What Does it Take to Be a Branch or Department Financial Manager?
Occupation 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.
Daily Life Of a Branch or Department Financial Manager
- Direct insurance negotiations, select insurance brokers or carriers, and place insurance.
- Review reports of securities transactions or price lists to analyze market conditions.
- Oversee training programs.
- Approve, reject, or coordinate the approval or rejection of lines of credit or commercial, real estate, or personal loans.
- Analyze and classify risks and investments to determine their potential impacts on companies.
- Establish procedures for custody or control of assets, records, loan collateral, or securities to ensure safekeeping.
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What a Branch or Department Financial Manager Should Know
Branch or Department Financial Managers state the following job skills are important in their day-to-day work.
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.
Related Job Titles for this Occupation:
- Collections Manager
- Bank Cashier
- Commercial Banker
- Trust Officer
- Financial Engineer
What Kind of Branch or Department Financial Manager Job Opportunities Are There?
In the United States, there were 580,400 jobs for Branch or Department Financial Manager in 2016. 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. There will be an estimated 56,900 positions for Branch or Department Financial Manager per year.
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.
Do Branch or Department Financial Managers Make A Lot Of Money?
Branch or Department Financial Managers make between $67,620 and $208,000 a year.
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
Becoming a Branch or Department Financial Manager
Education needed to be a Branch or Department Financial Manager:
How Long Does it Take to Become a Branch or Department Financial Manager?
Who Employs Branch or Department Financial Managers?
The table below shows the approximate number of Branch or Department Financial Managers employed by various industries.
Other Jobs You May be Interested In
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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