Financial Managers: Job Description
Plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment.
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What Do Financial Managers Do?
The core tasks performed by financial managers include:
- Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter.
- Oversee the flow of cash or financial instruments.
- 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.
- Recruit staff members.
- Evaluate data pertaining to costs to plan budgets.
- Oversee training programs.
What Financial Managers Need to Know
Successful financial managers combine a mix of skills and domain knowledge.
Key Skills
The abilities that matter most in this role, rated on an importance scale of 0 to 5:
Knowledge Areas
Other Financial Managers Job Titles
This career also goes by job titles like:
- ATM Manager (Automated Teller Machine Manager)
- Accountant Supervisor
- Accounting Director
- Accounting Manager
- Accounting Supervisor
- Accounts Manager
- Accounts Payable Manager
- Accounts Supervisor
Job Outlook
There are about 133,707 financial managers working in the United States today. Demand is forecast to grow by +9.0% over the projection horizon.
Salary for Financial Managers
| Statistic | Value |
|---|---|
| Annual median | $75,665 |
| Hourly median | $36.38 |
| 10th percentile | $53,918 |
| 25th percentile | $64,792 |
| 75th percentile | $86,539 |
| 90th percentile | $97,412 |
Pay can vary substantially based on experience, location, and industry.
How Much Do Financial Managers Make in Different U.S. States?
| State | Annual median salary |
|---|---|
| New York | $215,740 |
| New Jersey | $188,750 |
| District of Columbia | $181,210 |
| Massachusetts | $181,170 |
| Delaware | $180,050 |
| California | $174,920 |
| Colorado | $174,840 |
| Washington | $171,300 |
| Virginia | $170,290 |
| Connecticut | $169,730 |
| Georgia | $163,450 |
| Rhode Island | $160,490 |
| Texas | $160,350 |
| North Carolina | $160,340 |
| Illinois | $159,990 |
| Minnesota | $158,040 |
| Maryland | $157,350 |
| South Dakota | $152,020 |
| Oregon | $147,240 |
| Florida | $143,100 |
| New Hampshire | $141,520 |
| Kansas | $138,980 |
| Alabama | $138,040 |
| Pennsylvania | $137,960 |
| Utah | $137,760 |
| Wisconsin | $137,530 |
| Michigan | $135,290 |
| Maine | $134,410 |
| Nebraska | $134,410 |
| Vermont | $133,720 |
| Missouri | $133,560 |
| Ohio | $133,450 |
| Tennessee | $133,010 |
| Indiana | $132,320 |
| Arizona | $132,290 |
| Iowa | $130,600 |
| North Dakota | $130,070 |
| South Carolina | $127,610 |
| Hawaii | $127,370 |
| Oklahoma | $126,890 |
| Montana | $126,190 |
| Kentucky | $125,490 |
| Nevada | $124,560 |
| Idaho | $123,570 |
| Alaska | $122,770 |
| New Mexico | $122,180 |
| Louisiana | $119,360 |
| Wyoming | $118,390 |
| Mississippi | $105,970 |
| West Virginia | $105,760 |
| Arkansas | $103,410 |
| Virgin Islands | $85,530 |
| Puerto Rico | $79,440 |
| Guam | $77,390 |
Pay by U.S. Region
Compensation for financial managers differ across the country. Top regions by median wage:
| Region | Median annual wage | Share of U.S. jobs | Location quotient |
|---|---|---|---|
| Middle Atlantic | $185,667 | 19.7% | 1.32 |
| New England | $169,765 | 7.2% | 1.64 |
| Far Western US | $168,137 | 15.9% | 0.96 |
| Southwest | $152,596 | 11.0% | 0.88 |
| Rocky Mountains | $152,105 | 3.0% | 0.78 |
| Great Lakes | $145,309 | 15.3% | 1.20 |
| Southeast | $144,562 | 21.0% | 0.87 |
| Plains States | $141,608 | 6.3% | 0.95 |
Top Metro Areas
| Metro area | State | Median annual wage | Employment |
|---|---|---|---|
| San Jose-Sunnyvale-Santa Clara, CA | CA | $218,920 | 9,350 |
| New York-Newark-Jersey City, NY-NJ | NY | $216,520 | 77,970 |
| San Francisco-Oakland-Fremont, CA | CA | $211,730 | 18,380 |
| Boston-Cambridge-Newton, MA-NH | MA | $188,490 | 22,830 |
| Bridgeport-Stamford-Danbury, CT | CT | $188,020 | 7,100 |
| Seattle-Tacoma-Bellevue, WA | WA | $180,770 | 9,460 |
| Midland, MI | MI | $178,150 | 310 |
| Boulder, CO | CO | $177,910 | 760 |
Industry Breakdown
The bulk of financial managers are concentrated in the following sectors:
| Industry | Employment | Median annual wage |
|---|---|---|
| Finance and Insurance | 255,610 | $164,940 |
| Professional, Scientific, and Technical Services | 115,660 | $171,580 |
| Management of Companies and Enterprises | 93,210 | $169,340 |
| Manufacturing | 47,180 | $160,660 |
| Wholesale Trade | 35,120 | $156,940 |
| Health Care and Social Assistance | 33,910 | $136,680 |
| Administrative and Support and Waste Management and Remediation Services | 30,560 | $155,870 |
| Educational Services | 30,460 | $131,860 |
Below are examples of industries where financial managers work:
Software Financial Managers Use
- Document management software: Adobe Acrobat (hot technology)
- Business intelligence and data analysis software: Alteryx software (hot technology)
- Analytical or scientific software: IBM SPSS Statistics (hot technology)
- Accounting software: Intuit QuickBooks (hot technology)
- Sales and marketing software: Marketo Marketing Automation (hot technology)
- Data base user interface and query software: Microsoft Access (hot technology)
- Spreadsheet software: Microsoft Excel (hot technology)
- Office suite software: Microsoft Office software (hot technology)
- Electronic mail software: Microsoft Outlook (hot technology)
- Presentation software: Microsoft PowerPoint (hot technology)
- Project management software: Microsoft Project (hot technology)
- Document management software: Microsoft SharePoint (hot technology)
Work Environment
Daily working conditions for financial managers is shaped by the following characteristics:
- Face-to-Face Discussions with Individuals and Within Teams
- Work With or Contribute to a Work Group or Team
- Indoors, Environmentally Controlled
- Importance of Being Exact or Accurate
How to Become Financial Managers
Entry-level financial managers positions require a bachelor’s degree as the typical entry-level education. The role falls in Considerable Preparation Needed (Job Zone 4), indicating the level of preparation typically expected.
Other Careers to Consider
Similar Occupations
- Treasurers and Controllers (Primary-Long)
- Investment Fund Managers (Primary-Long)
- Management Analysts (Supplemental)
- Accountants and Auditors (Primary-Short)
- Budget Analysts (Supplemental)
- Credit Analysts (Primary-Short)
- Financial and Investment Analysts (Primary-Short)
- Personal Financial Advisors (Primary-Short)
Top Programs to Study For This Career
Future financial managers often complete programs in:
Business, Management, Marketing, and Related Support Services
9 programs across 3 majors
Multi/Interdisciplinary Studies
2 programs across 2 majors
References
Statistics shown above are sourced from the following authoritative sources:
- U.S. Bureau of Labor Statistics — Occupational Employment and Wage Statistics (OEWS) for employment and wage data by state and industry.
- BLS Employment Projections for total employment and growth forecasts.
- O*NET (Occupational Information Network) for skills, knowledge, tasks, work activities, work context, technology, and education-zone data.
SOC code: 11-3031.00 (Financial Managers).
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