Financial Institution Officers and Managers

Employment for financial managers in credit intermediation and related activities (which includes commercial and savings banks) is expected to grow much faster than the average for all occupations from 2023 through 2033, according to the U.S. Department of Labor. As the economy continues to grow, demand will increase for financial managers to assist companies in planning, directing, and coordinating investments.

Competition for financial manager positions in commercial banking and savings institutions is expected to be strong for several reasons. First, as more customers conduct their banking business online, the number of bank branches is expected to decline. Additionally, financial institution officers and managers are often promoted from within the ranks of the organization, and, once established in their jobs, they tend to stay for many years. Finally, more qualified applicants are becoming available each year to fill vacancies; workers who have earned a master's degree in business administration and who are certified will have the best job prospects. Chances for employment will be best for workers who are familiar with a range of financial services, such as banking, insurance, real estate, and securities, and for those with an understanding of international finance and complex financial documents.