All About Branch or Department Financial Managers

Job Description & Duties 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

• Plan, direct, or coordinate the activities of workers in branches, offices, or departments of establishments, such as branch banks, brokerage firms, risk and insurance departments, or credit departments.
• Examine, evaluate, or process loan applications.
• Develop or analyze information to assess the current or future financial status of firms.
• Recruit staff members.
• Evaluate data pertaining to costs to plan budgets.
• Communicate with stockholders or other investors to provide information or to raise capital.

What Skills Do You Need to Work as a Branch or Department Financial Manager?

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.

Other Branch or Department Financial Manager Job Titles

• Paymaster
• Accounting Manager
• Collections Manager
• Assistant Vice President (AVP)
• Financial Institution Manager

Job Outlook 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. Due to new job openings and attrition, there will be an average of 56,900 job openings in this field each 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.

Salary for a Branch or Department Financial Manager

The typical yearly salary for Branch or Department Financial Managers is somewhere between $67,620 and $208,000.

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 to Become 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?

Where Branch or Department Financial Managers Work

Branch or Department Financial Managers work in the following industries:

You May Also Be Interested In…

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

• Personal Financial Advisors

References:

• Bureau of Labor Statistics
• College Factual
• O*NET Online

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

More about our data sources and methodologies.