All About Branch or Department Financial Managers
Job Description & Duties 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.
Life As a Branch or Department Financial Manager: What Do They Do?
- Establish procedures for custody or control of assets, records, loan collateral, or securities to ensure safekeeping.
- Analyze and classify risks and investments to determine their potential impacts on companies.
- Prepare operational or risk reports for management analysis.
- Submit delinquent accounts to attorneys or outside agencies for collection.
- Examine, evaluate, or process loan applications.
- Direct insurance negotiations, select insurance brokers or carriers, and place insurance.
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What a Branch or Department Financial Manager Should Know
These are the skills Branch or Department Financial Managers say are the most useful in their careers:
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
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.
Monitoring: Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
Speaking: Talking to others to convey information effectively.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Other Branch or Department Financial Manager Job Titles
- Finance Officer
- District Manager
- Financial Institution Manager
- Investment Manager
- Branch Banker
Is There Going to be Demand for Branch or Department Financial Managers?
In the United States, there were 580,400 jobs for Branch or Department Financial Manager in 2016. New jobs are being produced at a rate of 18.7% which is above the national average. The Bureau of Labor Statistics predicts 108,600 new jobs for Branch or Department Financial Manager by 2026. The BLS estimates 56,900 yearly job openings in this field.
The states with the most job growth for Branch or Department Financial Manager are Utah, Nevada, and Arizona. Watch out if you plan on working in Alaska, Maryland, or District of Columbia. These states have the worst job growth for this type of profession.
Branch or Department Financial Manager Average Salary
The average yearly salary of a Branch or Department Financial Manager ranges between $67,620 and $208,000.
Branch or Department Financial Managers who work in New York, New Jersey, or Delaware, make the highest salaries.
Below is a list of the median annual salaries for Branch or Department Financial Managers in different U.S. states.
| State | Annual Mean Salary |
|---|---|
| Alabama | $128,690 |
| Alaska | $110,010 |
| Arizona | $117,620 |
| Arkansas | $106,530 |
| California | $157,480 |
| Colorado | $163,740 |
| Connecticut | $167,160 |
| Delaware | $167,110 |
| District of Columbia | $166,710 |
| Florida | $132,850 |
| Georgia | $145,920 |
| Hawaii | $118,740 |
| Idaho | $95,690 |
| Illinois | $144,680 |
| Indiana | $119,820 |
| Iowa | $114,620 |
| Kansas | $129,660 |
| Kentucky | $114,420 |
| Louisiana | $106,950 |
| Maine | $119,080 |
| Maryland | $152,180 |
| Massachusetts | $148,300 |
| Michigan | $128,270 |
| Minnesota | $133,970 |
| Mississippi | $101,840 |
| Missouri | $136,520 |
| Montana | $109,940 |
| Nebraska | $113,910 |
| Nevada | $123,890 |
| New Hampshire | $124,700 |
| New Jersey | $175,880 |
| New Mexico | $104,790 |
| New York | $210,510 |
| North Carolina | $149,710 |
| North Dakota | $123,890 |
| Ohio | $135,610 |
| Oklahoma | $111,700 |
| Oregon | $118,680 |
| Pennsylvania | $156,730 |
| Rhode Island | $145,120 |
| South Carolina | $125,710 |
| South Dakota | $132,030 |
| Tennessee | $111,460 |
| Texas | $149,990 |
| Utah | $110,750 |
| Vermont | $113,610 |
| Virginia | $164,030 |
| Washington | $136,480 |
| West Virginia | $102,670 |
| Wisconsin | $134,850 |
| Wyoming | $116,920 |
What Tools do Branch or Department Financial Managers Use?
Although they’re not necessarily needed for all jobs, the following technologies are used by many Branch or Department Financial Managers:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Outlook
- Microsoft Access
- Data entry software
- Word processing software
- SAP
- Microsoft Windows
- Microsoft Project
- Microsoft SharePoint
- Microsoft Visio
- Structured query language SQL
- SAS
- Microsoft Dynamics
- IBM Notes
- Microsoft Visual Basic
- FileMaker Pro
- IBM SPSS Statistics
How do I Become a Branch or Department Financial Manager?
What kind of Branch or Department Financial Manager requirements are there?
What work experience do I need to become a Branch or Department Financial Manager?
Branch or Department Financial Managers Sector
The table below shows the approximate number of Branch or Department Financial Managers employed by various industries.
Related Careers
Those who work as a Branch or Department Financial Manager sometimes switch careers to one of these choices:
References:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
More about our data sources and methodologies.
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