What Financial Managers do
The U.S. Department of Labor's O*NET database describes the work of Financial Managers this way: "Plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment."
The core tasks O*NET records for this occupation include: "Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter"; "Plan, direct, or coordinate the activities of workers in branches, offices, or departments of establishments, such as branch banks, brokerage firms, risk and insurance departments, or credit departments"; "Recruit staff members"; "Evaluate data pertaining to costs to plan budgets"; "Oversee training programs".
Education, experience and training
According to the BLS Employment Projections, the typical education needed to enter this occupation is bachelor's degree. Work experience in a related occupation is typically 5 years or more.
Job outlook for Financial Managers
The Bureau of Labor Statistics counted 879,700 jobs in this occupation in 2025 and projects 964,600 in 2035, an increase of 84,900 jobs (+9.7%). That is faster than the 3.5% projected for all occupations.
About 65,600 openings a year are projected on average, counting both new positions and positions vacated by workers who retire or switch occupations. Relative to today's employment that is 7.5% a year, against 10.3% for all occupations. BLS lists a national median annual wage of $166,570, compared with $50,980 for all occupations.
Where Financial Managers earn the most
Across the 23 states with published data, the employment-weighted average of local median wages for this occupation ranges from $141,161 in Arizona to $213,114 in New York, a gap of $71,953 (1.51 times). 11 of those 23 states average above the BLS national median of $166,570 and 12 average at or below it.
New Jersey employs the most people in this occupation among the states covered, 112,980, which is 11.9% of the 948,000 counted across them. New York follows with 102,430.
Highest-paying states
New York ($213,114), New Jersey ($210,073) and New Hampshire ($201,729) lead the ranking, while Arizona ($141,161) and Michigan ($146,369) are at the bottom. The table below lists every state with a link to its county-level detail.
Financial Managers: pay against the cost of living
We compare 30 labor markets, each represented by its most populous county. After federal, Social Security, Medicare and state taxes and the four basics (a one-bedroom rental, food, home energy and gasoline), the largest yearly margin is in Rockingham County, NH (Boston-Cambridge-Newton, MA-NH) at $127,095. The smallest margin is $80,140 in Los Angeles County, CA.
The median wage for this occupation covers all four basics in 30 of the 30 markets. A one-bedroom apartment takes between 9.7% and 24.3% of take-home pay, depending on the market.
Occupations related to Financial Managers
Other occupations in the same SOC minor group (11-3000) include Computer and Information Systems Managers, Human Resources Managers, Industrial Production Managers and Administrative Services Managers.
Frequently asked questions about Financial Managers
What is the national median wage for Financial Managers?
BLS lists a national median annual wage of $166,570. Across the states covered here the average local median ranges from $141,161 to $213,114.
Which state pays Financial Managers the most?
New York, with an employment-weighted average local median wage of $213,114. New Jersey is next at $210,073.
What is the job outlook for Financial Managers?
BLS projects employment to grow by 9.7% between 2025 and 2035, compared with 3.5% for all occupations, with about 65,600 openings a year.
What education do Financial Managers need?
The typical entry-level education is bachelor's degree, with work experience in a related occupation of 5 years or more, according to BLS.
Where can Financial Managers afford to live best?
Among the markets covered, Rockingham County, NH leaves the largest yearly margin after taxes, rent, food, energy and gasoline: $127,095 on a median wage of $209,780.