Finance & Insurance

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Workforce

6.31M

2018 BLS Estimate

Average Employee Age

42.9

Estimated Job Growth

0.3%

10-Year Projection

Average Salary

$89,310

Average Male Salary

$121,498

Average Female Salary

$64,601

About

The top three occupations in the Finance & Insurance Industry Group are Financial managers, Insurance sales agents, Customer service representatives, Personal financial advisors, and Tellers. On average, full-time employees in the Finance & Insurance Industry Sub-Sector work 43.4 hours per week and have an average annual salary of $93,540. Part-time employees in the same industry work 23 hours and earn an average annual salary of $34,396.

The locations with the highest concentration of employees in the Finance & Insurance Industry Sub-Sector are Battery Park City, Greenwich Village & Soho PUMA, NY, Upper East Side PUMA, NY, and Chelsea, Clinton & Midtown Business District PUMA, NY. The industry that purchases the most products or services from the Hospitals Industry Group is Finance & Insurance.

Photo by Ken Teegardin

Finance & Insurance, and Real Estate, Rental & Leasing

Workforce

A snapshot of jobs, wages, and opportunities in the Finance & Insurance Industry Sub-Sector. Financial managers are the most common position, but the Finance & Insurance Industry Sub-Sector employs a relatively high number of Tellers, compared to other industries.

The highest average salary in Finance & Insurance goes to Physicians.

Occupations

Occupations by Share

6.31M

Workforce (BLS Estimate)

ACS Estimate: 6.99M

-0.0889%

1 Year Growth

± 1.28%

The Bureau of Labor Statistics estimates that there were 6.31M people employed in the Finance & Insurance Industry Sub-Sector in 2018.

According to ACS estimates, the number of people employed in the Finance & Insurance Industry Sub-Sector has been declining at a rate of -0.0889%, , from 7M people in 2017 to 6.99M people in 2018.

The following graphic shows the share of employment in Finance & Insurance by various occupations according to ACS estimates. Financial managers represent the largest share of positions held in Finance & Insurance at 10.7%, followed by Insurance sales agents with 6.72% and Customer service representatives with 5.43%.

Most Common

The most common occupations in the Finance & Insurance Industry Sub-Sector, by number of employees, are Financial managers, Insurance sales agents, Customer service representatives, Personal financial advisors, and Tellers.

Most Specialized

Compared to other Industry Sub-Sectors, Finance & Insurance employs an unusually high number of Tellers, New accounts clerks, and Insurance sales agents.

Highest Paid

The highest paid occupations in Finance & Insurance, by average wage, are Physicians, Economists, and Lawyers, & judges, magistrates, & other judicial workers.

Wages

Average Salary

$89,310

AVERAGE WAGE

± $958

On average, employees in the Finance & Insurance Industry Sub-Sector make $89,310 per year. This number makes Finance & Insurance the 3 highest paying Industry Sub-Sector in the United States out of a total of 21 Industry Sub-Sectors.

Wage by Location

HIGHEST PAYING PUBLIC USE MICRODATA AREA

HIGHEST PAYING PUMAS

This map shows which public use microdata areas (PUMAs) pay the highest average salary to employees in the Finance & Insurance Industry Sub-Sector.

Wage Distribution

0.466

WAGE GINI

Finance & Insurance has a wage GINI of 0.466, which is less than than the national average of 0.479. In other words, wages are distributed more evenly in Finance & Insurance (shown in red) in comparison to the national average for those wage buckets (shown in gray).

Opportunities

Spatial Concentration

Public Use Microdata Areas with RCA

This map shows the PUMAs in the United States that have revealed comparative advantage in the Finance & Insurance Industry Sub-Sector.

These are locations that employ more people in the Finance & Insurance Industry Sub-Sector than expected given both the size of that location's overall labor pool and the national size of the Finance & Insurance Industry Sub-Sector.

Diversity

Demographic information on the Finance & Insurance Industry Sub-Sector in the US. Male employees tend to earn more than Female employees, with average respective salaries of $121,498 and $64,601. So too tend to earn more than other races and ethnicities in this industry.

Gender Composition

3.96M

FEMALE WORKFORCE

±48.2k

3.04M

MALE WORKFORCE

±42.3k

56.6% of workers in the Finance & Insurance Industry Sub-Sector are Female, making them the more common gender in the workforce. This chart shows the gender breakdown of the Finance & Insurance Industry Sub-Sector.

Wage by Gender in Common Jobs

$121,498

AVERAGE MALE SALARY

±$1,829

$64,601

AVERAGE FEMALE SALARY

±$824

On average, Male workers in the Finance & Insurance Industry Sub-Sector make 1.88 times more than their Female counterparts. This chart shows the gender-based wage disparity in the 5 most common occupations in the Finance & Insurance Industry Sub-Sector.

Wage by Race & Ethnicity in Common Jobs

RACE OR ETHNICITY WITH THE HIGHEST AVERAGE SALARY

Asian
White
Two or More Races

On average, Asian employees in the Finance & Insurance Industry Sub-Sector earn 1.19 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 Finance & Insurance Industry Sub-Sector.

Input/Output

Estimates of the sources of the costs and the purchasers of the products in the Finance & Insurance Industry Sub-Sector. 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 Finance & Insurance Industry Sub-Sector, and the largest industry purchasing services from the Finance & Insurance Industry Sub-Sector 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 Finance & Insurance is from Finance & Insurance, and Real Estate, Rental & Leasing.

Intermediate Inputs

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

HIGHEST INPUT INDUSTRY

The Finance & Insurance Industry Sub-Sector 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.

Use of Output by Other Industries

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

LARGEST PURCHASING INDUSTRY

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

Projections

Growth projections of the finance and insurance industry, both by number of employees and output, from the Bureau of Labor and Statistics. The national workforce is projected to grow 6.89% in the next ten years. The finance and insurance industry has a lower projected workforce growth at 0.3%. Its projected 10-year growth in output (2.2%) is lower than the projected national growth in output (22.9%).

Job Growth

For growth projections, the closest comparible industry reported by the Bureau of Labor Statistics is finance and insurance.

0.3%

ESTIMATED GROWTH

This line chart shows the projected 10-year growth in the number of jobs for the finance and insurance industry.

Output Growth

For growth projections, the closest comparible industry reported by the Bureau of Labor Statistics is finance and insurance.

2.2%

ESTIMATED GROWTH

This line chart shows the projected 10-year growth in output of the finance and insurance industry.

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