Did you know that an F&I manager’s yearly salary can go over $100,000? This role is excellent for a driven and ambitious business or finance major. Achieving this pay rate within a few years of getting out of school is a dream of many. However, it is not a challenging task. If you require a push and some information on the part, such as F&I manager salary every year, consider giving this written piece a read.
How Much F&I Managers Earn
With every year passing, an increase in the salary rates can be observed for F&I managers. This escalated rate can be seen throughout various well-known countries and top cities. If you are trying to find out how much an F&I manager salary every year is, let me warn you right off the bat that it is not easy. The data on the internet is barely consistent.
According to Indeed, an average F&I manager in the U.S. makes $109,269 as of May 2022. When you look at Zip Recruiter, this same job in the U.S. has average annual pay of $84,304. The noticeable difference of more than $20,000 significantly impacts someone without much research.
If you have the time for a further deep dive into the states, this average figure, as reported by Indeed, changes to $123,941 in New York, $137,386 in California, $106,555 in Texas, and $125,453 in Florida as of May 2022. As you already know, these are the most populated and well-known states in America.
The best cities for this role are New York, Bridgeport, San Jose, and San Fransico, as specified by U.S. News Money.
Schedule of an F&I Manager
You have already read about this high-paying job. Moreover, according to U.S. News Money, this job is one of the top 20 best-paying ones. However, how bad is the schedule? Does it dominate most of your life?
Of course, like any other shop, a car dealership should stay open, keeping their customers’ schedules in mind. Which unfortunately means many dealerships remain available for business seven days a week. Typically the working hours are 10 hours during each of these days.
If you are new to the role, you may need to work full-time for at least five days.
Committing to the Job
Studying in business or finance may have familiarized you with pay plans and commission-based jobs. In this field, it is no different. Car dealerships typically set some goals for their employees to encourage them financially. As much as it benefits the dealership with work rate and net profit, it also helps you to improve yourself.
Unlike other desk jobs where such advancement is overlooked, as an F&I manager, you are rewarded with commissions. So, the annual pay technically depends on how many of the company goals you have achieved. You can give minimal effort, check the time repeatedly, be eager to go home, and earn the average amount. But, striving to do better and accomplishing the company objectives will let you earn more than the average.
Preparing Yourself
If you are seriously considering becoming an F&I manager, there are a few more things to consider.
To get the job, you must have a good record of previous employment. The dealership will check if you give up too soon. A bad history of terminating jobs every few sets of months will not just give you a disadvantage here but in most other workplaces.
Previous experience also helps. Having former knowledge as an F&I manager means you are aware of the type of work, the commissions, rules, etiquette, etc. Again, this is the same for any other workplace.
With enough research, you will be familiar with the F&I Certification. This exam will certify and vouch for your reliability. It will also let the interviewer know that you are not someone who was just searching for jobs around the block. This exam will set you apart from the rest of the candidates and boost your chances of getting the job.
Final Words
With that, I hope you got your answer on what an F&I manager salary every year can range from. As stated before, there are no sure-fire answers since most searches give inconsistent answers. But, with the given scope, you can build a picture in your mind.