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Career Profile: Financial Managers

Plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment.

Salary and Outlook

According to the US Department of Labor, there are 681,700 people employed as financial managers in the United States. The median annual salary is $134,200. Entry level employees earn approximately $70,830 per year and senior employees earn approximately $208,000 (or more) per year.

Estimates do not include other potential benefits such as health insurance, overtime pay, or retirement benefits that may be offered by employers.

Job Duties

  • Examine, evaluate, or process loan applications.
  • Approve, reject, or coordinate the approval or rejection of lines of credit or commercial, real estate, or personal loans.
  • Oversee the flow of cash or financial instruments.
  • Prepare financial or regulatory reports required by laws, regulations, or boards of directors.
  • Develop or analyze information to assess the current or future financial status of firms.
  • Communicate with stockholders or other investors to provide information or to raise capital.
  • Evaluate financial reporting systems, accounting or collection procedures, or investment activities and make recommendations for changes to procedures, operating systems, budgets, or other financial control functions.
  • Analyze and classify risks and investments to determine their potential impacts on companies.
  • Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter.
  • 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.
  • Prepare operational or risk reports for management analysis.
  • Evaluate data pertaining to costs to plan budgets.
  • Oversee training programs.
  • Network within communities to find and attract new business.
  • Review collection reports to determine the status of collections and the amounts of outstanding balances.
  • Establish procedures for custody or control of assets, records, loan collateral, or securities to ensure safekeeping.
  • Plan, direct, and coordinate risk and insurance programs of establishments to control risks and losses.
  • Review reports of securities transactions or price lists to analyze market conditions.
  • Direct insurance negotiations, select insurance brokers or carriers, and place insurance.
  • Submit delinquent accounts to attorneys or outside agencies for collection.

Career List

Job Outlook


Total Current Jobs:
681,700
Annual Openings:
64,200
Increase in Openings by 2030:
17%
Annual Salary Range:
$70,830 - $208,000
Education Requirements:
Bachelor's degree