Finance and Insurance Employment and Wages in 2022

In 2022, the Finance and Insurance industry employed over 6.2 million people in the United States, reflecting an increase of 2.4% from 2021. The annual mean wage in 2022 was $88,270, and the median wage was $63,270. Compared to the national average, the wages in this industry group were higher by 42.6%.

Industry Sub-Groups

Among the industry sub-groups, Credit Intermediation and Related Activities (5221 And 5223 only) held the largest number of jobs within the Finance and Insurance industry, employing over 2 million people in 2022. The annual mean wage in this sub-group was $75,760, with a median wage of $56,050. There was an increase in wage variance to the national average compared to 2021, with the variance shifting from 21.5% to 22.4%, indicating industry wages outpaced national wage trends.

Agencies, Brokerages, and Other Insurance Related Activities accounted for a substantial employment share, with 1.3 million people employed in 2022. The annual mean wage for this sub-group was $76,940, and the median wage was $59,220. In terms of wage variance to the national average, there was an increase compared to 2021, with the variance shifting from 22.2% to 24.3%.

The sub-group of Insurance Carriers also had considerable industry employment, with approximately 1.2 million people employed in 2022. The annual mean wage in this sub-group was $87,180 and the median wage was $74,080. The wage variance to the national average experienced a decrease compared to 2021, with the variance shifting from 41.6% to 40.8%.

Highest Employment Occupations

When we examine the top occupations in terms of employment within the Finance and Insurance industry, we find that Financial Managers had the highest annual mean wage in 2022, at $172,820, and a median wage of $139,980. The industry variance to the national average was 4.1%. General and Operations Managers had an annual mean wage of $162,350 and a median wage of $129,070. The industry variance to the national average was 32.1%. Personal Financial Advisors had an annual mean wage of $139,450 and a median wage of $96,440. The industry variance to the national average was 1.2%.

Conversely, notable occupations with lower wages within the Finance and Insurance industry included Tellers, with an annual mean wage of $36,810 and a median wage of $36,380. The industry variance to the national average was 0%. Customer Service Representatives had an annual mean wage of $45,380 and a median wage of $43,800. The industry variance to the national average was 10.2%. Loan Interviewers and Clerks had an annual mean wage of $46,580 and a median wage of $46,430. The industry variance to the national average was -0.3%.

Summary

The Finance and Insurance industry employed over 6.2 million people in the United States in 2022, experiencing a 2.4% increase from the previous year. With an annual mean wage of $88,270 and a median wage of $63,270, wages in this industry group exceeded the national average by 42.6%. Overall, the Finance and Insurance industry demonstrated growth, higher wages, and significant employment contributions.

For more detailed industry insights, consider purchasing Aimiax’s 2022 Finance and Insurance Industry Report.