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Summary Report for:
11-3031.02 - Financial Managers, Branch or Department

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.

Sample of reported job titles: Assistant Manager, Assistant Vice President (AVP), Banking Center Manager (BCM), Banking Officer, Branch Manager, Credit Administration Manager, Financial Center Manager, Regional Manager, Service Center Manager, Vice President

View report: Summary  Details  Custom

Tasks  |  Tools & Technology  |  Knowledge  |  Skills  |  Abilities  |  Work Activities  |  Work Context  |  Job Zone  |  Education  |  Credentials  |  Interests  |  Work Styles  |  Work Values  |  Related Occupations  |  Wages & Employment  |  Job Openings  |  Additional Information

Tasks

  • 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.
  • Recruit staff members.
  • Prepare operational or risk reports for management analysis.
  • Evaluate data pertaining to costs to plan budgets.
  • Oversee training programs.
  • 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.

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Tools & Technology

Tools used in this occupation:

Desktop computers
Notebook computers
Personal digital assistant PDAs or organizers — Personal digital assistants PDA
Scanners
Tablet computers

Technology used in this occupation:

Accounting software — Accounts receivable software; Sage Peachtree software; Trust accounting software
Electronic mail software — Email software; Microsoft Outlook
Enterprise resource planning ERP software — Enterprise resource planning ERP credit management software; Oracle PeopleSoft
Financial analysis software — ARES Corporation PRISM Project Estimator; Credit management software
Spreadsheet software — Microsoft Excel; Moody's KMV FAMAS

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Knowledge

Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
Administration and Management — Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Customer and Personal Service — Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Sales and Marketing — Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
Law and Government — Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.

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Skills

Active Listening — Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Monitoring — Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
Reading Comprehension — Understanding written sentences and paragraphs in work related documents.
Speaking — Talking to others to convey information effectively.
Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Writing — Communicating effectively in writing as appropriate for the needs of the audience.
Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making.
Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Coordination — Adjusting actions in relation to others' actions.

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Abilities

Oral Expression — The ability to communicate information and ideas in speaking so others will understand.
Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense.
Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences.
Problem Sensitivity — The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
Speech Clarity — The ability to speak clearly so others can understand you.
Speech Recognition — The ability to identify and understand the speech of another person.
Written Comprehension — The ability to read and understand information and ideas presented in writing.
Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Near Vision — The ability to see details at close range (within a few feet of the observer).
Written Expression — The ability to communicate information and ideas in writing so others will understand.

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Work Activities

Interacting With Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Coaching and Developing Others — Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.
Guiding, Directing, and Motivating Subordinates — Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.
Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time.
Monitor Processes, Materials, or Surroundings — Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.
Evaluating Information to Determine Compliance with Standards — Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work.
Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Coordinating the Work and Activities of Others — Getting members of a group to work together to accomplish tasks.

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Work Context

Electronic Mail — How often do you use electronic mail in this job?
Face-to-Face Discussions — How often do you have to have face-to-face discussions with individuals or teams in this job?
Telephone — How often do you have telephone conversations in this job?
Contact With Others — How much does this job require the worker to be in contact with others (face-to-face, by telephone, or otherwise) in order to perform it?
Indoors, Environmentally Controlled — How often does this job require working indoors in environmentally controlled conditions?
Importance of Being Exact or Accurate — How important is being very exact or highly accurate in performing this job?
Frequency of Decision Making — How frequently is the worker required to make decisions that affect other people, the financial resources, and/or the image and reputation of the organization?
Duration of Typical Work Week — Number of hours typically worked in one week.
Responsibility for Outcomes and Results — How responsible is the worker for work outcomes and results of other workers?
Coordinate or Lead Others — How important is it to coordinate or lead others in accomplishing work activities in this job?

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Job Zone

Title Job Zone Four: Considerable Preparation Needed
Education Most of these occupations require a four-year bachelor's degree, but some do not.
Related Experience A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
Job Training Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Job Zone Examples Many of these occupations involve coordinating, supervising, managing, or training others. Examples include accountants, sales managers, database administrators, teachers, chemists, art directors, and cost estimators.
SVP Range (7.0 to < 8.0)

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Education


Percentage of Respondents
Education Level Required
50   Bachelor's degree
17   High school diploma or equivalent Help
14   Master's degree

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Credentials

Find Training Find Certifications Find Licenses

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Interests

Interest code: EC

Enterprising — Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
Conventional — Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

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Work Styles

Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Integrity — Job requires being honest and ethical.
Attention to Detail — Job requires being careful about detail and thorough in completing work tasks.
Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Persistence — Job requires persistence in the face of obstacles.
Leadership — Job requires a willingness to lead, take charge, and offer opinions and direction.
Adaptability/Flexibility — Job requires being open to change (positive or negative) and to considerable variety in the workplace.
Initiative — Job requires a willingness to take on responsibilities and challenges.
Stress Tolerance — Job requires accepting criticism and dealing calmly and effectively with high stress situations.
Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.

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Work Values

Independence — Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Working Conditions — Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.
Recognition — Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.

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Related Occupations

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Wages & Employment Trends

Median wages data collected from Financial Managers.
Employment data collected from Financial Managers.
Industry data collected from Financial Managers.

Median wages (2013) $54.18 hourly, $112,700 annual
State wages Local Salary Info
 
Employment (2012) 532,000 employees
Projected growth (2012-2022) Average (8% to 14%) Average (8% to 14%)
Projected job openings (2012-2022) 146,900
State trends Employment Trends
 
Top industries (2012)

Source: Bureau of Labor Statistics 2013 wage data external site and 2012-2022 employment projections external site. "Projected growth" represents the estimated change in total employment over the projections period (2012-2022). "Projected job openings" represent openings due to growth and replacement.

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Job Openings on the Web

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Sources of Additional Information

Disclaimer: Sources are listed to provide additional information on related jobs, specialties, and/or industries. Links to non-DOL Internet sites are provided for your convenience and do not constitute an endorsement.

  • Financial Managers external site. Bureau of Labor Statistics, U.S. Department of Labor. Occupational Outlook Handbook, 2014-15 Edition.

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