Banking & related activities

Industry Group

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Workforce Population

1.99M

2020

Average Employee Age

2020

Estimated Job Growth

1.03%

10-Year Projection

Average Salary

$82,870

2020

Average Male Salary

$115,068

2020

Average Female Salary

$61,299

2020

About

The top three occupations in the Banking & related activities Industry Group are financial managers, tellers, and credit counselors & loan officers. On average, full-time employees in the Banking & related activities Industry Group work 42.8 hours per week and have an average annual salary of $87,351. Part-time employees in the same industry work 23.3 hours and earn an average annual salary of $25,682.

The locations with the highest concentration of employees in the Banking & related activities Industry Group are Charlotte City (South) PUMA, NC, Huntersville, Cornelius & Davidson Towns PUMA, NC, and Newark City & Brookside PUMA, DE.

The workforce of Banking & related activities Industry Group in 2020 was 1,994,495 people, with 59.9% woman, and 40.1% men.

In 2020, 72.7% of the workforce in the Banking & related activities Industry Group was White (1,450,647 people), of which 59.3% were women and 40.7% men.

Photo by Alan Levine

Finance & Insurance Finance & Insurance, and Real Estate, Rental & Leasing

Employment & Salaries

A snapshot of workforce, wages, and opportunities in the Banking & related activities Industry Group.

The workforce in Banking & related activities Industry Group was 1,994,495 people and is concentrated in Texas (164,556 workers). The average annual salary was $82,870, being $26,917 more than the national average salary, which was $55,954.

Monthly Employment

Showing data for the Financial Activities industry sector.

Start Year

Y-Axis

1.64%

Year-over-year growth

Employment change between February 2022 and February 2023

As of February 2023, there are 9.01M people employed in the Financial Activities industry. This represents a 1.64% increase in employment when compared to February 2022.

This chart shows monthly employment numbers for Financial Activities over time (non-seasonally adjusted).

Employment by Location

The states that concentrated the largest workforce in 2020 were Texas (165k), California (163k), and New York (158k).

This map shows the states in the United States shaded by workforce for Banking & related activities Industry Group.

Yearly Wage Ranking

In 2020, Banking & related activities Industry Group had an average annual wage of $82,870, $26,917 more than the average national salary of $55,954.

The graph shows the position of Banking & related activities Industry Group in the ranking of industries by average annual wage.

Wage Distribution

0.455

WAGE GINI

Banking & related activities has a wage GINI of 0.455, which is less than than the national average of 0.478. In other words, wages are distributed more evenly in Banking & related activities (shown in red) in comparison to the national average for those wage buckets (shown in gray).

The graphic shows the distribution of average salaries by buckets for Banking & related activities Industry Group workers compared to the entire workforce in the country.

Occupations

A review of jobs and wages in the Banking & related activities Industry Group.

Financial managers are the most common position with 458,965 workers, but the Banking & related activities Industry Group employs a relatively high number of Tellers and Credit counselors & loan officers.

The highest average salary in Banking & related activities goes to Economists.

Occupations Distribution

The graph shows the distribution of employees in the Banking & related activities Industry Group according to occupations. In 2020, the occupations that concentrated the largest number of employees in this industry were financial managers (458,965 people), tellers (250,706 people), and credit counselors & loan officers (133,250 people)

Wage by Sex in Common Jobs

$115,068

AVERAGE MALE SALARY

±$3,223

$61,299

AVERAGE FEMALE SALARY

±$1,399

On average, Male workers in the Banking & related activities Industry Group make 1.88 times more than their Female counterparts. This chart shows the sex-based wage disparity in the 5 most common occupations in the Banking & related activities Industry Group.

Business

Estimates of the sources of the costs and the purchasers of the products in the Banking & related activities Industry Group. Based on estimates from the Bureau of Economic Analysis, this section indicates the amount of money spent by a specific industry in other industries.

The industrial flow illustrates the intermediate inputs and the use of outputs of the Banking & related activities Industry Group.

The Banking & related activities Industry Group gets the most input, by its share of the cost of all intermediate inputs, from the Finance, insurance, real estate, rental, and leasing Industry.

California and Texas stand out as the states with the largest number of establishments in the Banking & related activities Industry Group.

Industrial Flow

The closest comparable data for Banking & related activities is from Finance & Insurance, and Real Estate, Rental & Leasing.

Finance, insurance, real estate, rental, and leasing has the highest single input, by dollars, to the Banking & related activities Industry Group, and the largest industry purchasing services from the Banking & related activities Industry Group is Finance, insurance, real estate, rental, and leasing.

In this flow diagram, all of the industries listed to the left are those places from which the highlighted industry has made purchases. They are the intermediate inputs to the highlighted industry. All those industries listed on the right side are those industries that have made purchases from the highlighted industry. They are the use of outputs of the highlighted industry. The visualizations below offer alternative ways to see and understand this data.

Intermediate Inputs

The closest comparable data for Banking & related activities is from Finance & Insurance, and Real Estate, Rental & Leasing.

HIGHEST INPUT INDUSTRY

The Banking & related activities Industry Group gets the most input, by its share of the cost of all intermediate inputs, from the Finance, insurance, real estate, rental, and leasing Industry. This visualization does not include labor and capital costs.

Use of Output by Other Industries

The closest comparable data for Banking & related activities is from Finance & Insurance, and Real Estate, Rental & Leasing.

LARGEST PURCHASING INDUSTRY

The Finance, insurance, real estate, rental, and leasing Industry purchases the greatest share of products and services from the Banking & related activities Industry Group in order to produce other goods and services. Purchases of the Banking & related activities Industry Group for final consumption by consumers, businesses, or government are not included here.

Establishments

States with more establishments in 2016

California
102,550
Texas
81,298
Florida
65,430

The charts shows the distribution of establishments in the Banking & related activities industry by states and the number of establishments according to size.

Diversity

Demographic information on the Banking & related activities Industry Group in the US.

Of the total workforce, 59.9% corresponds to women and 40.1% men. Male employees tend to earn more than Female employees, with average respective salaries of $115,068 and $61,299.

75% of workers have a bachelors degree, some college or high school or equivalent.

Gender and Age

1,194,332

Women

59.9%

800,163

Men

40.1%

The workforce of Banking & related activities industry in 2020 was 1,994,495 people, with 59.9% woman, and 40.1% men.

The visualization shows the distribution of the workforce by gender and age in Banking & related activities industry.

Races

In 2020, 72.7% of the workforce in the Banking & related activities industry was White (1,450,647 people), of which 59.3% were women and 40.7% men.

Other races that concentrated a significant number of workers were Black and Asian.

Educational Levels

The main educational levels achieved by the Banking & related activities workers in 2020 were bachelors degree (704,151 people), some college (473,033 people), and high school or equivalent (317,756 people).

The chart shows the Banking & related activities workforce by gender and educational level.

Projections

Growth projections of the Finance and Insurance industry, both by number of employees and output, from the Bureau of Labor and Statistics. The national workforce is projected to grow 7.66% in the next ten years. The Finance and Insurance industry has a lower projected workforce growth at 1.03%. Its projected 10-year growth in output (15.2%) is lower than the projected national growth in output (24.2%).

Job Growth

For growth projections, the closest comparable industry reported by the Bureau of Labor Statistics is Finance and Insurance.

1.03%

Estimated Job Growth

10-year Projection

7.66%

National Growth

10-year Projection

This line chart shows the projected 10-year growth in the number of jobs for Finance and Insurance. This industry is expected to grow less than than 7.66%, the average rate of national job growth.