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What Does it Take to Be a Branch or Department Financial Manager?

Branch or Department Financial Manager Example 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

  • Oversee training programs.
  • Communicate with stockholders or other investors to provide information or to raise capital.
  • Prepare operational or risk reports for management analysis.
  • Establish procedures for custody or control of assets, records, loan collateral, or securities to ensure safekeeping.
  • Develop or analyze information to assess the current or future financial status of firms.
  • Oversee the flow of cash or financial instruments.

Branch or Department Financial Manager Skills

Below is a list of the skills most Branch or Department Financial Managers say are important on the job.

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.

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.

Monitoring: Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.

Types of Branch or Department Financial Managers

  • Financial Institution Manager
  • Operations Officer
  • Field Supervisor
  • Risk Management Director
  • Tax Manager

Branch or Department Financial Manager Employment Estimates

In the United States, there were 580,400 jobs for Financial Managers in 2016.

New jobs are being produced at a rate of 18.7% which is lower than average. The Bureau of Labor Statistics predicts 108,600 new jobs for Branch or Department Financial Managers by 2026. Due to new job openings and attrition, there will be an average of 56,900 job openings in this field each year.

Forecasted Number of Jobs for Branch or Department Financial Managers in U.S.

The states with the most job growth for Financial Managers are California, New York, and Texas.

Watch out if you plan on working in Alaska, Wyoming, or Vermont. These states have the worst job growth for this type of profession.

Do Branch or Department Financial Managers Make A Lot Of Money?

The average yearly salary of a Branch or Department Financial Manager ranges between $67,620 and $208,000. The median salary for this occupation is $127,990.

Salary Ranges for Branch or Department Financial Managers

Below is a list of the median annual salaries for jobs of this type in different U.S. states.

Annual Mean Salary by State
State Annual Mean Salary

New York

$210,510

New Jersey

$175,880

Connecticut

$167,160

Delaware

$167,110

District of Columbia

$166,710

Virginia

$164,030

Colorado

$163,740

California

$157,480

Pennsylvania

$156,730

Maryland

$152,180

Texas

$149,990

North Carolina

$149,710

Massachusetts

$148,300

Georgia

$145,920

Rhode Island

$145,120

Illinois

$144,680

Missouri

$136,520

Washington

$136,480

Ohio

$135,610

Wisconsin

$134,850

Minnesota

$133,970

Florida

$132,850

South Dakota

$132,030

Kansas

$129,660

Alabama

$128,690

Michigan

$128,270

South Carolina

$125,710

New Hampshire

$124,700

Nevada

$123,890

North Dakota

$123,890

Indiana

$119,820

Maine

$119,080

Hawaii

$118,740

Oregon

$118,680

Arizona

$117,620

Wyoming

$116,920

Iowa

$114,620

Kentucky

$114,420

Nebraska

$113,910

Vermont

$113,610

Oklahoma

$111,700

Tennessee

$111,460

Utah

$110,750

Alaska

$110,010

Montana

$109,940

Louisiana

$106,950

Arkansas

$106,530

New Mexico

$104,790

West Virginia

$102,670

Mississippi

$101,840

Idaho

$95,690

Tools & Technologies Used by Branch or Department Financial Managers

Although they’re not necessarily needed for all jobs, the following technologies are used by many Branch or Department Financial Managers:

  • Microsoft Visual Basic
  • Microsoft SQL Server
  • Microsoft Excel
  • Oracle Business Intelligence Enterprise Edition
  • Structured query language SQL
  • Microsoft Outlook
  • MicroStrategy
  • Oracle PeopleSoft Financials
  • SAP
  • Microsoft PowerPoint

How to Become a Branch or Department Financial Manager

What education or degrees do I need to become a Branch or Department Financial Manager?

Branch or Department Financial Manager Degree Level

What work experience do I need to become a Branch or Department Financial Manager?

Branch or Department Financial Manager Work Experience

Where Branch or Department Financial Managers Are Employed

Branch or Department Financial Manager Sectors

Other Jobs You May be Interested In

Career changers with experience as a Branch or Department Financial Manager sometimes find work in one of the following fields:

  • Personal Financial Advisors

References

Bureau of Labor Statistics

College Factual

O*NET Online

Image Credit: Via Wikimedia Commons

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