According to a survey conducted by the Occupational Employment Statistics (OES) in the US, financial managers held about 506,000 jobs in 2006. While financial managers were in demand across the industries, three out of every ten managers were employed by finance and insurance establishments, such as banks, finance companies, credit unions, insurers and securities dealers. Among those surveyed, roughly 8% worked for federal, state or local governments.
Finance Manager Employment Outlook
Employment growth for financial managers is likely is to be as fast as the average for all occupations. However, applicants will likely face strong competition for jobs. Those with a masters’ degree and a certification will have the best opportunities.
The employment of financial managers over the 2006-2016 period is expected to rise by 13%, which is about as fast as the average for all occupations. The requirement for financial expertise will be driven by regulatory reforms and the expansion and globalization of the economy.
Banking: Bankers are among the most satisfied employees. However, after the financial crisis of 2008, looking for a job in bank branches could be tough. According to a study conducted by Deloitte & Touche in 2009, productivity improvements and electronic delivery of services are expected to replace 500,000 of the 850,000 jobs. The study indicated that the trend could continue.
Corporate Finance: Recent surveys conducted by Robert Half indicated a bright employment outlook in this field for 2009 and ahead. Employee shortage is prevalent in various job categories, including international and operationally-oriented positions. The industries with a healthy growth outlook are manufacturing, high-technology, environmental management services and distribution.
Financial Planning: The US News and World Report listed financial planners as one of the twenty hottest professions for the future. The starting phase in this field could, however, be tough as most financial planners start the entrepreneurial venture either alone or with a partner and face difficulty in affording employees.
Insurance: This sector is one of the biggest employers in the US. Despite the challenging economic environment in 2008 and 2009, insurance companies continued to hire and demand was robust. The employment in the industry is expected to grow by 20% to 40% until 2024, according to the Bureau of Labor Statistics (BLS).