Financial managers are below average when it comes to happiness.
At CareerExplorer, we conduct an ongoing survey with millions of people and ask them how satisfied they are with their careers. As it turns out, financial managers rate their career happiness 3.0 out of 5 stars which puts them in the bottom 30% of careers.
To put this into perspective, we compared how happy financial managers are to similar careers in the industry. Take a look at the results below:
Salaries and satisfaction ratings in similar careers
So what does it mean to be happy in your career? Let’s break it down into different dimensions:
Salary: Are financial managers happy with their salary?
Meaning: Do financial managers find their jobs meaningful?
Personality fit: How well suited are people’s personalities to their everyday tasks as financial managers?
Work environment: How enjoyable are financial manager’s work environments?
Skills utilization: Are financial managers making the best use of their abilities?
Are financial managers happy with their salary?
Financial managers rated their satisfaction with their salaries 3.3/5. Few are explicitly unhappy with their salaries, with most financial managers having generally positive views of their salary.
We asked financial managers how fairly compensated they are for their work. Their response was:
3.3 out of 5 stars
656 financial managers
5 Star
16%
16% of financial managers rated their compensation 5 stars
4 Star
33%
33% of financial managers rated their compensation 4 stars
3 Star
25%
25% of financial managers rated their compensation 3 stars
2 Star
17%
17% of financial managers rated their compensation 2 stars
1 Star
9%
9% of financial managers rated their compensation 1 stars
Do financial managers find their jobs meaningful?
On average, financial managers rate the meaningfulness of their work a 2.6/5. While most financial managers aren’t very fulfilled by their work, some people may still manage to find meaning in it.
We asked financial managers how meaningful they found their work. Their response was:
9% of financial managers rated how meaningful they found their career 5 stars
4 Star
15%
15% of financial managers rated how meaningful they found their career 4 stars
3 Star
26%
26% of financial managers rated how meaningful they found their career 3 stars
2 Star
27%
27% of financial managers rated how meaningful they found their career 2 stars
1 Star
23%
23% of financial managers rated how meaningful they found their career 1 stars
How well are people’s personalities suited to everyday tasks as financial managers?
Financial managers rated their personality fit with their work an average of 3.7/5. The majority of financial managers find their personalities quite well suited to their work, with relatively few having complaints about their fit.
We asked financial managers how well their personalities fit into their careers. Their response was:
3.7 out of 5 stars
714 financial managers
5 Star
25%
25% of financial managers rated their career fit 5 stars
4 Star
41%
41% of financial managers rated their career fit 4 stars
21% of financial managers rated their career fit 3 stars
2 Star
9%
9% of financial managers rated their career fit 2 stars
1 Star
4%
4% of financial managers rated their career fit 1 stars
How enjoyable is a financial manager’s work environment?
As a whole, financial managers rated their enjoyment of their work environment 3.4/5. Most of them tend to enjoy, or at least not be actively bothered by, their work environment.
We asked financial managers how much they enjoyed their work environment. Their response was:
3.4 out of 5 stars
718 financial managers
5 Star
16%
16% of financial managers rated their work environment 5 stars
4 Star
34%
34% of financial managers rated their work environment 4 stars
3 Star
30%
30% of financial managers rated their work environment 3 stars
2 Star
12%
12% of financial managers rated their work environment 2 stars
1 Star
8%
8% of financial managers rated their work environment 1 stars
Are financial managers making the best use of their abilities?
Former financial managers on CareerExplorer have rated their skills utilization 3.1/5. Most financial managers are satisfied with how well their abilities are skills are made of use.
We asked financial managers how well their abilities were used in their careers. Their response was:
3.1 out of 5 stars
717 financial managers
5 Star
12%
12% of financial managers rated their how well their skills were utilized in their career 5 stars
4 Star
26%
26% of financial managers rated their how well their skills were utilized in their career 4 stars
3 Star
29%
29% of financial managers rated their how well their skills were utilized in their career 3 stars
2 Star
21%
21% of financial managers rated their how well their skills were utilized in their career 2 stars
1 Star
12%
12% of financial managers rated their how well their skills were utilized in their career 1 stars
As a whole, financial managers rated their enjoyment of their work environment 3.4/5. Most of them tend to enjoy, or at least not be actively bothered by, their work environment.
With a median salary of over $139,000, plenty of opportunities for advancement, average stress levels, and above average work/life balance due to flexible working arrangements, financial managers are some of the most satisfied workers in the U.S.
The role demands meticulous attention to detail, adherence to tight deadlines, and management of complex financial operations, which can be inherently stressful.
Finance degree jobs can provide relatively high pay, stability, opportunities for advancement and consistent demand projections. Careers in finance may also offer flexibility for employees by allowing them to work remotely or in hybrid environments.
The 2021 survey conducted by Fondulas Strategic Research found that: 93% are strongly satisfied with career choice in financial planning, compared to 93% in 2019 and 92% in 2017. 93% are strongly satisfied with their decision to pursue CFP® certification, compared to 92% in 2019 and 91% in 2017.
The average age of male Financial managers in the workforce is 43.9 and of female Financial managers is 44.9, and the most common race/ethnicity for Financial managers is White.
Financial managers score highly on extraversion, meaning that they rely on external stimuli to be happy, such as people or exciting surroundings. They also tend to be high on the measure of conscientiousness, which means that they are methodical, reliable, and generally plan out things in advance.
Managing the financial health of an entire organization comes with a great deal of responsibility. That responsibility can, in turn, cause you a lot of stress. This can be a very fast-paced job, too, which can contribute to work-related stress.
The future for this role in the U.S. looks extremely promising too. Employers expect job openings for financial managers to increase by 16% in the next 10 years. That's much higher than the average 3% for all occupations, as reported by the U.S. Bureau of Labor Statistics.
Financial managers spend much of their time analyzing data and advising senior managers on ways to maximize profits. They often work on teams, acting as advisors to top executives. Financial managers must have knowledge of the topics, tax laws, and regulations that are specific to their organization or industry.
📈 According to a study by the Myers-Briggs Company, introverts make up 56.8% of financial professionals, while extroverts make up 43.2%. This means that there are plenty of introverted financial professionals out there who have achieved success in their field.
Financial careers often involve high barriers to entry, stiff competition among applicants, and a lot of stress. Still, these jobs offer numerous perks, including a challenging work environment, interaction with highly motivated and intelligent colleagues, opportunities for advancement, and excellent pay.
Lack of work ethic. It takes a lot of hard work and discipline to break into a career as a financial advisor. While many are willing to work hard for a period of time, fewer are willing and able to maintain the high-level work ethic required to survive and thrive as a successful advisor.
A typical financial advisor workweek spans a minimum of 40 hours, though some advisors may work more than that. There's no rule, however, dictating that you must work at least 40 hours a week in order to become a financial advisor.
According to the Institute of Certified Financial Planners, planners spend the majority of their time, in descending order, advising clients on the following: investment planning, retirement planning, tax planning, estate planning, and risk management.
How enjoyable is a financial advisor's work environment? As a whole, financial advisors rated their enjoyment of their work environment 3.3/5. Most of them tend to enjoy, or at least not be actively bothered by, their work environment.
Sharing what you know: Being an advisor is an opportunity to share your knowledge and expertise with others. Positive impact on others: You can make a positive impact on your client's lives and helping them to achieve their goals can be extremely gratifying.
Financial managers are responsible for overseeing many complex tasks. You'll have to analyze financial information, tabulate data, and report to your superiors on what you find.
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