FINANCE & INSURANCE. October Finance & Insurance INDUSTRY PROFILE. for Arapahoe & Douglas Counties Colorado WIOA Central Planning Region

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1 October 2015 Finance & Insurance INDUSTRY PROFILE for Arapahoe & Douglas Counties Colorado WIOA Central Planning Region

2 Background The nine-county Metro Denver and Northern Colorado region1 is the major financial center between Los Angeles and Chicago. Downtown Denver s financial district along 17th Street is known as the Wall Street of the West. The region is one of the few areas outside of the northeast with a substantial financial services industry in three subclusters: (1) banking and finance, (2) investments, and (3) insurance. The banking and finance subcluster is comprised of transaction-oriented companies including commercial banks and credit unions, lenders, credit agencies, and mortgage bankers. The investments subcluster includes companies involved in securities and commodities trade, real estate investment trusts (REITS), and portfolio management. The insurance subcluster consists of insurance carriers and brokerages. Denver is home to a branch of the Federal Reserve Bank and is the location of one of only six U.S. Mints. The Denver Mint manufactures all denominations of circulating coins, coin dies, the Denver D portion of the annual uncirculated coin sets, and commemorative coins authorized by the U.S. Congress. The Denver Mint stores gold and silver bullion and produced nearly 5.8 billion coins in Circulating coin production at the Denver Mint reached nearly 6 billion in 2014, a record that has not been reached since the Great Recession. A variety of trade associations and service firms support the region s diverse financial services industry base of nearly 13,400 companies and about 94,800 employees. The Colorado Bankers Association is a key industry partner ( representing all Colorado banks and provides government relations, community relations, educational and training services, and bank insurance. The Colorado Association of Mortgage Professionals (www. coamp.org) is another nonprofit trade group representing Colorado s financing professionals specializing in origination of residential and commercial mortgages and offers professional development opportunities and member certification support. The Metro Denver Economic Development Corporation (Metro Denver EDC) formed the Colorado Investment Services Coalition in 2014, which is an advocacy group for Colorado s large employers in financial management and advisory services. The Coalition is working with universities to develop the talent pipeline for the financial services companies expanding in the region, and will provide a public policy voice on issues of common interest. Courtesy of Metro Denver Economic Development Corporation Seventh in employment concentration out of 50 largest metro areas in US #7

3 Employment Concentrations This map show where the highest concentration of employment are in the finance sector, by county, within the metro Denver area. Top Employment Concentrations by County County 2015 Average Worker Earnings National Location Quotient Arapahoe County, CO 28,118 $84, Denver County, CO 26,775 $103, Jefferson County, CO 8,723 $60, Douglas County, CO 7,863 $87, Adams County, CO 3,356 $47, Broomfield County, CO 1,084 $82, Elbert County, CO 104 $49, Park County, CO 37 $58, Clear Creek County, CO 28 $41, Gilpin County, CO 16 $46, Source: QCEW Employees, Non-QCEW Employees, Self-Employed & Extended Proprietors - EMSI Class of Worker 2

4 Competitive Analysis This table shows employment within metro Denver in the top 20 occupations in the sector. Regional wage ranges and the median wage are shown, with yellowed cells indicating where wage offers may have to land to attract and retain qualified candidates based on labor supply (applicants per job opening). SOC Code Description Total Number Employed Annual Openings Available Applicants Applicants Per Job Openings Median 10th Percentile 25th Percentile Average 75th Percentile 90th Percentile Securities, Commodities & Financial Services Sales Agents 6, $22.98 $14.06 $17.19 $34.42 $40.96 $ Accountants & Auditors 23,818 1, $34.22 $20.77 $25.94 $37.14 $44.75 $ Personal Financial Advisors 3, $36.62 $22.97 $30.25 $45.89 $49.88 $ Insurance Sales Agents 8, $21.57 $10.97 $14.38 $26.45 $30.51 $ Financial Managers 4, $65.79 $40.28 $52.20 $73.20 $87.59 $ Secretaries & Admin Assistants, Except Legal, Medical & Executive 35,263 1, $18.08 $11.62 $14.39 $18.50 $22.47 $ Claims Adjusters, Examiners & Investigators 2, $31.52 $20.72 $25.62 $32.28 $38.70 $ Software Developers, Applications 14, $47.84 $30.87 $38.30 $48.62 $58.44 $ Insurance Claims & Policy Processing Clerks 1, $21.07 $15.94 $17.78 $21.93 $24.77 $ Business Operations Specialists, All Other 27, $35.58 $19.04 $25.61 $37.94 $46.71 $ Loan Interviewers & Clerks 2, $21.83 $14.80 $18.66 $21.94 $24.63 $ Tellers 3, $13.29 $10.37 $11.41 $13.68 $15.27 $ Financial Analysts 3, $35.97 $25.10 $30.35 $49.48 $55.47 $ First-Line Supervisors of Office & Admin Assistant Support Workers 12, $27.35 $16.06 $21.35 $28.88 $34.88 $ General & Operations Managers 23, , $54.53 $25.68 $36.52 $65.01 $85.27 $ Loan Officers 3, $33.57 $11.38 $22.37 $37.48 $45.90 $ Bookkeeping, Accounting & Auditing Clerks 17, $18.68 $12.09 $14.81 $19.48 $23.28 $ Office Clerks, General 20, , $16.63 $10.00 $12.76 $18.00 $22.26 $ Customer Service Representatives 27,264 1,540 5, $16.10 $11.21 $13.30 $17.16 $20.19 $ Executive Secretaries & Executive Admin Assistants 7, , $25.83 $19.10 $21.56 $26.53 $30.32 $36.08 Source: QCEW Employees, Non-QCEW Employees, Self-Employed & Extended Proprietors - EMSI Class of Worker 4

5 Industry Growth This table shows projected yearly job growth through The National Location Quotient shows the relative concentration of employment in this industry in the metro Denver area versus the national average. For example, with a Location Quotient of 3.75, you would read, employment is 3.75 times more concentrated in metro Denver than the national average. Monetary Authorities-Central Bank NAICS Code 521 Credit Intermediation & Related Activities NAICS Code 522 Securities, Commodity Contracts & Other Financial Investments & Related Activities NAICS Code 523 Insurance Carriers & Related Activities NAICS Code 524 Funds, Trusts & Other Financial Vehicles NAICS Code 525 Totals ,849 16,998 30, , ,063 17,669 30, , ,347 18,254 30, , ,680 18,777 31, , ,050 19,255 31, , ,498 19,614 31, ,145 Change (38) 1,649 2,616 1,838 (24) 6,041 Annual Growth Rate (7.2%) 1.1% 3.1% 1.2% (10.4%) 1.6% National Location Quotient Payrolled Business Locations 2 1,867 1,626 2, ,914 Source: QCEW Employees, Non-QCEW Employees, Self-Employed & Extended Proprietors - EMSI Class of Worker

6 Hidden Job Market This chart shows the relationship between the number of job listings versus the number of hires for each of the top occupations in the sector. If there are more listings than hires, it means that the job requires specific skills and credentials, and so most openings for that occupation are listed. An example is the intensive care registered nurse. Thus, it is more important for a candidate to have the required skills, credentials and experience than merely being an effective personal networker. If there are more hires than listings, it means that most people in those occupations are finding jobs through networking rather than looking at job listings. These are occupations where people with effective personal networking skills have the edge. Occupations with medium strength of hidden job market require both the necessary skills and credentials, and effective personal networking on the part of the job seeker. Weak Medium Strong Occupation (SOC) Financial Managers Securities, Commodities & Financial Services Sales Agents Hires Per Listing Financial Analysts Software Developers, Applications Tellers Loan Officers First-Line Supervisors of Office & Admin Support Claims Adjusters, Examiners & Investigators Personal Financial Advisors Loan Interviewers & Clerks Customer Service Representatives 1,006 1, Accountants & Auditors 725 1, Executive Secretaries & Executive Administrative Assistants Avg Monthly Postings Avg Monthly Hires Insurance Sales Agents Bookkeeping, Accounting & Auditing Clerks 355 1, General & Operations Managers 458 1, Insurance Claims & Policy Processing Clerks Business Operations Specialists, All Other 315 1, Secretaries & Administrative Assistants, Except Legal, Medical & Executive 350 2, Office Clerks, General 118 1,

7 Top Top Currently Listed in the Metro Denver, Last 120 Days Sales Agents, Financial Services Prior Year 670 Tellers Prior Year 598 Financial Managers, Branch or Department Prior Year 347 First-Line Supervisors of Office & Administrative Support Workers Prior Year 261 Management Analysts Prior Year 152 Loan Officers Prior Year 250 Computer Systems Analyst Prior Year 152 Marketing Managers Prior Year 109 Insurance Sales Agents Prior Year 326 Customer Service Representatives Prior Year 196 Registered Nurses Prior Year 185 Medical & Health Services Managers Prior Year 46 Software Developers, Applications Prior Year 114 Information Technology Project Managers Prior Year 132 Computer User Support Specialists Prior Year 95 Managers, All Other Prior Year 65 Computer & Information Systems Managers Prior Year 82 Accountants Prior Year 81 Auditors Prior Year 78 Insurance Adjusters, Examiners & Investigators Prior Year 95 Source: Wanted Analytics

8 Staffing Patterns This table shows projected yearly job growth through The National Location Quotient shows the relative concentration of employment in this industry in the metro Denver area versus the national average. High School or equivalent Insurance Sales Agents SOC Code: : 8, : 9,132 Change: 705 %of Industry: 11.1% Earnings: $21.57 Customer Service Representatives SOC Code: : 5, : 6,097 Change: 469 %of Industry: 7.4% Earnings: $16.10 Tellers SOC Code: : 3, : 3,867 Change: 292 %of Industry: 4.7% Earnings: $13.29 Secretaries & Admin Assistants, Except Legal, Medial & Executive SOC Code: : 2, : 2,888 Change: 330 %Change: 13% %of Industry: 3.4% Earnings: $18.08 Business Operations Specialists, All Other SOC Code: : 2, : 2,477 Change: 84 %Change: 4% %of Industry: 3.1% Earnings: $35.58 First-Line Supervisors of Non-Retail Sales Workers SOC Code: : 2, : 2,460 Change: 190 %of Industry: 3.0% Earnings: $27.35 Claims Adjusters, Examiners & Investigators SOC Code: : 2, : 2,231 Change: 51 %Change: 2% %of Industry: 3.0% Earnings: $31.52 Loan Interviewers & Clerks SOC Code: : 2, : 2,239 Change: 149 %Change: 7% %of Industry: 2.7% Earnings: $21.83 Bookkeeping, Accounting & Auditing Clerks SOC Code: : 1, : 1,465 Change: 124 %Change: 9% %of Industry: 1.8% Earnings: $18.68 Office Clerks, General SOC Code: : 1, : 1,302 Change: 137 %Change: 12% %of Industry: 1.5% Earnings: $16.63 Executive Secretaries & Executive Admin Assistants SOC Code: : : 1,029 Change: 58 %Change: 6% %of Industry: 1.3% 2013 Earnings: $25.83 Insurance Claims & Policy Processing Clerks SOC Code: : 1, : 1,363 Change: 137 %Change: 11% %of Industry: 1.6% Earnings: $21.07 Bachelor s Degree Securities, Commodities & Financial Services Sales Agents SOC Code: : 5, : 6,287 Change: 412 %Change: 7% %of Industry: 7.7% Earnings: $22.98 Loan Officers SOC Code: : 3, : 3,296 Change: 207 %Change: 7% %of Industry: 4.1% Earnings: $33.57 Personal Financial Advisors SOC Code: : 2, : 3,379 Change: 534 %Change: 19% %of Industry: 3.7% Earnings: $36.62 Accountants & Auditors SOC Code: : 2, : 2,613 Change: 188 %of Industry: 3.2% Earnings: $34.22 Financial Analysts SOC Code: : 1, : 1,838 Change: 263 %Change: 17% %of Industry: 2.1% Earnings: $35.97 General & Operations Managers SOC Code: : 1, : 1,660 Change: 142 %Change: 9% %of Industry: 2.0% Earnings: $54.53 Financial Managers SOC Code: : 1, : 1,513 Change: 111 %of Industry: 1.8% Earnings: $65.79 Software Developers, Applications SOC Code: : 1, : 1,492 Change: 98 %Change: 7% %of Industry: 1.8% Earnings: $47.84 Source: QCEW Employees, Non-QCEW Employees & Self-Employed - EMSI Class of Worker 8

9 Top Ten Below are the top ten skills, certifications, companies and online listing resources in the finance & insurance industry. Skills 1 Structured Query Language (SQL) 2 Multilingual 3 Investment Management 4 Bilingual 5 Quality Assurance (QA) 6 Application Process 7 Software Development 8 User Experience Design (UX) 9 Systems Development Lifecycle (SDLC) 10 Java Companies 1 Anthem, Inc. 2 Wells Fargo 3 Charles Schwab Corporation 4 Kaiser Permanente 5 U.S. Bancorp 6 Great West A 7 Unitedhealth Group 8 Bank of the West 9 Janus Capital Group 10 Aetna Inc. Certifications 1 Nationwide Mortgage Licensing Systems (NMLS) 2 FINRA Series 7 3 State Insurance License 4 FINRA/NASD Series 6 Financial Industry Regulatory Authority 5 (FINRA) 6 Chartered Financial Analyst (CFA) 7 Continued Education (CE) 8 Accredited Purchasing Practitioner (APP) 9 Certified Registered Nurse (RN) 10 Certified Public Accountant (CPA) Online Listing Sources 1 US.jobs 2 JobNetwork 3 CareerArc 4 CareerBuilder 5 LinkedIn 6 Monster 7 TAOnline 8 CareerBoard 9 Employment Guide 10 ZipRecruiter Source: Wanted Analytics

10 Age Bands & Age Bands It is helpful to know the age bands in a sector, because if there is a substantial percentage of people above 55 years old, it means there will be opportunity as retirements happen. Based on Age Distribution, Arapahoe/Douglas Works! has developed a way to measure the age gap in an industry by comparing the number of workers over age 45 to the number under age 34. Age gap is shown both as a percentage and a count % % % % % % % Source: EMSI Complete Employment Listing This graph shows the week over week volume of listings in Metro Denver Source: Wanted Analytics 10

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