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.

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 16 percent from 2018 to 2028, 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 credit intermediation and related activities' 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 2018 to 2028, employment of financial managers is projected to grow 13 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

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