Financial managers

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Total Workforce

1.15M

Average Age

44.1

Estimated Job Growth

18.7%

10-year projection

Average Salary

$106,176

Average Male Salary

$136,438

Average Female Salary

$78,996

About

Financial managers are most often employed by the Banking & related activities industry. The average yearly wage for Financial managers was $106,176 in 2016. The top 3 most similar occupations to Financial managers by wage are Chemical engineers, Computer & information research scientists, and Electrical & electronics engineers.

Financial managers are part of the Management occupations, along with General & operations managers, Advertising & promotions managers, Marketing & sales managers, Public relations & fundraising managers, Administrative services managers, Computer & information systems managers, Financial managers, Industrial production managers, Purchasing managers, Transportation, storage, & distribution managers, Compensation & benefits managers, Human resources managers, Training & development managers, Farmers, ranchers, & other agricultural managers, Construction managers, Education administrators, Architectural & engineering managers, Food service managers, Gaming managers, Lodging managers, Medical & health services managers, Natural sciences managers, Property, real estate, & community association managers, Social & community service managers, Emergency management directors, Miscellaneous managers, and Chief executives & legislators

The top 3 locations that employ the most Financial managers are Upper East Side PUMA, NY, Upper West Side & West Side PUMA, NY, and Huntersville, Cornelius & Davidson Towns PUMA, NC. The top 3 locations with a relatively high concentration of Financial managers are Huntersville, Cornelius & Davidson Towns PUMA, NC, Upper West Side & West Side PUMA, NY, and Phoenixville Borough PUMA, PA.

Employment

Information on the businesses and industries that employ Financial managers and on wages and locations for those in the field. Banking & related activities is the industry that employs the most Financial managers, both by share and by number, though the highest paid industry for Financial managers, by average wage, is Internet publishing, broadcasting & web search portals. Financial managers are paid most in Oyster Bay Town (North) & Glen Cove City PUMA, NY but are relatively concentrated in Huntersville, Cornelius & Davidson Towns PUMA, NC.

Wages

Yearly Wage

$106,176

AVERAGE SALARY

± $2,454

In 2017, Financial managers earned an average of $106,176, $54,111 more than than the average national salary of $52,065.

Chemical engineers make somewhat more than Financial managers while Computer & information research scientists make somewhat less. This chart shows the various occupations closest to Financial managers as measured by average annual salary in the US.

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Wage Distribution

0.428

WAGE GINI

In 2017, Financial managers had a wage GINI coefficient of 0.428, which is lower than than the national average of 0.479. In other words, wages are distributed more evenly for Financial managers (shown in red) than for the overall labor force (shown in gray).

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Wage by Location

This map shows the Public Use Microdata Areas (PUMAs) in the United States shaded by average annual wage for Financial managers.

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Spatial Concentration

This map displays which Public Use Microdata Areas (PUMAs) in the United States have a relatively high population of Financial managers.

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Industries

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Industries by Share

1.15M

2017 Workforce

± 26,239

-0.416%

1 YEAR GROWTH

± 3.23%

The number of people employed as Financial managers has been declining at a rate of -0.416%, from 1,155,994 people in 2016 to 1,151,182 people in 2017.

This graphic shows the share of Financial managers employed by various industries. Banking & related activities employs the largest share of Financial managers at  39.4%, followed by Nondepository credit & related activities with 10.9% and Securities, commodities, funds, trusts & other financial investments with 5.98%.

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Diversity

Demographic information on Financial managers in the US. The average age of male Financial managers in the workforce is 43.9 and of female Financial managers is 44.3, and the most common race/ethnicity for Financial managers is White.

Gender Composition

545k

MALE WORKFORCE

± 18,087

606k

FEMALE WORKFORCE

± 19,080

52.7% of Financial managers are Female, making them the more common gender in the occupation. This chart shows the gender breakdown of Financial managers.

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Race & Ethnicity

Most Common Race or Ethnicity of Financial managers

  1. White

  2. Black

  3. Asian

79.3% of Financial managers are White, making that the most common race or ethnicity in the occupation. Representing 8.32% of Financial managers, Black is the second most common race or ethnicity in this occupation. This chart shows the racial and ethnic breakdown of Financial managers.

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Age by Gender

43.9

AVERAGE MALE AGE

± 0.4

44.3

AVERAGE FEMALE AGE

± 0.376

The median age of Financial managers is 44.1, and Male employees are generally 0.396 years younger than than their Female counterparts.

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Education

Data on higher education choices for Financial managers from The Department of Education and Census Bureau. The most common major for Financial managers is Business but a relatively high number of Financial managers hold a major in Business.

Majors

ACS PUMS data only shows the major for bachelor's degrees. However, we can filter the data based on highest degree obtained.

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Skills

Data on the critical and distinctive skills necessary for Financial managers from the Bureau of Labor Statistics. Financial managers need many skills, but most especially Management of Financial Resources, Critical Thinking, and Judgment and Decision Making. The revealed comparative advantage (RCA) shows that Financial managers need more than the average amount of Management of Financial Resources, Management of Personnel Resources, and Persuasion.

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Bar Chart

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Growth Projections

Projections on wages and job growth for Financial managers from the Bureau of Labor Statistics. The ten-year national workforce is projected to grow 7.4%, but Financial managers are expected to see a growth of 18.7% over the same period. This occupation is expected to grow higher than the national average.

Job Growth

18.7%

ESTIMATED GROWTH

7.4%

NATIONAL AVERAGE

This line chart shows the 10-year projected employment growth (from 2016 to 2026) for Financial managers. This profession is expected to grow faster than 7.4%, the average rate of national job growth.

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