monitored to ensure military readiness at all times. That’s precisely where military finance officers come into the picture. Military finance officers are highly respected for handling all financial aspects of defense organizations to make certain our country is protected. In every branch, military finance officers have an important role in allocating money properly to support soldiers and their families.
Salary
Based on information from the Defense Manpower Data Center, it’s estimated that the annual median salary for military financial officers is $84,624. This includes more than just base pay because military finance officers also receive:
- housing allowances
- incentives
- bonuses
- cost-of-living allowances
- hazardous-duty pay
- other special benefits
Beginning Salary
When first being commissioned as a military finance officer, you can expect to land in the bottom tenth percentile with a yearly income around $55,442. However, it’s important to note that experienced military finance officers with higher ranks can earn a salary upwards of $108,721 annually.
Key Responsibilities
Military finance officers are given the significant responsibility of sustaining missions by disbursing money to:
- manage payroll
- purchase supplies
- support military services
Military finance officers are greatly involved in financial planning to ensure that Armed Forces continue running like a well-oiled machine. On a typical day, military finance officers may:
- perform audits
- review budgeting proposals
- analyze financial reports
- allocate funds
- approve payments
- give travel allowances
- establish financial systems
Most will report directly to the commander to provide data on the management of funds. Military finance officers also play a managerial role in supervising a group of finance clerks and accountants.
Necessary Skills
Being successful as a military finance officer will require that you have strong analytical skills to accurately track expenditures for your defense organization. Having great organizational skills with a keen attention to detail is a must to stay ahead of financial troubles. Military finance officers should enjoy playing with numbers and statistics with fine-tuned mathematical abilities. Interpersonal skills are important for military finance officers to provide financial reports and direct the work of other staff. Military finance officers should be equipped with strategic decision-making skills to maximize funding. Also key for performing under pressure are:
- self-discipline
- confidence
- intelligence
- quick thinking
Degree and Education Requirements
Before you can be commissioned as a military finance officer, you’ll usually need to earn at least a four-year bachelor’s degree from an accredited institution. Although a specific major isn’t required, studying finance will give you a leg up on military financial training later on. Other relevant majors include:
- business administration
- statistics
- accounting
- economics
- mathematics
- or a related field
Regardless of your major, you should take at least six credits in finance courses for career preparation. At times, military finance officers will attend graduate school to expand their opportunities in both military and civilian life. Earning a Master of Science in Finance (MSF) or MBA in Finance could help you reach higher pay grades and advance as commander.
Pros and Cons of the Position
As with any other career, working in military finance comes with its fair share of advantages and drawbacks that you should be aware of. On the positive side, military finance officers are paid better than enlisted soldiers and have the potential to earn more with higher ranks. Soldiers may be the backbone of the Armed Forces. Military finance officers play an important role in making crucial financial decisions and big monetary policy changes. Military finance officers are given more responsibility upfront to outpace the experience gained in the civilian business world.
On the other hand, military finance officers often need to travel to manage funds for bases established abroad, sometimes in dangerous war zones. Most work mostly in an office setting behind a desk, which isn’t ideal for those seeking more field action. Military finance officers may also feel stressed over bearing numerous finance-related and leadership responsibilities.
Getting Started
After earning your bachelor’s degree, you’ll have to fulfill the qualifications necessary for becoming a military finance officer. First, you’ll take the Armed Services Vocational Aptitude Battery tests to determine your job strengths. Aspiring military finance officers must then successfully complete the Finance Officer Basic Course. This job training blends classroom instruction with field experience to learn the ins and outs of a finance platoon. Training will vary based on your military branch. For instance, the Marines hosts a five-week session at the Financial Management School in Camp Johnson, NC for new military financial officers. You’ll then be physically and mentally prepared as a financial leader. Eventually, you should take the Finance Officer Advanced Course to receive rank promotions too.
Future Outlook
Every year, to carry out military missions, the U.S. Armed Forces spends billions of dollars on funding:
- personnel
- equipment
- supplies
As emerging global conflicts pose risks our national security, it’s expected that even more money will be sent to deter and fight these threats with military force. According to the BLS, employment of military officers will remain roughly the same. That being said, around 155,000 new personnel members are recruited annually to fulfill gaps vacated by retiring officers. Military finance officers may face competition against Armed Forces members moving through the ranks. Job prospects should remain positive, but military finance officers likely will find the most openings in:
- the Army
- National Guard
- the Reserves
Overall, the smooth execution of military operations relies on the diligent work of military finance officers balancing the books. Military finance officers oversee the distribution of public funds and protect the Armed Forces’ most valuable assets. Working as a military finance officer can provide a long-term career path of service or a springboard for other financial management jobs in the civilian workforce. If you decide to become a military finance officer, you’ll have the opportunity to use your analytical skills to organize financial matters for the battlefield.
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