Employment of financial managers is projected to grow 7 percent from 2014 to 2024, about as fast as the average for all occupations. However, growth will vary by industry.
Services provided by financial managers, such as planning, directing, and coordinating investments, are likely to stay in demand as the economy grows. The United States remains an international financial center, meaning that the economic growth of countries around the world will likely contribute to employment growth in the U.S. financial industry. In recent years, companies have been accumulating more cash on their balance sheets, particularly among those with operations in foreign countries. As globalization continues, this trend is likely to persist. This should lead to demand for financial managers, as companies will be in need of cash management expertise.
The depository credit intermediation industry, which includes commercial banking and savings institutions, employs a large percentage of financial managers. As bank customers increasingly conduct transactions online, the number of bank branches is expected to decline, which should limit employment growth in this sector. However, employment declines here are expected to mainly affect clerical occupations, such as tellers, rather than financial managers. From 2014 to 2024, employment of financial managers is projected to grow 6 percent in this industry.
As with other managerial occupations, jobseekers are likely to face competition because there are more applicants than job openings. Candidates with expertise in accounting and finance—particularly those with a master's degree or certification—should enjoy the best job prospects. An understanding of international finance and complex financial documents is important.
Percent change in employment, projected 2014-24
Operations specialties managers
Total, all occupations
Note: All Occupations includes all occupations in the U.S. Economy. Source: U.S. Bureau of Labor Statistics, Employment Projections program