Financial managers

Detailed Occupation

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2020 Workforce

1.24M

Average Age

44.3

Estimated Job Growth

15.5%

10-year projection

Average Salary

$110,066

Average Male Salary

$143,965

Average Female Salary

$82,453

About

Financial managers are most often employed by the Banking & related activities industry. The average yearly wage for Financial managers was $110,066 in 2016. The top 3 most similar occupations to Financial managers by wage are Computer and information research scientists, Astronomers & physicists, and Electrical & electronics engineers.

Financial managers are part of the Management occupations, along with General & operations managers, Chief executives & legislators, Advertising & promotions managers, Marketing managers, Sales managers, and 24 more.

The top 3 locations that employ the most Financial managers are Upper East Side PUMA, NY, Battery Park City, Greenwich Village & Soho PUMA, NY, and Upper West Side & West Side PUMA, NY. The top 3 locations with a relatively high concentration of Financial managers are Battery Park City, Greenwich Village & Soho PUMA, NY, Upper East Side PUMA, NY, and Upper West Side & West Side PUMA, NY.

Photo by Ken Teegardin

Information on the businesses and industries that employ Financial managers and on wages and locations for those in the field. Banking & related activities is the industry that employs the most Financial managers, both by share and by number, though the highest paid industry for Financial managers, by average wage, is Metal ore mining. Financial managers are paid most in Between Loop I-610 & Beltway TX-8 PUMA, TX (79500US4804607) but are relatively concentrated in Battery Park City, Greenwich Village & Soho PUMA, NY.

Yearly Wage

$110,066

AVERAGE SALARY

± $2,448

In 2020, Financial managers earned an average of $110,066, $54,112 more than than the average national salary of $55,954.

Computer and information research scientists make somewhat more than Financial managers while Electrical & electronics engineers make somewhat less. This chart shows the various occupations closest to Financial managers as measured by average annual salary in the US.

Wage Distribution

0.426

WAGE GINI

In 2015, Financial managers had a wage GINI coefficient of 0.426, which is lower than than the national average of 0.478. In other words, wages are distributed more evenly for Financial managers (shown in red) than for the overall labor force (shown in gray).

Wage by Location

HIGHEST PAYING PUMAS

This map shows the Public Use Microdata Areas (PUMAs) in the United States shaded by average annual wage for Financial managers.

Spatial Concentration

PUMAs with a Relatively High Concentration of Financial managers

This map displays which Public Use Microdata Areas (PUMAs) in the United States have a relatively high population of Financial managers.

Most Common

The most common industries employing Financial managers, by number of employees, are Banking & related activities, Nondepository credit & related activities, Securities, commodities, funds, trusts & other financial investments, Savings institutions, including credit unions , Insurance carriers, Car Dealers, Construction, Colleges, universities & professional schools, including junior colleges, Agencies, brokerages, and other insurance related activities, Accounting, tax preparation, bookkeeping & payroll services, and Public finance activities.

Highest Paying

The highest paying industries for Financial managers, by average wage, are Metal ore mining, Petroleum refining, and Internet publishing, broadcasting & web search portals.

Industries by Share

1.24M

2020 Workforce

± 27,190

3.56%

1 YEAR GROWTH

± 3.03%

The number of people employed as Financial managers has been growing at a rate of 3.56%, from 1,194,312 people in 2019 to 1,236,862 people in 2020.

This graphic shows the share of Financial managers employed by various industries. Banking & related activities employs the largest share of Financial managers at 37.1%, followed by Nondepository credit & related activities with 10.3% and Securities, commodities, funds, trusts & other financial investments with 5.76%.

Diversity

Demographic information on Financial managers in the US. The average age of male Financial managers in the workforce is 43.8 and of female Financial managers is 44.7, and the most common race/ethnicity for Financial managers is White (Non-Hispanic).

Composition by Sex

555k

MALE WORKFORCE

± 18,260

682k

FEMALE WORKFORCE

± 20,223

55.1% of Financial managers are Female, making them the more common sex in the occupation. This chart shows the sex breakdown of Financial managers.

Race & Ethnicity

Most Common Race or Ethnicity of Financial managers

White (Non-Hispanic)
Black (Non-Hispanic)
Asian (Non-Hispanic)

70% of Financial managers are White (Non-Hispanic), making that the most common race or ethnicity in the occupation. Representing 8.09% of Financial managers, Black (Non-Hispanic) is the second most common race or ethnicity in this occupation. This chart shows the racial and ethnic breakdown of Financial managers.

Age by Sex

43.8

AVERAGE MALE AGE

± 0.404

44.7

AVERAGE FEMALE AGE

± 0.361

The median age of Financial managers is 44.3, and Male employees are generally 0.911 years younger than than their Female counterparts.

Education

Data on higher education choices for Financial managers from The Department of Education and Census Bureau. The most common major for Financial managers is Business but a relatively high number of Financial managers hold a major in Business.

Majors

ACS PUMS data only shows the major for bachelor's degrees. However, we can filter the data based on highest degree obtained.

MOST COMMON MAJORS

MOST SPECIALIZED MAJORS

Skills

Data on the critical and distinctive skills necessary for Financial managers from the Bureau of Labor Statistics. Financial managers need many skills, but most especially Critical Thinking, Monitoring, and Judgment and Decision Making. The revealed comparative advantage (RCA) shows that Financial managers need more than the average amount of Management of Financial Resources, Management of Material Resources, and Operations Analysis.

Radar Distribution

Bar Chart

Projections

Projections on job growth for Financial Managers from the Bureau of Labor Statistics. The 10-year national workforce is projected to grow 3.71%, but Financial Managers are expected to see a growth of 15.5% over the same period. This occupation is expected to grow more than the national average.

Job Growth

15.5%

Estimated Job Growth

10-year Projection

3.71%

National Growth

10-year Projection

This line chart shows the projected 10-year growth in the number of jobs for Financial Managers. This profession is expected to grow more than than 3.71%, the average rate of national job growth.