Financial Management Careers
Studying Financial Management can be rewarding and open doors to many different career options. Want to find out more about career possibilities and salaries?
JOB POSTINGS
Financial Management Career Paths
There are many rewarding and interesting job in Financial Management. Financial Management can lead to many career paths and the following list is just some of the possible career choices you can pursue with an associate or a degree in Financial Management.
Financial Managers
Financial Securities Sales Agents
Insurance Sales Agents and Underwriters
Loan Originating
Mortgage Banking
Mortgage Brokerage
Personal Financial Advisors
Property Management
Real Estate Brokers
Real Estate Finance
Real Estate Sales
Retail Banking
Secondary Marketing
Securities and Commodities
Warehousing
Job Outlook and Salaries
Salaries and jobs vary widely. According to the U.S. Department of Labor for Financial Analysts and Personal Financial Advisors http://www.bls.gov/oco/ocos259.htm , Banking http://www.bls.gov/oco/cg/cgs027.htm and Financial Managers
http://www.bls.gov/oco/ocos010.htm job growth outlook for finance is expected to grow by 34 percent between 2006 and 2016, which is also much faster than the average for all occupations spurred by domestic and global competition. Another excellent source for wages and trends in finance is at http://www.acinet.org/acinet/ , Career One Stop. Another good source for pay scales is at http://www.payscale.com/ .
The following information is from the Occupational Outlook Handbook as listed above. Please click to their website for complete job information.
Work environment
Working in comfortable offices, often close to top managers and to departments that develop the financial data those managers need, financial managers typically have direct access to state-of-the-art computer systems and information services. They commonly work long hours, often up to 50 or 60 per week. Financial managers generally are required to attend meetings of financial and economic associations and may travel to visit subsidiary firms or to meet customers.
Most financial managers need a bachelor’s degree, and many have a master’s degree or professional certification. Bank managers often have experience as loan officers. Financial managers also need strong interpersonal and business skills.
Education and training
A bachelor’s degree in finance, accounting, economics, or business administration is the minimum academic preparation for financial managers. However, many employers now seek graduates with a master’s degree, preferably in business administration, economics, finance, or risk management. These academic programs develop analytical skills and teach the latest financial analysis methods and technology.
Experience may be more important than formal education for some financial manager positions—most notably, branch managers in banks. Banks typically fill branch manager positions by promoting experienced loan officers and other professionals who excel at their jobs. Other financial managers may enter the profession through formal management training programs offered by the company. The American Institute of Banking, which is affiliated with the American Bankers Association, sponsors educational and training programs for bank officers at banking schools and educational conferences.
Other qualifications
Candidates for financial management positions need many different skills. Interpersonal skills are important because these jobs involve managing people and working as part of a team to solve problems. Financial managers must have excellent communication skills to explain complex financial data. Because financial managers work extensively with various departments in their firm, a broad understanding of business is essential.
Financial managers should be creative thinkers and problem-solvers, applying their analytical skills to business. They must be comfortable with the latest computer technology. Financial managers must have knowledge of international finance because financial operations are increasingly being affected by the global economy. Proficiency in a foreign language also may be important. In addition, a good knowledge of compliance procedures is essential because of the many recent regulatory changes.
Certification and advancement
Financial managers may broaden their skills and exhibit their competency by attaining professional certification. Many associations offer professional certification programs. For example, the CFA Institute confers the Chartered Financial Analyst designation on investment professionals who have a bachelor’s degree, pass three sequential examinations, and meet work experience requirements. The Association for Financial Professionals confers the Certified Treasury Professional credentials to those who pass a computer-based exam and
As banks expand the range of products and services they offer to include insurance and investment products, branch managers with knowledge in these areas will be needed. As a result, candidates who are licensed to sell insurance or securities will have the most favorable prospects. (See the Handbook statements on insurance sales agents; and securities, commodities, and financial services sales agents.)
PROJECTIONS DATA FROM THE NATIONAL EMPLOYMENT MATRIX
| Occupational title |
SOC Code |
Employment, 2006 |
Projected
employment,
2016 |
Change, 2006-16 |
Detailed statistics |
| Number |
Percent |
Financial managers |
11-3031 |
506,000 |
570,000 |
64,000 |
13 |
PDF |
zipped XLS |
NOTE: Data in this table are rounded. See the discussion of the employment projections table in the Handbook introductory chapter on Occupational Information Included in the Handbook.
Employment
The banking industry employed about 1.8 million wage and salary workers in 2006. About 7 out of 10 jobs were in commercial banks; the remainder were concentrated in savings institutions and credit unions (table 1).
Table 1. Percent distribution of employment and establishments in banking by detailed industry sector, 2006
Industry segment |
Employment |
Establishments |
Total |
|
|
100.0 |
100.0 |
|
|
|
Monetary authorities - central bank |
1.2 |
0.3 |
|
|
|
Depository credit intermediation |
98.8 |
99.7 |
Commercial banking |
72.5 |
69.7 |
Savings institutions |
13.1 |
14.7 |
Credit unions |
12.1 |
14.2 |
Other depository credit intermediation |
1.2 |
1.1 |
In 2006, about 84 percent of establishments in banking employed fewer than 20 workers (chart 1). However, these small establishments, mostly bank branch offices, employed 36 percent of all employees. About 64 percent of the jobs were in establishments with 20 or more workers. Banks are found everywhere in the United States, but most bank employees work in heavily populated States such as New York, California, Illinois, Pennsylvania, and Texas.
Occupations in the Industry
Banks employ various types of financial and customer service occupations. Tellers make up the largest number of workers, and overall office and administrative
Table 2. Employment of wage and salary workers in banking by occupation, 2006 and projected change, 2006-2016.
(Employment in thousands)
PROJECTIONS DATA FROM THE NATIONAL EMPLOYMENT MATRIX
| Occupationa |
Employment 2006 |
Percent
change,
2006-16 |
| Number |
Percent |
All occupations |
1,825 |
100.0 |
4.0 |
|
|
|
|
Management, business, and financial occupations |
449 |
24.6 |
5.4 |
General and operations managers |
34 |
1.8 |
-8.4 |
Marketing and sales managers |
11 |
0.6 |
1.9 |
Financial managers |
73 |
4.0 |
1.9 |
Human resources, training, and labor relations specialists |
15 |
0.8 |
5.3 |
Management analysts |
8 |
0.5 |
1.4 |
Accountants and auditors |
27 |
1.5 |
1.7 |
Credit analysts |
15 |
0.8 |
-8.3 |
Financial analysts |
18 |
1.0 |
11.4 |
Personal financial advisors |
24 |
1.3 |
22.3 |
Loan officers |
133 |
7.3 |
12.1 |
|
|
|
|
Professional and related occupations |
72 |
4.0 |
6.9 |
Computer specialists |
56 |
3.0 |
8.8 |
|
|
|
|
Sales and related occupations |
82 |
4.5 |
11.8 |
Securities, commodities, and financial services sales agents |
50 |
2.7 |
17.2 |
|
|
|
|
Office and administrative support occupations |
1,202 |
65.9 |
2.9 |
First-line supervisors/managers of office and administrative support workers |
111 |
6.1 |
-5.2 |
Bookkeeping, accounting, and auditing clerks |
63 |
3.5 |
1.7 |
Tellers |
546 |
29.9 |
12.1 |
Brokerage clerks |
9 |
0.5 |
-1.0 |
Customer service representatives |
106 |
5.8 |
12.0 |
New accounts clerks |
73 |
4.0 |
-18.4 |
Receptionists and information clerks |
9 |
0.5 |
1.5 |
Couriers and messengers |
6 |
0.3 |
-8.3 |
Executive secretaries and administrative assistants |
36 |
2.0 |
1.9 |
Secretaries, except legal, medical, and executive |
15 |
0.8 |
-9.6 |
Data entry keyers |
8 |
0.5 |
-18.6 |
Office clerks, general |
40 |
2.2 |
0.2 |
Office machine operators, except computer |
12 |
0.6 |
-14.9 |
| |
|
|
|
| |
|
|
|
| |
|
|
|
Note: Columns may not add to totals due to omission of occupations with small employment
Greater responsibilities generally result in a higher salary. Experience, length of service, and, especially, the location and size of the bank also are important. Earnings in the banking industry also vary significantly by occupation. Earnings in the largest occupations in banking appear in table 3.
Table 3. Median hourly earnings of the largest occupations in depository credit intermediation, May 2006
Occupation |
Depository credit intermediation |
All industries |
General and operations managers |
$40.89 |
$40.97 |
Financial managers |
34.89 |
43.74 |
Loan officers |
23.51 |
24.89 |
First-line supervisors/managers of office and administrative support workers |
19.66 |
20.92 |
Executive secretaries and administrative assistants |
18.05 |
17.90 |
Loan interviewers and clerks |
14.35 |
14.89 |
Customer service representatives |
13.68 |
13.62 |
New accounts clerks |
13.60 |
13.65 |
Office clerks, general |
11.82 |
11.40 |
Tellers |
10.63 |
10.64 |
For information about careers and certification in financial management, contact:
- Financial Management Association International, College of Business Administration, University of South Florida, Tampa, FL 33620. Internet: http://www.fma.org
For information about careers in financial and treasury management and the Certified Treasury Professional program, contact:
- Association for Financial Professionals, 7315 Wisconsin Ave., Suite 600 West, Bethesda, MD 20814. Internet: http://www.afponline.org
For information about the Chartered Financial Analyst program, contact:
- CFA Institute, P.O. Box 3668, 560 Ray Hunt Dr., Charlottesville, VA 22903. Internet: http://www.cfainstitute.org
For information on The American Institute of Banking and its programs, contact:
- American Bankers Association, 1120 Connecticut Ave. NW, Washington, DC 20036.
For information about the Certified in Management Accounting designation, contact:
- Institute of Management Accountants, 10 Paragon Dr., Montvale, NJ,07645. Internet: http://www.imanet.org
