According to the US Bureau of Labor Statistics, finance and insurance managers are responsible for the financial health of the agency. They specifically produce qualified financial reports, direct investment activities, review actuary tables and develop long term goals for their respective firms. The average mean salary for an individual in this position is $103,910.
Finance and Insurance managers need to have a bachelor’s degree and a minimum of 5 years experience in the finance, insurance or some related industry. Related experience could be as an accountant, auditor, securities sales agent, or financial analyst. Employment opportunities for finance and insurance managers are expected to grow by 9% during the period of 2010-2020.
This projection is slower than average across all occupations. Competition is expected to be stiff, as with many occupations during this period there will be more qualified applicants than available position. As a result, candidates with advanced degrees and 5 or more years of practice and experience within the financial industry will have the best opportunities open to them.
The finance and insurance manager offers insurance options to prospective clients through established relationships with lenders and insurance providers. They are responsible for explaining the details of the options to their clients and recommending offerings that will meet the needs of their clients. The finance and insurance manager is responsible or negotiating contract terms, offerings and rates to meet the goals of the organization.
This management position is particularly focused on ensuring that applications and paperwork are completed correctly and in an efficient manner. The successful candidate will be familiar with a vast variety of field practiced policies and procedures. This individual needs to be competent and comfortable relying on experience and judgment to plan and accomplish financial goals.
A finance and insurance manager will be performing multiple tasks simultaneously while meeting the needs and demands of their client base. The extended requirements of this position are that the manager will be responsible for leading and directing the work of others. A wide degree of creativity and latitude of independent thought is expected. The finance and insurance manager typically reports to the head of the department or unit within the firm or agency.
Financial and Insurance managers are charged with maintaining the utmost in moral and upholding the highest in ethical standards. The accomplished individual will continuously seek out new lending institution and maintain good working relationships to secure competitive insurance rates and finance options. This individual must comply with and understand federal, state and local regulations that affect the products that they manage.