Army finance officers are responsible for financial management within the army. They manage and oversee all Army finances, including budgeting, accounting, and investing. In order to become an Army finance officer, you must have a strong background in business administration and accounting, as well as experience in financial management. The Army offers many opportunities for advancement within this career field, so if you are interested in pursuing a career as an Army finance officer, start by exploring the requirements and opportunities available to you.
1. What Is an Army Finance Officer?
An Army finance officer is a commissioned or warrant officer who manages, supervises, and coordinates accounting processes within an army unit. In addition to being responsible for financial management, the finance manager also ensures that proper military accounting procedures are followed so that complete and accurate records of all army finances are maintained. The finance officer may be required to assist in preparing budget reports and financial statements for military command.
The Army finance officer is the chief accounting officer in an organization and ensures that all soldiers obey tax, payroll, and other army financial procedures. The Army finance manager also keeps track of receipts and disbursements within his unit, analyzes records for accuracy, and approves payments to contractors or other institutions outside the army.
The Army finance officer is responsible for all financial transactions regarding soldiers’ pay, equipment, supplies, and government property within his unit supervises the records of these transactions, ensures that all financial procedures are followed properly, and conducts audits to make sure the military has complete records of its deals with contractors, suppliers or other institutions.
An army finance officer is a key person in the army’s financial department. The finance officer not only audits and monitors all accounts but also prepares reports for management on available funds and requirements. In a large army organization, an Army finance manager may be part of a large financial team which includes managers for budgeting, banking, debt collection, insurance, and government tax reporting.
2. How to Become an Army Finance Officer?
To be successful as an army finance officer, you must have a bachelor’s degree in business administration or accounting. The United States Military Academy at West Point has a comprehensive program for gaining the qualifications needed to work as an army finance officer. You must also obtain, at a minimum, Level 2 certification within your first year as an Army finance officer.
Level 1 training has to be completed during the first six months of service as an Army finance officer. The level 1 training is very intensive and includes courses in basic accounting procedures, sound practices in financial management, paying contractors and suppliers, tax reporting for government contracts, and contracting procedures.
Your level 2 training is also very important and must be completed within your first year of service as an Army finance officer. This level focuses on advanced topics like managing debt collection, preparing federal contracts for payment, payroll accounting procedures, cash management, and budgeting.
The United States Military Academy at West Point provides the necessary qualifications to work as an army finance officer. The academy provides a comprehensive program in accounting, finance, and business administration so that you can gain the qualifications needed to work as an Army finance officer. Furthermore, the United States Military Academy at West Point also offers training courses for Level 1 and Level 2 certification so that you are able to quickly complete your training and begin your career as an army finance officer.
To become an Army finance officer, you must first attend the United States Military Academy at West Point or a comparable institution. You will also need to pass basic training and level 1 certification courses as well as level 2 certification courses which will enable you to begin your career as an Army finance officer.
3. Who Is Eligible to Become an Army Finance Officer?
You are eligible to become an army finance officer if you are a citizen of the United States. You must be single, without dependents, and at least 18 years of age before entering into active duty. Males must also register with the selective service system within 30 days of turning 18 or before entering into active duty.
4. What Are the Physical Requirements of Becoming an Army Finance Officer?
You must meet certain physical standards in order to be considered eligible for military service. The army requires all applicants to pass a basic fitness test within 45 days of enlisting. You must then meet height and weight standards during your time at West Point or any other service academy.
You must also meet medical requirements before being considered eligible for military service. The army requires all applicants to pass a physical examination, which will include eye and dental exams, before entering training or beginning active duty. You will need to pass periodic fitness tests during your time as an Army finance officer.
5. How Much Does an Army Finance Officer Make?
As of 2011, Army finance officers are paid between $36,000 and $63,000 per year, including salary and other benefits. With higher levels of education or greater experience, you can expect to be paid more. For example, in 2013, a level 2 certified Army finance officer could make up to $90,000 per year.
The US Army finance officer salary depends on your rank and length of service. All newly appointed officers start as the second lieutenant, and after successfully completing their training, they will be promoted to first lieutenant with the pay grade of O-2. For each year you serve in this rank, you will receive an increase in pay by $750 up to a maximum of $10,000 per year.
By the time you are promoted to captain with the pay grade of O-3, your salary will have increased by around $4,500 per year up to a maximum of $30,400 for this rank. To reach major or lieutenant colonel status in the US Army finance officer career, you will have to have served at least 12 years in the military. This means that in addition to your salary, you can expect a promotion bonus of between $12,000 and $30,000 when you are promoted to major or lieutenant colonel, respectively.
6. Do Military Finance Officers Get Deployed?
No, Military financial officers do not usually get deployed unless they are providing local support at a specific location like an embassy or some other kind of base camp. If they are doing this type of duty, then they may be on-site to provide assistance with finance issues and may even take on administrative tasks as well.
The typical finance officer does not get deployed to provide assistance. They usually provide that assistance while stationed at their home base or other location. If they are moving, their transfer will be handled by another financial expert who is already on site.
If you want the military finance officer to be able to help you with any problems that may arise while your loved one is deployed, then you need to ask that they help. They might not offer, or they may decline for a variety of reasons.
7. How Long Does it Take to Become an Army Finance Officer?
Army finance officers are responsible for handling and monitoring the money that is allocated to various army units. They also oversee any expenditures made by those units and maintain accurate records of all receipts and disbursements. This involves a great deal of paperwork, as well as significant computer skills. Becoming an army finance officer usually takes at least two years after receiving your degree in accounting or business management. You must first complete Basic Training before you can be considered for this position. Even if you have previous experience in the military, it will most likely take at least 18 months to become qualified for this position, according to the U.S Army Finance Officer Occupational Specialty Manual (FM 3-67). The first six months will involve completing training courses on topics such as the handling of funds, financial recordkeeping, and basic computer skills. You will then need to complete six months of in-theatre training. If you are able to pass all of these tests successfully, you can be considered for this position. A bachelor’s degree is also necessary to qualify for the position.
8. The Benefits of Being an Army Finance Officer
Some of the benefits of being an army finance officer include:
- You are in control of your own salary. Since you are not required to report to anyone, you can set your own work hours and use on-base services for free.
- If you have a college degree or are willing to go back to school, then this is a great opportunity to get the experience that you need while also receiving a steady paycheck.
- Many of the resources you will need to do your job will be provided by the military, such as a website with access to all of the forms and documents that you will need.
- If you want more responsibility or just want to move up in rank, then becoming an army finance officer is one way that you can do that.
- You can see your family as often as you want. As an army finance officer, you are not required to deploy or serve away from home.
- If you have a good work ethic and appropriate qualifications, then the U.S Army Finance Officer position is one of the best opportunities available for someone looking for military-civilian jobs.
9. The Disadvantages of Being an Army Finance Officer
Some of the disadvantages of being an army finance officer include:
- You are required to take an oath of duty for life, which means that you won’t be able to leave the army if you want to.
- There are very few soldiers in this position, so it can sometimes feel lonely and isolated from the rest of your unit.
- Since you will be working with large amounts of money, your position requires a great deal of trust. You are essentially handling other people’s money, so you need to make sure that you are extremely trustworthy and dependable.
- As with many jobs in the army, there is very little chance for advancement since your promotion will be based on the needs of the U.S Army rather than your own personal achievements.
- You are required to wear a uniform at all times, even when you are off duty. This means that sometimes you will need to be away from your loved ones for long periods of time.
- Your salary is not likely to increase any more than the army pay scale allows it to.
- As with many positions in the U.S Army, you are required to take an oath of duty for life. This means that once you join the army as a finance officer, your career will be limited and might not be as rewarding as if you were able to leave and pursue other opportunities.
10. Army Finance Officer VS. Army Finance Specialist
Though the two positions do share some similarities, there are also a number of differences between them as well. According to Military-Ranks.org, “the main difference is in the responsibility the job entails, and the level of experience required.” Army finance officers must have a great deal of experience in order to become qualified for this position, while army finance specialists must only have a few years of experience. Army officers are responsible for running the entire financial department, whereas enlisted army personnel is responsible for specific jobs within that department.
On the other hand, according to Military-Ranks.org, an army finance officer is “responsible for managing the financial affairs of a military unit.” This means being in charge of preparing public documents, receiving and depositing funds, purchasing supplies, and maintaining fiscal records. In contrast, an army finance specialist is responsible for “preparing travel vouchers and receipts to claim reimbursement for expenses.”
The army finance officer career path is an exciting opportunity for those who enjoy the challenge of working with other people and thrive in high-stress environments. The work can be both rewarding and frustrating, but it’s always interesting to see how you can help others achieve their goals through financial advice or logistics. If this sounds like something that interests you, consider applying now!