Financial Manager Overtime Lawsuits: Wage & Hour Laws
Financial Manager Overtime Lawsuits: Wage & Hour Laws

Financial Manager Overtime Lawsuits: Wage & Hour Laws

Commonly asked overtime pay law questions about Financial Managers:

What Is a Financial Manager?

Financial Managers, plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment.

What is the Salary Range for a Financial Manager?

Depending on the work setting and state where Financial Managers are employed, the U.S. Bureau of Labor Statistics (BLS) noted that in 2016, Financial Managers made between $65,000 up to over $168,000, with the average annual salary being approximately $121,750.

How Many Financial Managers Are Nationally Employed?

According to the United States Department of Labor, employment estimate and mean wage estimates for this occupation are as follows:

Employment Employment RSE* Mean Hourly Wage Mean Annual Wage Wage RSE
543,300 0.6% $67.17 $139,720 0.3%

*RSE: The relative standard error (RSE) is a measure of the reliability of a survey statistic. The smaller the relative standard error, the more precise the estimate.

According to the United States Department of Labor, the percentile wage estimates for a Financial Manager is as follows:

Percentile 10% 25% 50% (Median) 75% 90%
Hourly Wage $31.25 $42.08 $58.54 $81.15 $N/A

Where Are Most Financial Managers Employed?

According to the United States Department of Labor, states with the highest employment level in this occupation are as follows:

State Employment Employment Per Thousand Jobs Location Quotient Hourly Mean Wage Annual Mean Wage
California 70,540 4.42 1.14 $73.39 $152,650
New York 40,250 4.42 1.14 $93.01 $193,470
Illinois 35,170 5.96 1.54 $61.40 $127,710
Massachusetts 28,640 8.28 2.14 $66.64 $138,610
Texas 27,670 2.36 0.61 $71.86 $149,470

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What are the Laws for Financial Manager Overtime Pay?

Under the Fair Labor Standard Act (FLSA), many employees with the title of “manager” or “supervisor” are entitled to overtime pay. Many companies will try to avoid paying overtime wages by misclassifying employees as FLSA-exempt managers.

To determine whether a Financial Manager is entitled to overtime, it is necessary to determine if they are really exempt under the law.  This must be determined on a case-by-case basis. Some key factors to determine whether a manger is entitled to overtime include:

  • Two or more full time employees report to you for work assignments and oversight of their daily tasks
  • The type work is really being performed regardless of the job description
  • Being docked your pay if you miss time from work.  If so, you are not exempt from overtime pay because pay docking is inconsistent with your status as a “salaried” manager or supervisor
  • The percentage of your time managing employees and operations.  Managers must spend at least 80% (in retail and service industries 60%) of their time in management duties. If you spend a large part of your work day performing at the cash register, preparing food orders or filling in for absent non-managers, then you may not be a “true” manager or supervisor and could be due overtime.

Other factors to determine if you are a “true” manager include whether you:

  • Set the schedules of other employees;
  • Make decisions about hiring or firing employees; and
  • Direct the work of at least 2 other full-time employees.

Is a Financial Manager Entitled to Overtime Pay?

Because Financial Managers perform essential duties, such as formulating policies, managing daily operations, and planning the use of materials and human resources, they often work far more than 40 hours in a workweek. Many of them are not paid overtime for these excess hours as required under the FLSA. The employer’s failure to pay required overtime to a Financial Manager can result in a lawsuit for overtime pay.

There are strict time limitations for filing a claim so it is important that you discuss your case in a timely manner. If you wait too long, you may lose your ability to recover some or all of your back pay. An experienced Financial Manager overtime pay attorney can determine whether you are entitled to overtime wages based upon your job description, job duties, rate of pay, and number of hours worked.

Some states have their own overtime pay laws that may be slightly different from the FLSA with respect to overtime pay for managers. An experienced overtime pay attorney can determine whether you are entitled to overtime wages based upon your job description, job duties, rate of pay, and number of hours worked. There are strict time deadlines for filing lawsuits so it is essential that you contact an attorney immediately.

To determine whether you are eligible for filing a wage claim, contact our experienced Financial Manager Overtime Pay Lawyers at (855) 754-2795 for a Free Consultation to discuss your case or complete the Free Unpaid Overtime Case Review Form on this page.

We will discuss your situation and determine if you have a claim. If you are owed unpaid wages, we will represent you under our No Fee Promise, which means there are never any legal fees or costs unless you receive a settlement.

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