Banking & related activities

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Workforce

6.14M

2016 BLS Estimate

Average Employee Age

41.8

Estimated Job Growth

0.6%

10-Year Projection

Average Salary

$77,029

Average Male Salary

$107,918

Average Female Salary

$56,498

About

Workforce

Diversity

Input/Output

Projections

About

The top three occupations in the Banking & related activities Industry Group are Financial managers, Tellers, Credit counselors & loan officers, Customer service representatives, and Accountants & auditors. On average, full-time employees in the Banking & related activities Industry Group work 42.9 hours per week and have an average annual salary of $81,283. Part-time employees in the same industry work 23.5 hours and earn an average annual salary of $22,349.

The locations with the highest concentration of employees in the Banking & related activities Industry Group are Charlotte City (South) PUMA, NC, Newark City & Brookside PUMA, DE, and Hockessin PUMA, DE. The industry that purchases the most products or services from the Hospitals Industry Group is Banking & related activities.

Photo by Brook Ward

Finance & InsuranceFinance & Insurance, and Real Estate, Rental & Leasing

Workforce

A snapshot of jobs, wages, and opportunities in the Banking & related activities Industry Group. Financial managers are the most common position, but the Banking & related activities Industry Group employs a relatively high number of Tellers, compared to other industries. 

The highest average salary in Banking & related activities goes to Economists.

Occupations

Occupations by Share

6.14M

Workforce (BLS Estimate)

ACS Estimate: 2.04M

3.98%

1 Year Growth

± 2.35%

The Bureau of Labor Statistics estimates that there were 6.14M people employed in the Banking & related activities Industry Group in 2016.

According to ACS estimates, the number of people employed in the Banking & related activities Industry Group has been growing at a rate of 3.98%, , from 1.96M people in 2016 to 2.04M people in 2017.

The following graphic shows the share of employment in Banking & related activities by various occupations according to ACS estimates. Financial managers represent the largest share of positions held in Banking & related activities at 22.3%, followed by Tellers with 12.9% and Credit counselors & loan officers with 6.33%.

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Most Common

The most common occupations in the Banking & related activities Industry Group, by number of employees, are Financial managers, Tellers, Credit counselors & loan officers, Customer service representatives, and Accountants & auditors.

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Most Specialized

Compared to other Industry Groups, Banking & related activities employs an unusually high number of Tellers, New accounts clerks, and Credit analysts.

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Highest Paid

The highest paid occupations in Banking & related activities, by average wage, are Economists, Lawyers, & judges, magistrates, & other judicial workers, and Purchasing managers.

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Wages

Average Salary

$77,029

AVERAGE WAGE

± $1,488

On average, employees in the Banking & related activities Industry Group make $77,029 per year. This number makes Banking & related activities the 36 highest paying Industry Group in the United States out of a total of 266 Industry Groups.

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Wage by Location

HIGHEST PAYING PUBLIC USE MICRODATA AREA

HIGHEST PAYING PUMAS

  1. Plainfield City & Westfield Town (South) PUMA, NJ

  2. Norwalk, Westport & Darien Towns PUMA, CT

  3. Battery Park City, Greenwich Village & Soho PUMA, NY

This map shows which public use microdata areas (PUMAs) pay the highest average salary to employees in the Banking & related activities Industry Group.

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Wage Distribution

0.456

WAGE GINI

Banking & related activities has a wage GINI of 0.456, which is less than than the national average of 0.479. In other words, wages are distributed less evenly in Banking & related activities (shown in red) in comparison to the national average for those wage buckets (shown in gray).

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Opportunities

Spatial Concentration

Public Use Microdata Areas with RCA

  1. Charlotte City (South) PUMA, NC

  2. Newark City & Brookside PUMA, DE

  3. Hockessin PUMA, DE

This map shows the PUMAs in the United States that have revealed comparative advantage in the Banking & related activities Industry Group.

These are locations that employ more people in the Banking & related activities Industry Group than expected given both the size of that location's overall labor pool and the national size of the Banking & related activities Industry Group.

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Diversity

Demographic information on the Banking & related activities Industry Group in the US. Male employees tend to earn more than Female employees, with average respective salaries of $107,918 and $56,498. So too tend to earn more than other races and ethnicities in this industry.

Gender Composition

1.22M

FEMALE WORKFORCE

±27k

813k

MALE WORKFORCE

±22.1k

60.1% of workers in the Banking & related activities Industry Group are Female, making them the more common gender in the workforce. This chart shows the gender breakdown of the Banking & related activities Industry Group.

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Wage by Gender in Common Jobs

$107,918

AVERAGE MALE SALARY

±$3,026

$56,498

AVERAGE FEMALE SALARY

±$1,253

On average, Male workers in the Banking & related activities Industry Group make 1.91 times more than their Female counterparts. This chart shows the gender-based wage disparity in the 5 most common occupations in the Banking & related activities Industry Group.

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Wage by Race & Ethnicity in Common Jobs

RACE OR ETHNICITY WITH THE HIGHEST AVERAGE SALARY

  1. Asian

  2. White

  3. Two or More Races

On average, Asian employees in the Banking & related activities Industry Group earn 1.22 times more than other races and ethnicities. This chart shows the race and ethnicity-based wage disparities in the 5 most common occupations in the Banking & related activities Industry Group.

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Input/Output

Estimates of the sources of the costs and the purchasers of the products in the Banking & related activities Industry Group. Based on estimates from the Bureau of Economic Analysis, this section indicates the amount of money spent by a specific industry in other industries. Finance, insurance, real estate, rental, and leasing has the highest single input, by dollars, to the Banking & related activities Industry Group, and the largest industry purchasing services from the Banking & related activities Industry Group is Finance, insurance, real estate, rental, and leasing.

In this visualization, click on a category to expand or collapse it. All of the industries listed to the left are those places from which the highlighted industry has made purchases. They are the intermediate inputs to the highlighted industry. All those industries listed on the right side are those industries that have made purchases from the highlighted industry. They are the use of outputs of the highlighted industry. The visualizations below offer alternative ways to see and understand this data.

Industrial Flow

The closest comparable data for Banking & related activities is from Finance & Insurance, and Real Estate, Rental & Leasing.

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Intermediate Inputs

HIGHEST INPUT INDUSTRY

  1. Finance, insurance, real estate, rental, and leasing

  2. Professional and business services

  3. Information

The Banking & related activities Industry Group gets the most input, by its share of the cost of all intermediate inputs, from the Finance, insurance, real estate, rental, and leasing Industry. This visualization does not include labor and capital costs.

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Use of Output by Other Industries

LARGEST PURCHASING INDUSTRY

  1. Finance, insurance, real estate, rental, and leasing

  2. Educational services, health care, and social assistance

  3. Professional and business services

The Finance, insurance, real estate, rental, and leasing Industry purchases the greatest share of products and services from the Banking & related activities Industry Group in order to produce other goods and services. Purchases of the Banking & related activities Industry Group for final consumption by consumers, businesses, or government are not included here.

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Projections

Growth projections of the Banking & related activities Industry Group, both by number of employees and output, from the Bureau of Labor and Statistics. The national workforce is projected to grow 8.13% in the next ten years. The Banking & related activities Industry Group has a lower projected workforce growth at 0.6%. Its projected 10-year growth in output (2.4%) is lower than the projected national growth in output (24.6%).

Job Growth

0.6%

ESTIMATED GROWTH

8.13%

NATIONAL AVERAGE

This line chart shows the projected 10-year growth in the number of jobs for the Banking & related activities Industry Group, which is lower than the national average of 8.13%.

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Output Growth

2.4%

ESTIMATED GROWTH

24.6%

NATIONAL AVERAGE

This line chart shows the projected 10-year growth in output of the Banking & related activities Industry Group, which is lower than the national average of 24.6%

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