Financial Managers

General Information

Description

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

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Job Outlook

Employment of financial managers is projected to grow 15 percent from 2019 to 2029, 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 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 need expertise in managing cash. There has been an increased emphasis on risk management within the financial industry, and this trend is expected to continue. Banking institutions are expected to emphasize stability and managing risk over profits. This is expected to lead to employment growth for risk managers. The credit intermediation and related activities industry (which includes commercial and savings banks) employs a large percentage of financial managers. As bank customers continue to 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 2019 to 2029, employment of financial managers is projected to grow 17 percent in this industry.

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Salary

Average Salary

Salary

$129,890

Military salary*

$92,831

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State-by-state Salary

Gray states indicate no data available

$197,080
$70,610
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Education

Knowledge

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