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
Tasks | Tools & Technology | Knowledge | Skills | Abilities | Work Activities | Detailed Work Activities | Work Context | Job Zone | Education | Credentials | Interests | Work Styles | Work Values | Related Occupations | Wages & Employment | Job Openings | Additional Information
- 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.
- 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.
- 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.
Tools & Technology
Tools used in this occupation:
- Desktop calculator — 10-key calculators
- Desktop computers
- Notebook computers
- Personal computers
- Personal digital assistant PDAs or organizers — Personal digital assistants PDA
- Tablet computers
Technology used in this occupation:
- Accounting software — Accounts receivable software; Intuit QuickBooks; Sage Peachtree software; Trust accounting software
- Business intelligence and data analysis software — IBM Cognos Business Intelligence
- Data base user interface and query software — Microsoft Access; Oracle software; Structured query language SQL
- Electronic mail software — Email software; Microsoft Outlook
- Enterprise resource planning ERP software — Enterprise resource planning ERP credit management software; Oracle PeopleSoft; SAP software
- Financial analysis software — ARES Corporation PRISM Project Estimator; Credit management software
- Human resources software — Human resource information system HRIS software
- Internet browser software
- Office suite software — Microsoft Office software
- Presentation software — Microsoft PowerPoint
- Spreadsheet software — Microsoft Excel; Moody's KMV FAMAS
- Word processing software — Microsoft Word
- 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.
- 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.
- Management of Personnel Resources — Motivating, developing, and directing people as they work, identifying the best people for the job.
- Social Perceptiveness — Being aware of others' reactions and understanding why they react as they do.
- Persuasion — Persuading others to change their minds or behavior.
- Service Orientation — Actively looking for ways to help people.
- Time Management — Managing one's own time and the time of others.
- Learning Strategies — Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.
- Mathematics — Using mathematics to solve problems.
- Instructing — Teaching others how to do something.
- Negotiation — Bringing others together and trying to reconcile differences.
- Systems Analysis — Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
- Management of Financial Resources — Determining how money will be spent to get the work done, and accounting for these expenditures.
- Systems Evaluation — Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
- 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.
- Information Ordering — The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
- Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem.
- Fluency of Ideas — The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
- Category Flexibility — The ability to generate or use different sets of rules for combining or grouping things in different ways.
- Number Facility — The ability to add, subtract, multiply, or divide quickly and correctly.
- Memorization — The ability to remember information such as words, numbers, pictures, and procedures.
- Originality — The ability to come up with unusual or clever ideas about a given topic or situation, or to develop creative ways to solve a problem.
- Time Sharing — The ability to shift back and forth between two or more activities or sources of information (such as speech, sounds, touch, or other sources).
- 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.
- Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
- Developing and Building Teams — Encouraging and building mutual trust, respect, and cooperation among team members.
- Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems.
- Training and Teaching Others — Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.
- Selling or Influencing Others — Convincing others to buy merchandise/goods or to otherwise change their minds or actions.
- Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.
- Resolving Conflicts and Negotiating with Others — Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.
- Communicating with Persons Outside Organization — Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
- Judging the Qualities of Things, Services, or People — Assessing the value, importance, or quality of things or people.
- Provide Consultation and Advice to Others — Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
- Thinking Creatively — Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
- Developing Objectives and Strategies — Establishing long-range objectives and specifying the strategies and actions to achieve them.
- Performing for or Working Directly with the Public — Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.
- Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
- Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
- Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
- Scheduling Work and Activities — Scheduling events, programs, and activities, as well as the work of others.
Detailed Work Activities
- Supervise employees.
- Direct financial operations.
- Direct organizational operations, projects, or services.
- Analyze risks to minimize losses or damages.
- Develop operating strategies, plans, or procedures.
- Prepare financial documents, reports, or budgets.
- Maintain regulatory or compliance documentation.
- Negotiate sales or lease agreements for products or services.
- Approve expenditures.
- Monitor flow of cash or other resources.
- Establish interpersonal business relationships to facilitate work activities.
- Analyze financial records to improve budgeting or planning.
- Analyze forecasting data to improve business decisions.
- Prepare reports related to compliance matters.
- Prepare operational progress or status reports.
- Recruit personnel.
- Analyze financial records to improve efficiency.
- Recommend organizational process or policy changes.
- Communicate organizational information to customers or other stakeholders.
- Determine pricing or monetary policies.
- Coordinate operational activities with external stakeholders.
- Analyze financial records or reports to determine state of operations.
- Electronic Mail — 100% responded “Every day.”
- Face-to-Face Discussions — 99% responded “Every day.”
- Telephone — 100% responded “Every day.”
- Contact With Others — 72% responded “Constant contact with others.”
- Indoors, Environmentally Controlled — 93% responded “Every day.”
- Importance of Being Exact or Accurate — 75% responded “Extremely important.”
- Frequency of Decision Making — 65% responded “Every day.”
- Duration of Typical Work Week — 78% responded “More than 40 hours.”
- Responsibility for Outcomes and Results — 55% responded “High responsibility.”
- Coordinate or Lead Others — 51% responded “Extremely important.”
- Work With Work Group or Team — 55% responded “Extremely important.”
- Deal With External Customers — 52% responded “Extremely important.”
- Structured versus Unstructured Work — 44% responded “Some freedom.”
- Freedom to Make Decisions — 46% responded “Some freedom.”
- Spend Time Sitting — 49% responded “Continually or almost continually.”
- Impact of Decisions on Co-workers or Company Results — 45% responded “Important results.”
- Time Pressure — 53% responded “Once a week or more but not every day.”
- Frequency of Conflict Situations — 56% responded “Once a week or more but not every day.”
- Level of Competition — 44% responded “Moderately competitive.”
- Importance of Repeating Same Tasks — 39% responded “Extremely important.”
- Deal With Unpleasant or Angry People — 41% responded “Once a month or more but not every week.”
- Letters and Memos — 33% responded “Every day.”
- Responsible for Others' Health and Safety — 48% responded “High responsibility.”
- Physical Proximity — 41% responded “Moderately close (at arm's length).”
- Consequence of Error — 32% responded “Very serious.”
|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)|
Percentage of Respondents
|Education Level Required|
|17||High school diploma or equivalent|
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.
- 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.
- Self Control — Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
- Analytical Thinking — Job requires analyzing information and using logic to address work-related issues and problems.
- Concern for Others — Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.
- Independence — Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
- Social Orientation — Job requires preferring to work with others rather than alone, and being personally connected with others on the job.
- Innovation — Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.
- 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.
Wages & Employment Trends
Median wages data collected from Financial Managers.
Employment data collected from Financial Managers.
Industry data collected from Financial Managers.
|Median wages (2014)||$55.44 hourly, $115,320 annual|
|Employment (2012)||532,000 employees|
|Projected growth (2012-2022)||Average (8% to 14%)|
|Projected job openings (2012-2022)||146,900|
|Top industries (2012)|
Source: Bureau of Labor Statistics 2014 wage data and 2012-2022 employment projections . "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.
Job Openings on the Web
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 . Bureau of Labor Statistics, U.S. Department of Labor. Occupational Outlook Handbook, 2014-15 Edition.