California Occupational Guides

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Detailed Guide for

Financial Managers in Santa Clara County

May also be called: Account Managers; Banking Center Managers; Consumer Loan Managers; Finance Directors; Financial Administrators; Fiscal Managers; and Investment Officers

Specialties within this occupation include: Cash Managers; Controllers; Credit Managers; Risk and Insurance Managers; Treasurers and Finance Officers

What Would I Do?

Financial Managers oversee the preparation of financial reports, direct investment activities, and implement cash management policies. They also coordinate the financial transactions of employees in a branch or office that include bank branches, brokerage firms, or credit departments.

Financial Managers respond to executive management requests for financial information including special reports, analyses, and ad hoc requests. They also solve reporting or compliance issues. Financial Managers provide research related to business sectors, financial and expense performance, rate of return, depreciation, working capital, and investment. Managers analyze financial data, market conditions, and operational reports or records. They conduct financial investigations and identify financial risks to the company.

Financial Managers also develop business improvement proposals, lead special business projects, forecast financial data for programs or contracts, and participate in long-range strategic business planning. They also supervise the work of employees to ensure adherence to quality standards, deadlines, and proper procedures. Additional responsibilities include coaching and developing new employees.

Examples of technology used in this occupation include accounting, financial analysis, presentation, and spreadsheet software.

Numerous sub-specialty occupations fall under the title of Financial Manager:

Cash Managers monitor the flow of cash receipts and disbursements to meet the business and investment needs of the firm.

Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position. Examples of these reports include income statements, balance sheets, and analyses of future earnings or expenses. Often, controllers oversee the accounting, audit, and budget departments.

Credit Managers oversee the company's issuance of credit, establish credit rating criteria, and monitor the collections of past-due accounts.

Risk and Insurance Managers administer programs to minimize risks and losses that might arise from financial dealings and business operations.

Treasurers and Finance Officers oversee the investment of funds, manage associated risks, supervise cash management activities, execute capital-raising strategies to support a firm’s expansion, and deal with mergers and acquisitions.

Important Tasks and Related Skills

Each task below is matched to a sample skill required to carry out the task.

View the skill definitions
TaskSkill Used in this Task
Establish and maintain relationships with individual and business customers, and provide assistance with problems these customers may encounter.Service Orientation
Examine, evaluate, and process loan applications.Judgment and Decision Making
Plan, direct, and coordinate the activities of workers in branches, offices, or departments of such establishments as branch banks, brokerage firms, risk and insurance departments, or credit departments.Management of Personnel Resources
Oversee the flow of cash and financial instruments.Mathematics
Recruit staff members and oversee training programs.Administration and Management
Network within communities to find and attract new business.Sales and Marketing
Approve, reject, or coordinate the approval or rejection of lines of credit and commercial, real estate, and personal loans.Complex Problem Solving
Prepare financial and regulatory reports required by laws, regulations, and boards of directors.Economics and Accounting
Establish procedures for custody and control of assets, records, loan collateral, and securities to ensure safekeeping.Critical Thinking
Review collection reports to determine the status of collections and the amounts of outstanding balances.Monitoring
Source: U.S. Department of Labor Occupational Information Network (O*NET)

Working Conditions

Financial Managers work in comfortable climate-controlled offices located close to the offices of the top managers and to the departments that develop financial data. They typically work long hours, often up to 50 or 60 per week. Financial Managers generally are required to attend meetings of financial and economic associations and may travel to visit subsidiary firms or to meet with customers.

Financial Managers are not typically represented by unions.

Will This Job Fit Me?

Financial management occupations will appeal to individuals who enjoy starting up and carrying out projects. These occupations often involve analyzing information and using mathematics and logic to solve work-related problems. In addition, financial occupations sometimes require risk taking and often deal with business issues. Financial Managers should have excellent communication skills as well as self-confidence to explain and promote financial concepts to clients and coworkers.

What Wages and Benefits Can I Expect?

Salary levels vary depending on the type of industry and location. Large organizations often pay higher salaries than small ones. Many Financial Managers are paid bonuses in addition to their regular salary.


The median wage in 2021 for Financial Managers in California was $147,484 annually, or $70.91 hourly. The median wage for Financial Managers in San Benito and Santa Clara Counties was greater than $145,600 annually. The median is the point at which half of the workers earn more and half earn less.

Change to Hourly Wages
Annual Wages for 2021Low
(25th percentile)
(50th percentile)
(75th percentile)
San Benito and Santa Clara Counties$131,151N/AN/A
Source: EDD/LMID Occupational Employment Statistics Survey, 2021 Wages do not reflect self-employment.
View Wages for All Areas


Benefit packages vary widely from company to company. Financial Managers generally receive health and dental insurance, vacation, holidays, sick leave, and pension plans. Deferred compensation in the form of stock options is becoming more common, especially for senior-level executives. Self-employed consultants are responsible for purchasing their own benefits.

What Do Local Employers Say About Benefits?  Of the 16 employers in San Benito and Santa Clara Counties, all provide medical insurance, and almost all provide dental insurance and life insurance and sick leave benefits to Financial Managers who work full-time.

Percent of Employers Who Provide
Specific Benefits by Time Base
Benefit TypeFull-TimePart-Time
Medical Insurance100%0%
Dental Insurance94%0%
Life Insurance88%0%
Sick Leave81%0%
Vision Insurance69%0%
Retirement Plan62%0%
Disability Insurance38%0%
Paid Time Off Bank19%0%
No benefits0%0%
Source: EDD/LMID Local Occupational Information Survey.

Of the 16 employers surveyed who responded in San Benito and Santa Clara Counties, who provides medical benefits, almost all reported that they pay half or more of the cost of medical insurance for full-time, and none reported that they pay half or more of the cost of medical insurance for part-time Financial Managers.

Percent of Employers Who Paid Medical
Insurance by Portion Paid by Time Base
Portion Paid by Employer:Full-TimePart-Time
Half or more44%0%
Less than Half12%0%
Source: EDD/LMID Local Occupational Information Survey.

What is the Job Outlook?

As with other managerial occupations, job seekers are likely to face competition because the number of job openings is expected to be less than the number of applicants. Candidates with expertise in accounting and finance, particularly those with a master’s degree and certification, should enjoy better job prospects.

As banks expand the range of products and services they offer to include insurance and investment products, branch managers with knowledge in these areas will be needed. As a result, candidates who are licensed to sell insurance or securities will have more favorable prospects.

Projections of Employment

In California, the number of Financial Managers is expected to grow much faster than average growth rate for all occupations. Jobs for Financial Managers are expected to increase by 18.6 percent, or 18,500 jobs between 2018 and 2028.

In San Benito and Santa Clara Counties, the number of Financial Managers is expected to grow much faster than average growth rate for all occupations. Jobs for Financial Managers are expected to increase by 18.6 percent, or 1,330 jobs between 2018 and 2028.

Estimated Employment and Projected Growth
Financial Managers
Geographic Area
(Estimated Year-Projected Year)
Total Job
San Benito and Santa Clara Counties
Source: EDD/LMID Projections of Employment by Occupation
View Projected Growth for All Areas

How Do I Qualify?

Education, Training, and Other Requirements

A bachelor's degree in finance, accounting, economics, or business administration is usually the minimum entrance requirement for Financial Managers. However, employers increasingly prefer to hire candidates with a master's degree.


Many employers prefer to hire experienced candidates. Experience may be more important than formal education for some industries such as banking. Banks typically fill branch manager positions by promoting experienced loan officers and other professionals who excel at their jobs. Other Financial Managers may enter the profession through formal management training programs offered by the company.

Early Career Planning

High school preparation courses in mathematics, accounting, computer technology, economics, language arts, general business, marketing, and public speaking are helpful for students interested in financial management occupations.

Work Study Programs

Initial preparation for entry-level financial occupations are available through Regional Occupational Programs (ROP). Classes include banking and financial services, business finance and accounting, and financial planning. To find an ROP program near you, go to the California Association of Regional Occupational Centers and Programs Web site.

Continuing Education

Continuing education is generally required to maintain certification. Also, continuing education helps Financial Managers to keep abreast with the complexities of global trade and legislative changes pertaining to financial products. Qualifying continuing education activities include completion of formal training, or attendance at conferences and seminars.


Certification is voluntary, however, it is valuable in that it broadens skills and enhances employment opportunities. Numerous associations offer professional certification programs. For example, the Association for Financial Professionals awards the Certified Treasury Professional certification to individuals who pass an exam and who have two years of experience in finance or accounting. The Chartered Financial Analyst Institute grants the Chartered Financial Analyst certification to investment professionals possessing a bachelor's degree who successfully pass a series of three examinations. The Institute of Certified Management Accountants confers the Certified Management Accountant designation to members with a bachelor's degree who successfully pass a two-part exam. For more information, go to the U.S. Department of Labor's Career InfoNet Web site and scroll down to "Career Tools." Click on "Certification Finder" and follow the instructions to locate certification programs.

Where Can I Find Training?

There are two ways to search for training information:

  • Search by Field of Study to find what programs are available and what schools offer those programs. You may use keywords such as: Accounting, Banking, Business, Credit, Finance, Insurance, Investment, and Securities.
  • Search by Training Provider to find schools by name, type of school, or location.

Contact the schools you are interested in to learn about the classes available, tuition and fees, and any prerequisite course work.

Where Would I Work?

Approximately five percent of Financial Managers are self-employed nationwide. Generally, this occupation is employed across many industries. The largest industries employing Financial Managers are as follows:

Industry TitlePercent of Total Employment for Occupation in California
Credit Intermediation & Related Activity13.3%
Accounting and Bookkeeping Services10.7%
Management of Companies and Enterprises9.2%
Computer Systems Design and Rel Services5.4%
Financial Investment & Related Activity4.7%
Source: EDD/LMID Staffing Patterns

What Employers Say...

The Employment Development Department surveyed 16 employers in San Benito and Santa Clara Counties which employ 79 Financial Managers. Here's what they had to say:

About Full-Time/Part-Time: All of these firms employ full-time and none employ part-time Financial Managers.

About Work Experience:  Of the 16 employers surveyed in San Benito and Santa Clara Counties, all require new hires to have prior work experience as Financial Managers. In the table below, percentages may not add to 100% since employers may select more than one time period.

How Much Work Experience
Do Employers Require?
More than 5 years 31%
25 to 60 months 38%
13 to 24 months 13%
1 to 12 months 19%
Source: EDD/LMID Local Occupational Information Survey.

About Recruitment:  Of the 16 employers surveyed in San Benito and Santa Clara Counties, many indicate it is moderately difficult to find applicants with experience who meet their minimum hiring requirements, while many indicate it is easy to find applicants without previous experience who meet their minimum hiring requirements to fill vacancies for Financial Managers.

About Hiring:  Of the 16 employers surveyed in San Benito and Santa Clara Counties, all expect the number of Financial Managers they employ to remain stable during the coming year.

Hiring Expectations
Expect Employment to Increase 0%
Expect Employment to Remain Stable 100%
Expect Employment to Decline 0%
Source: EDD/LMID Local Occupational Information Survey.

About Vacancies:  Of the 16 employers surveyed in San Benito and Santa Clara Counties, 38 percent hired Financial Managers during the past year. Of the hiring firms, 100 percent filled existing vacancies, 17 percent filled newly created positions, and none filled temporary assignments.

Finding a Job

Direct application to employers remains one of the most effective job search methods. Jobs may also be found through college placement centers, classified advertisements in local and financial newspapers, trade publications, and Internet job listings. Online job opening systems include JobCentral at and CalJOBSSM at

To find your nearest One-Stop Career Center, go to Service Locator. View the helpful job search tips for more resources. (requires Adobe Reader).

Yellow Page Headings

You can focus your local job search by checking employers listed online or in your local telephone directory. Below are some suggested headings where you might find employers of Financial Managers.

  • Banks
  • Credit and Debt Counseling Services
  • Financial Planners
  • Financial Planning Consultants
  • Financial Services
  • Financing Consultants
  • Insurance Sales Agents
  • Investment Management
  • Investment Securities
  • Investments
  • Stock and Bond Brokers

Find Possible Employers

To locate a list of employers in your area, go to "Find Employers" on the Labor Market Information Web site:

  • Select one of the top industries that employ the occupation. This will give you a list of employers in that industry in your area.
  • Click on "View Filter Selections" to limit your list to specific cities or employer size.
  • Click on an employer for the street address, telephone number, size of business, Web site, etc.
  • Contact the employer for possible employment.

Where Could This Job Lead?

Experienced Financial Managers who display a strong grasp of the operations of various departments within their organization are prime candidates for promotion to top management positions. Some Financial Managers transfer to closely related positions such as financial examiners or insurance sales agents in other industries. Those with extensive experience and access to sufficient funds may start their own consulting firms.

Related Occupations

Below is a list of occupations related to Financial Managers with links to more information.

Accountants and AuditorsGuide
Budget AnalystsProfile
Chief ExecutivesProfile
Financial AnalystsGuide
Financial ExaminersProfile
Insurance Sales AgentsProfile
Personal Financial AdvisorsProfile
Purchasing ManagersProfile
Securities, Commodities, and Financial Services Sales AgentsProfile

Other Sources

These links are provided for your convenience and do not constitute an endorsement by EDD.

For the Career Professional

The following codes are provided to assist counselors, job placement workers, or other career professionals.

SOC - Standard Occupational Classification11-3031
O*NET - Occupational Information Network
   Treasurers and Controllers11-3031.01
   Interest Codes (RIASEC)CEI
   Financial Managers, Branch or Department11-3031.02
   Interest Codes (RIASEC)ECS