Finance & Insurance

Industry Sub-Sector

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Workforce Population

7.39M

2022

Average Employee Age

43.1

2022

Estimated Job Growth

3.65%

10-Year Projection

Average Salary

$106,183

2022

Average Male Salary

$142,997

2022

Average Female Salary

$77,225

2022

About

The top three occupations in the Finance & Insurance Industry Sub-Sector are financial managers, insurance sales agents, and customer service representatives. On average, full-time employees in the Finance & Insurance Industry Sub-Sector work 43.3 hours per week and have an average annual salary of $110,763. Part-time employees in the same industry work 22.2 hours and earn an average annual salary of $45,264.

The locations with the highest concentration of employees in the Finance & Insurance Industry Sub-Sector are NYC-Manhattan Community Districts 1 & 2--Financial District & Greenwich Village PUMA, NY, NYC-Manhattan Community Districts 5 & 6--Midtown, East Midtown, & Flatiron PUMA, NY, and McLean County--Bloomington City & Normal Town PUMA, IL.

The workforce of Finance & Insurance Industry Sub-Sector in 2022 was 7,389,162 people, with 56% woman, and 44% men.

In 2022, 70.4% of the workforce in the Finance & Insurance Industry Sub-Sector was White (5,201,890 people), of which 54.3% were women and 45.7% men.

Photo by Ken Teegardin

Finance & Insurance, and Real Estate, Rental & Leasing

Employment & Salaries

A snapshot of workforce, wages, and opportunities in the Finance & Insurance Industry Sub-Sector.

The workforce in Finance & Insurance Industry Sub-Sector was 7,389,162 people and is concentrated in California (662,403 workers). The average annual salary was $106,183, being $41,500 more than the national average salary, which was $64,683.

Monthly Employment

Start Year

Y-Axis

0.832%

Year-over-year growth

Employment change between February 2022 and February 2023

As of February 2023, there are 6.56M people employed in the Finance and Insurance industry. This represents a 0.832% increase in employment when compared to February 2022.

This chart shows monthly employment numbers for Finance and Insurance over time (non-seasonally adjusted).

Employment by Location

The states that concentrated the largest workforce in 2022 were California (662k), Texas (652k), and New York (548k).

This map shows the states in the United States shaded by workforce for Finance & Insurance Industry Sub-Sector.

Yearly Wage Ranking

In 2022, Finance & Insurance Industry Sub-Sector had an average annual wage of $106,183, $41,500 more than the average national salary of $64,683.

The graph shows the position of Finance & Insurance Industry Sub-Sector in the ranking of industries by average annual wage.

Wage Distribution

0.461

WAGE GINI

Finance & Insurance has a wage GINI of 0.461, which is less than than the national average of 0.478. 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).

The graphic shows the distribution of average salaries by buckets for Finance & Insurance Industry Sub-Sector workers compared to the entire workforce in the country.

Occupations

A review of jobs and wages in the Finance & Insurance Industry Sub-Sector.

Financial managers are the most common position with 812,997 workers, but the Finance & Insurance Industry Sub-Sector employs a relatively high number of Insurance sales agents and Customer service representatives.

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

Occupations Distribution

The graph shows the distribution of employees in the Finance & Insurance Industry Sub-Sector according to occupations. In 2022, the occupations that concentrated the largest number of employees in this industry were financial managers (812,997 people), insurance sales agents (526,342 people), and customer service representatives (368,354 people)

Wage by Sex in Common Jobs

$142,997

AVERAGE MALE SALARY

±$2,056

$77,225

AVERAGE FEMALE SALARY

±$957

On average, Male workers in the Finance & Insurance Industry Sub-Sector make 1.85 times more than their Female counterparts. This chart shows the sex-based wage disparity in the 5 most common occupations in the Finance & Insurance Industry Sub-Sector.

Business

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.

The industrial flow illustrates the intermediate inputs and the use of outputs of the Finance & Insurance Industry Sub-Sector.

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.

California and Texas stand out as the states with the largest number of establishments in the Finance & Insurance Industry Sub-Sector.

Industrial Flow

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

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 flow diagram, 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.

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.

Establishments

States with more establishments in 2016

California
300,946
Texas
243,654
Florida
195,686

The charts shows the distribution of establishments in the Finance & Insurance industry by states and the number of establishments according to size.

Diversity

Demographic information on the Finance & Insurance Industry Sub-Sector in the US.

Of the total workforce, 56% corresponds to women and 44% men. Male employees tend to earn more than Female employees, with average respective salaries of $142,997 and $77,225.

76.5% of workers have a bachelors degree, some college or graduate degree.

Gender and Age

4,135,878

Women

56%

3,253,284

Men

44%

The workforce of Finance & Insurance industry in 2022 was 7,389,162 people, with 56% woman, and 44% men.

The visualization shows the distribution of the workforce by gender and age in Finance & Insurance industry.

Races

In 2022, 70.4% of the workforce in the Finance & Insurance industry was White (5,201,890 people), of which 54.3% were women and 45.7% men.

Other races that concentrated a significant number of workers were Black and Asian.

Educational Levels

The main educational levels achieved by the Finance & Insurance workers in 2022 were bachelors degree (2,943,124 people), some college (1,507,796 people), and graduate degree (1,203,644 people).

The chart shows the Finance & Insurance workforce by gender and educational level.

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 3.65% in the next ten years. The Finance and Insurance industry has a lower projected workforce growth at 3.65%. Its projected 10-year growth in output (18%) is lower than the projected national growth in output (18%).

Job Growth

For growth projections, the closest comparable industry reported by the Bureau of Labor Statistics is Finance and Insurance.

3.65%

Estimated Job Growth

10-year Projection

3.65%

National Growth

10-year Projection

This line chart shows the projected 10-year growth in the number of jobs for Finance and Insurance. This industry is expected to grow approximately the same than 3.65%, the average rate of national job growth.