Salary, Job Description, How To Become One, and Quiz
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Financial Managers
Financial Managers direct and coordinate financial activities of workers in a branch, office, or department of an establishment, such as branch bank, brokerage firm, risk and insurance department, or credit department.
Table of contents
What they do
Financial Managers direct and coordinate financial activities of workers in a branch, office, or department of an establishment, such as branch bank, brokerage firm, risk and insurance department, or credit department.
- 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.
- 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.
- Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter.
Typical day
On a daily basis, Financial Managers oversee the flow of cash or financial instruments. They develop or analyze information to assess the current or future financial status of firms.
A typical day for a Branch or Department Financial Manager will also include:
- 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.
- Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter.
- 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.
- Analyze and classify risks and investments to determine their potential impacts on companies.
Other responsibilities
Besides their typical day, Financial Managers also review reports of securities transactions or price lists to analyze market conditions. They may also analyze and classify risks and investments to determine their potential impacts on companies.
On a weekly to monthly basis, Financial Managers prepare operational or risk reports for management analysis. They might also prepare financial or regulatory reports required by laws, regulations, or boards of directors.
In addition, they review collection reports to determine the status of collections and the amounts of outstanding balances.
Although specific duties may vary, many of them 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.
To some Financial Managers, it is also their responsibility to communicate with stockholders or other investors to provide information or to raise capital.
What is the job like
Job satisfaction
Is this job meaningful
77% said they were satisfied with their job and 47% said they found their job meaningful.
I am an Assistant Regional Branch Manager of Lead Bank in Kansas City Missouri.
Being the first point of contact, most clients enjoy the personalized conversations that branch bankers offer. Our expertise with transactions, opening accounts, checking balances, and educating clients on new products and services, is invaluable. Our bankers spend most of their time assisting and interacting with people through various channels; online, by phone, Zoom, or in person. A downside to being a banker is seeing clients go through a tough time; we become invested in our clients and always want to see them succeed. Those times allow our bankers to become creative and offer imaginative solutions. Each day is different and energizing for a branch banker.
Younger bankers have the opportunity to develop relevant life skills that they may not have learned in the classroom. We depend on bankers to become experts on essential skills like one-on-one conversations that make people feel comfortable and important, cash handling, counting cash, saving money, and understanding how loans work. This expertise benefits them later in life when they consider student loans or even buying a home.
It’s an exciting time to be a banker! While the banking industry is evolving thanks to advancements in technology and a constantly changing economic environment, the banking profession offers career stability and the incredible opportunity to help local small businesses succeed. When I was in high school, I remember that daunting feeling of trying to choose what I wanted to be when I “grew up.” I wish someone would have recommended banking to me sooner; I love that my career also positively impacts our communities.
Pros
Suitable for people who like to start and carry out projects.
Suitable for people who wants job security and a good working condition.
This career is perfect for people who love to work indoors.
One of the highest-paid careers in the world.
Cons
Not suitable for people who like to work with designs.
It is hard to get into this career. A considerable amount of work-related skill, knowledge, or experience is required for this career.
Long working hours (More than 40 hours per week).
How much do they make
Average salary
Average hourly wage
Entry-level Financial Managers with little to no experience can expect to make anywhere between $70,830 to $95,770 per year or $34 to $46 per hour.
| Salary by experience | Annual | Hourly |
|---|---|---|
| Highest (Top 10%) | $208,000+ | $100+ |
| Senior (Top 25%) | $186,030 | $89 |
| Median | $134,180 | $65 |
| Junior (Bottom 25%) | $95,770 | $46 |
| No experience (Bottom 10%) | $70,830 | $34 |
This table shows the top 10 highest paying industries for Financial Managers based on their average annual salary.
| Salary by industry | Annual | Hourly |
|---|---|---|
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities | $206050 | $99.06 |
| Other Information Services | $204410 | $98.27 |
| Monetary Authorities-Central Bank | $200780 | $96.53 |
| Cable and Other Subscription Programming | $196520 | $94.48 |
| Computer and Peripheral Equipment Manufacturing | $195340 | $93.91 |
| Motion Picture and Video Industries | $192330 | $92.47 |
| Scientific Research and Development Services | $187830 | $90.30 |
| Advertising, Public Relations, and Related Services | $178730 | $85.93 |
| Cut and Sew Apparel Manufacturing | $178330 | $85.74 |
| Software Publishers | $177720 | $85.44 |
View more salary by industries here.
Where can they work
Where can Financial Managers work? Here is a table showing the top 10 largest employers of Financial Managers including the average salary in that industry.
| Employers | Total Employed | Annual Salary | Hourly Wages |
|---|---|---|---|
| Credit Intermediation and Related Activities | 98570 | $124040 | $59.64 |
| Management of Companies and Enterprises | 74260 | $165480 | $79.56 |
| Accounting, Tax Preparation, Bookkeeping, and Payroll Services | 42750 | $175200 | $84.23 |
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 41920 | $206050 | $99.06 |
| Insurance Carriers | 26990 | $170850 | $82.14 |
| Local Government | 19870 | $109000 | $52.40 |
| Nondepository Credit Intermediation | 19750 | $144140 | $69.30 |
| Management, Scientific, and Technical Consulting Services | 15610 | $168010 | $80.77 |
| Computer Systems Design and Related Services | 15490 | $176060 | $84.65 |
| Agencies, Brokerages, and Other Insurance Related Activities | 13810 | $159020 | $76.45 |
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What is the work day like
Working hours
Working schedule
How often do you use email in this job?
Telephone
How often do you have telephone conversations in this job?
Group discussions
How often do you have group discussions in this job?
Public speaking
How often does this job require you to do public speaking?
Level of competition
How much competitive pressure is in this job?
What is the work environment like
Office-style environment
Indoors in an environmentally controlled condition
Warehouse-style environment
Indoors in a non-controlled environmental condition such as a warehouse
Outdoors
Outdoors exposed to all weather conditions
Outdoors – Under Cover
Outdoors but under cover (e.g. structure with roof but no walls)
How to become one
Difficulty to become one
Required level of education
What level of education do you need to perform the job?
Relevant majors
Relevant work experience
How much related work experience do you need to get hired for the job?
On The Job Training
How much on the job training do you need to perform the job?
Should you become one
Best personality type for this career
People with this personality likes to start and work on projects. They also like leading people and making many decisions.
People with The Builder personality type likes practical and hands-on work. They prefer working with plants, animals, and real-world materials like wood, tools, and machinery.
People with The Thinker personality likes to work with ideas that require an extensive amount of thinking. They prefer work that requires them to solve problems mentally.
People with The Artist personality likes to work with designs and patterns. They prefer activities that require self-expression and prefer work that can be done without following a clear set of rules.
People with The Helper personality type likes to work with people and in teams. They prefer work that allows them to build relationships with others.
People with The Leader personality likes to start and work on projects. They also like leading people and making many decisions.
People with The Organizer personality type likes to follow set procedures and routines. They prefer working with data and details more than with ideas.
You can read more about these career personality types here.
People who are suitable for this job tend to like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk-taking and often deal with business.
They also like following set procedures and routines. They like working with data and details more than with ideas.
Take this quiz to see if this is the right career for you.
Work Values
Which values are the most important to a person’s satisfaction for this job?
You are someone who is results oriented. You prefer work that allows you to utilize your skills and abilities while at the same time giving you a sense of accomplishment.
You are someone who values job security, steady employment, and good working conditions. You also prefer work that keeps you busy all the time with something different to do every day.
You are someone who values job advancement and leadership roles. You prefer work that receives recognition for the work you do and jobs that are looked up to by others in the company and your community.
You are someone who likes to provide a service to others. You prefer a work environment where you can work with your co-workers in a friendly non-competitive environment.
You are someone who values a company that stands behind their employees. You prefer a work environment where everyone is treated fairly and is being supported by the company.
You are someone who likes to work on your own and make your own decisions. You prefer work that requires little supervision and are allowed to try out your own ideas.
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