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Branch or Department Financial Manager

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What You Need to Know About Branch or Department Financial Manager

Job 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.

What Do Branch or Department Financial Managers Do On a Daily Basis?

  • Submit delinquent accounts to attorneys or outside agencies for collection.
  • Review reports of securities transactions or price lists to analyze market conditions.
  • Evaluate financial reporting systems, accounting or collection procedures, or investment activities and make recommendations for changes to procedures, operating systems, budgets, or other financial control functions.
  • Review collection reports to determine the status of collections and the amounts of outstanding balances.
  • Approve, reject, or coordinate the approval or rejection of lines of credit or commercial, real estate, or personal loans.
  • Establish procedures for custody or control of assets, records, loan collateral, or securities to ensure safekeeping.

Things a Branch or Department Financial Manager Should Know How to Do

When polled, Branch or Department Financial Managers say the following skills are most frequently used in their jobs:

Reading Comprehension: Understanding written sentences and paragraphs in work related documents.

Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

Monitoring: Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.

Speaking: Talking to others to convey information effectively.

Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.

  • Bank Cashier
  • Operations Officer
  • Financial Institution Assistant Branch Manager
  • Reimbursement Director
  • Field Supervisor

Are There Job Opportunities for Branch or Department Financial Managers?

There were about 580,400 jobs for Branch or Department Financial Manager in 2016 (in the United States). New jobs are being produced at a rate of 18.7% which is above the national average. The Bureau of Labor Statistics predicts 108,600 new jobs for Branch or Department Financial Manager by 2026. The BLS estimates 56,900 yearly job openings in this field.

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The states with the most job growth for Branch or Department Financial Manager are Utah, Nevada, and Arizona. Watch out if you plan on working in Alaska, Maryland, or District of Columbia. These states have the worst job growth for this type of profession.

Branch or Department Financial Manager Average Salary

The average yearly salary of a Branch or Department Financial Manager ranges between $67,620 and $208,000.

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Branch or Department Financial Managers who work in New York, New Jersey, or Delaware, make the highest salaries.

Below is a list of the median annual salaries for Branch or Department Financial Managers in different U.S. states.

State Annual Mean Salary
Alabama $128,690
Alaska $110,010
Arizona $117,620
Arkansas $106,530
California $157,480
Colorado $163,740
Connecticut $167,160
Delaware $167,110
District of Columbia $166,710
Florida $132,850
Georgia $145,920
Hawaii $118,740
Idaho $95,690
Illinois $144,680
Indiana $119,820
Iowa $114,620
Kansas $129,660
Kentucky $114,420
Louisiana $106,950
Maine $119,080
Maryland $152,180
Massachusetts $148,300
Michigan $128,270
Minnesota $133,970
Mississippi $101,840
Missouri $136,520
Montana $109,940
Nebraska $113,910
Nevada $123,890
New Hampshire $124,700
New Jersey $175,880
New Mexico $104,790
New York $210,510
North Carolina $149,710
North Dakota $123,890
Ohio $135,610
Oklahoma $111,700
Oregon $118,680
Pennsylvania $156,730
Rhode Island $145,120
South Carolina $125,710
South Dakota $132,030
Tennessee $111,460
Texas $149,990
Utah $110,750
Vermont $113,610
Virginia $164,030
Washington $136,480
West Virginia $102,670
Wisconsin $134,850
Wyoming $116,920

What Tools do Branch or Department Financial Managers Use?

Below is a list of the types of tools and technologies that Branch or Department Financial Managers may use on a daily basis:

  • Microsoft Excel
  • Microsoft Word
  • Microsoft Office
  • Microsoft PowerPoint
  • Microsoft Outlook
  • Microsoft Access
  • Data entry software
  • Word processing software
  • SAP
  • Microsoft Windows
  • Microsoft Project
  • Microsoft SharePoint
  • Microsoft Visio
  • Structured query language SQL
  • SAS
  • Microsoft Dynamics
  • IBM Notes
  • Microsoft Visual Basic
  • FileMaker Pro
  • IBM SPSS Statistics

How do I Become a Branch or Department Financial Manager?

What education or degrees do I need to become a Branch or Department Financial Manager?

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How many years of work experience do I need?

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Branch or Department Financial Managers Sector

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The table below shows some of the most common industries where those employed in this career field work.

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Similar Careers

Those who work as a Branch or Department Financial Manager sometimes switch careers to one of these choices:

References:

Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic

More about our data sources and methodologies.

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