Financial Managers, Branch or Department

General Information

Description

Direct and coordinate financial activities of workers in a branch, office, or department of an establishment, such as branch bank, brokerage firm, risk and insurance department, or credit department.

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Business Breakdown

People in this career work in these sectors.

  1. Private, for profit81.98%
  2. Private, not for profit6.68%
  3. State and local government4.59%
  4. Self-employed4.12%
  5. Federal government2.44%

Workplace at a Glance

What you can expect to experience while on the job

  • Responsibility
  • Exposure to job hazards
  • Physical activity
  • Decision making
  • Repetitiveness
  • Level of competition
  • Time pressure

Industry areas

  • Credit Intermediation and Related Activities (5221 And 5223 only)
  • Management of Companies and Enterprises
  • Securities, Commodity Contracts, and Other Financial Investments and Related Activities

Job Outlook

Employment of financial managers is projected to grow 19 percent from 2016 to 2026, much faster than the average for all occupations. However, growth will vary by industry. Services provided by financial managers, such as planning, directing, and coordinating investments, are likely to stay in demand as the economy grows. In addition, several specialties within financial management, particularly cash management and risk management, are expected to be in high demand over the next decade. In recent years, companies have accumulated more cash on their balance sheets, particularly among those with operations in foreign countries. As globalization continues, this trend is likely to persist. This should lead to demand for financial managers as companies will be in need of cash management expertise. There has been an increased emphasis on risk management within the financial industry, and this trend is expected to continue. In response to both the financial crisis and financial regulatory reform, banking institutions will place a greater emphasis on stability and managing risk rather than on maximizing profits. This is expected to lead to employment growth for risk managers. The depository credit intermediation industry (which includes commercial and savings banks) employs a large percentage of financial managers. As bank customers increasingly conduct transactions online, the number of bank branches is expected to decline, which should limit employment growth in this sector. However, employment declines are expected to mainly affect clerical occupations, such as tellers, rather than financial managers. From 2016 to 2026, employment of financial managers is projected to grow 14 percent in this industry.

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Salary

State-by-state Salary

Gray states indicate no data available

$190,260
$63,500
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Education

Most Common Education Levels

People in this career achieve this level of education.

  • Bachelor's degree 50%
  • High school 16%
  • Master's degree 13%
  • Some college 7%
  • Post baccalaureate 6%
  • Associate's degree 3%
  • Post-secondary certificate 1%
  • Doctoral degree 0%
  • Less than high school 0%
  • Post-doctoral training 0%
  • Post-master's certificate 0%
  • First professional degree 0%

Knowledge

  • Administration and Management
  • Economics and Accounting
  • Mathematics
  • English Language
  • Customer and Personal Service

Skills at a Glance

Skills helpful in this career

  • Verbal skills
  • Critical thinking & problem solving
  • Equipment operation & maintenance
  • Math & science skills
  • Technology design & control
  • Leadership
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