Branch or Department Financial Managers: Salary, Job Description, How To Become One, and Quiz

Stan T.Career, OverviewLeave a Comment

Job description

Branch or Department 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.
Read more about what does a Branch or Department Financial Manager really do at work and what is it like being and working as one.



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Salary

Average salary
$146830 per year

Average hourly wage
$71 per hour


Financial Managers with little to no experience tend to make between $67620 and $91420 while the more experienced ones can earn over $178840 per year.

Top 5 paying statesHourlyAnnual
NY$101$210,510
NJ$85$175,880
CT$80$167,160
DE$80$167,110
DC$80$166,710

One of the easiest ways to increase your salary as a Branch or Department Financial Manager is to move to a higher paying state like NY. Right now, the highest paying states for Financial Managers are NY, NJ, CT, DE and DC.

However, a higher pay at NY doesn’t guarantee that you will make more because the living expenses at NY might be twice as high than where you are currently at now.

Three other factors that can increase your salary as a Branch or Department Financial Manager is the degree you hold, the industry you work in, and lastly the company you work for.


Requirements

Recommended degree level
Bachelor’s Degree

We asked other Financial Managers what degree they had when they got the job and most of them said they had a Bachelor’s Degree followed by a High School Diploma.

Other than that, we also asked them what did they major in and here are the most popular majors that came up.

Accounting and Finance
Accounting and Business/Management
Finance, General
International Finance
Public Finance
Read more about how to become a Branch or Department Financial Manager and the degree, training and education you need.

Pros and Cons

Here are some of the pros and cons of being a Branch or Department Financial Manager.

PROS
Suitable for people who likes 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 likes 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)

What is the job like

Job satisfaction
77%

Is this job meaningful
47%


77% of Financial Managers said they were satisfied with their job and 47% said they feel like their job is making other people’s lives better.


Is this right for me

Best personality for this career
The Entrepreneurs and The Organizers

You can read more about these career personality types here.

People who are suitable for this job tends 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.




Learn more about Branch or Department Financial Managers

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Related career information

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