Insurance managers: Salary, career path, job outlook, education and more
Insurance managers decide how best to limit a companys losses by obtaining insurance against risks, such as the need to make disability payments for an employee who gets hurt on the job or the costs imposed by a lawsuit against the company.
- Education Required
- A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a masters degree, preferably in business administration, finance, accounting, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.
- Job Outlook
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The projected percent change in employment from 2016 to 2026: 19% (Much faster than average)
(The average growth rate for all occupations is 7 percent.) - Advancement
- Experienced financial managers can advance to become chief financial officers (CFOs). These executives are responsible for the accuracy of an entire companys or organizations financial reporting.
- Licenses/Certifications
- Although professional certification is not required, some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelors degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience. Certified public accountants (CPAs) are licensed by their states board of accountancy and must pass an exam administered by the American Institute of Certified Public Accountants (AICPA).
- Median pay: How much do Financial Managers make?
- $121,750 Annual Salary
- $58.54 per hour
Careers for Financial Managers
- Bank managers
- Banking center managers
- Cash managers
- City comptrollers
- City treasurers
- Controllers
- Controllers, financial
- Credit managers
- Finance officers
- Financial controllers
- Financial directors
- Fiscal managers
- International bank managers
- Residential mortgage managers
- Risk and insurance managers
- Risk managers
- Treasurers