Finance and Insurance Employment and Wages in 2024

In 2024, the Finance and Insurance industry employed over 6.2 million people in the United States, reflecting a decrease of 0.3% from 2023. The annual mean wage in 2024 was $98,760, and the median wage was $74,590. Compared to the national average, the wages in this industry group were higher by 45.4%.

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 2024. The annual mean wage in this sub-group was $86,320, with a median wage of $62,380. There was an increase in wage variance to the national average compared to 2023, with the variance shifting from 24.1% to 27.1%, indicating industry wages outpaced national wage trends.

Agencies, Brokerages, and Other Insurance Related Activities accounted for a substantial employment share, with 1.4 million people employed in 2024. The annual mean wage for this sub-group was $82,860, and the median wage was $61,750. In terms of wage variance to the national average, there was a decrease compared to 2023, with the variance shifting from 23.5% to 22%.

The sub-group of Insurance Carriers also had considerable industry employment, with approximately 1.2 million people employed in 2024. The annual mean wage in this sub-group was $96,000 and the median wage was $79,430. The wage variance to the national average experienced an increase compared to 2023, with the variance shifting from 40.3% to 41.3%.

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 2024, at $188,000, and a median wage of $164,940. The industry variance to the national average was 4.2%. General and Operations Managers had an annual mean wage of $176,750 and a median wage of $135,860. The industry variance to the national average was 32.8%. Personal Financial Advisors had an annual mean wage of $163,710 and a median wage of $103,200. The industry variance to the national average was 2.2%.

Conversely, notable occupations with lower wages within the Finance and Insurance industry included Tellers, with an annual mean wage of $40,910 and a median wage of $39,280. The industry variance to the national average was -0.1%. Customer Service Representatives had an annual mean wage of $48,830 and a median wage of $46,660. The industry variance to the national average was 7.6%. Insurance Claims and Policy Processing Clerks had an annual mean wage of $0,0 and a median wage of $0,0. The industry variance to the national average was 0%.

Summary

In 2024, the Finance and Insurance industry employed over 6.2 million people in the United States, representing a slight decline of 0.3% from the previous year. Despite this contraction, the industry remained one of the highest-paying sectors, with an annual mean wage of $98,760 and a median wage of $74,590—both significantly above the national average by 45.4%. The largest employment sub-sector, Credit Intermediation and Related Activities, accounted for over 2 million jobs and saw an increase in wage variance relative to national trends, rising to 27.1%. Insurance Carriers and Agencies, Brokerages, and Other Insurance Related Activities also contributed sizable portions of employment, with steady or rising wage differentials. High-earning roles such as Financial Managers, General and Operations Managers, and Personal Financial Advisors highlighted the sector’s strong compensation levels, while occupations like Tellers and Customer Service Representatives remained more modestly paid. Overall, the industry maintained strong wage competitiveness despite modest job losses, reinforcing its position as a leading source of high-income employment in the U.S. economy.