Finance and Insurance Employment and Wages in 2023

In 2023, the Finance and Insurance industry employed over 6.3 million people in the United States, reflecting an increase of 1.2% from 2022. The annual mean wage in 2023 was $94,150, and the median wage was $68,020. Compared to the national average, the wages in this industry group were higher by 43.8%.

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 2023. The annual mean wage in this sub-group was $81,280, with a median wage of $59,900. There was an increase in wage variance to the national average compared to 2022, with the variance shifting from 22.4% to 24.1%, 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 2023. The annual mean wage for this sub-group was $80,850, and the median wage was $60,880. In terms of wage variance to the national average, there was a decrease compared to 2022, with the variance shifting from 24.3% to 23.5%.

The sub-group of Insurance Carriers also had considerable industry employment, with approximately 1.2 million people employed in 2023. The annual mean wage in this sub-group was $91,850 and the median wage was $77,280. The wage variance to the national average experienced a decrease compared to 2022, with the variance shifting from 40.8% to 40.3%.

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 2023, at $181,330, and a median wage of $158,970. The industry variance to the national average was 3.7%. General and Operations Managers had an annual mean wage of $170,080 and a median wage of $132,700. The industry variance to the national average was 31.5%. Personal Financial Advisors had an annual mean wage of $151,300 and a median wage of $100,210. The industry variance to the national average was 0.4%.

Conversely, notable occupations with lower wages within the Finance and Insurance industry included 0, with an annual mean wage of $0,0 and a median wage of $0,0. The industry variance to the national average was 0%. Tellers had an annual mean wage of $38,830 and a median wage of $37,630. The industry variance to the national average was -0.1%. Customer Service Representatives had an annual mean wage of $47,590 and a median wage of $45,990. The industry variance to the national average was 9.4%.

Summary

In 2023, the Finance and Insurance industry in the U.S. employed over 6.3 million people, reflecting a 1.2% increase from 2022. The annual mean wage was $94,150, and the median wage was $68,020, 43.8% higher than the national average. Credit Intermediation and Related Activities was the largest sub-group, employing over 2 million people with a mean wage of $81,280, showing a slight improvement in wage competitiveness. Agencies and Brokerages employed 1.3 million, with a mean wage of $80,850, while Insurance Carriers employed 1.2 million, offering higher mean wages at $91,850. High-paying roles, such as Financial Managers, earned $181,330, while Personal Financial Advisors earned $151,300. Lower-paying roles, like Tellers and Customer Service Representatives, earned mean wages of $38,830 and $47,590, respectively. Overall, the industry demonstrated steady employment growth, with wages consistently exceeding national averages across most sub-groups and occupations.

For more detailed industry insights, consider purchasing Aimiax’s 2023 Finance and Insurance Industry Report.