October 2015 Finance & Insurance INDUSTRY PROFILE for Arapahoe & Douglas Counties Colorado WIOA Central Planning Region
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 2013. 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 (www.coloradobankers.org) 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
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 $84,647 2.03 Denver County, CO 26,775 $103,743 1.31 Jefferson County, CO 8,723 $60,901 0.85 Douglas County, CO 7,863 $87,375 1.54 Adams County, CO 3,356 $47,872 0.40 Broomfield County, CO 1,084 $82,274 0.70 Elbert County, CO 104 $49,408 0.55 Park County, CO 37 $58,397 0.29 Clear Creek County, CO 28 $41,478 0.18 Gilpin County, CO 16 $46,989 0.08 Source: QCEW Employees, Non-QCEW Employees, Self-Employed & Extended Proprietors - EMSI 2014.2 Class of Worker 2
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 41-3031 Securities, Commodities & Financial Services Sales Agents 6,234 262 19 0.07 $22.98 $14.06 $17.19 $34.42 $40.96 $74.85 13-2011 Accountants & Auditors 23,818 1,196 176 0.15 $34.22 $20.77 $25.94 $37.14 $44.75 $56.69 13-2052 Personal Financial Advisors 3,040 181 51 0.28 $36.62 $22.97 $30.25 $45.89 $49.88 $78.59 41-3021 Insurance Sales Agents 8,525 391 118 0.30 $21.57 $10.97 $14.38 $26.45 $30.51 $47.13 11-3031 Financial Managers 4,308 211 97 0.46 $65.79 $40.28 $52.20 $73.20 $87.59 $137.57 43-6014 Secretaries & Admin Assistants, Except Legal, Medical & Executive 35,263 1,100 555 0.50 $18.08 $11.62 $14.39 $18.50 $22.47 $26.77 13-1031 Claims Adjusters, Examiners & Investigators 2,960 96 53 0.55 $31.52 $20.72 $25.62 $32.28 $38.70 $45.55 15-1132 Software Developers, Applications 14,687 509 319 0.63 $47.84 $30.87 $38.30 $48.62 $58.44 $70.13 43-9041 Insurance Claims & Policy Processing Clerks 1,332 74 50 0.68 $21.07 $15.94 $17.78 $21.93 $24.77 $28.99 13-1199 Business Operations Specialists, All Other 27,001 674 666 0.99 $35.58 $19.04 $25.61 $37.94 $46.71 $60.44 43-4131 Loan Interviewers & Clerks 2,472 68 71 1.04 $21.83 $14.80 $18.66 $21.94 $24.63 $29.34 43-3071 Tellers 3,641 241 305 1.27 $13.29 $10.37 $11.41 $13.68 $15.27 $18.05 13-2051 Financial Analysts 3,039 199 266 1.34 $35.97 $25.10 $30.35 $49.48 $55.47 $89.46 43-1011 First-Line Supervisors of Office & Admin Assistant Support Workers 12,812 619 926 1.50 $27.35 $16.06 $21.35 $28.88 $34.88 $43.85 11-1021 General & Operations Managers 23,737 909 1,373 1.51 $54.53 $25.68 $36.52 $65.01 $85.27 $123.20 13-2072 Loan Officers 3,503 132 209 1.58 $33.57 $11.38 $22.37 $37.48 $45.90 $67.38 43-3031 Bookkeeping, Accounting & Auditing Clerks 17,688 515 919 1.78 $18.68 $12.09 $14.81 $19.48 $23.28 $28.18 43-9061 Office Clerks, General 20,508 909 1,995 2.19 $16.63 $10.00 $12.76 $18.00 $22.26 $28.35 43-4051 Customer Service Representatives 27,264 1,540 5,649 3.67 $16.10 $11.21 $13.30 $17.16 $20.19 $24.56 43-6011 Executive Secretaries & Executive Admin Assistants 7,289 181 1,344 7.43 $25.83 $19.10 $21.56 $26.53 $30.32 $36.08 Source: QCEW Employees, Non-QCEW Employees, Self-Employed & Extended Proprietors - EMSI 2014.2 Class of Worker 4
Industry Growth This table shows projected yearly job growth through 2020. 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 2015 105 28,849 16,998 30,106 46 76,104 2016 92 29,063 17,669 30,487 34 77,345 2017 82 29,347 18,254 30,860 27 78,570 2018 74 29,680 18,777 31,227 22 79,780 2019 68 30,050 19,255 31,590 21 80,984 2020 67 30,498 19,614 31,944 22 82,145 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 0.59 1.15 1.80 1.17 0.90 - Payrolled Business Locations 2 1,867 1,626 2,399 20 5,914 Source: QCEW Employees, Non-QCEW Employees, Self-Employed & Extended Proprietors - EMSI 2014.2 Class of Worker
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 442 197 0.45 Securities, Commodities & Financial Services Sales Agents Hires Per Listing 453 216 0.48 Financial Analysts 192 117 0.61 Software Developers, Applications 996 634 0.64 Tellers 182 132 0.73 Loan Officers 189 149 0.79 First-Line Supervisors of Office & Admin Support 799 677 0.85 Claims Adjusters, Examiners & Investigators 92 115 1.25 Personal Financial Advisors 72 99 1.38 Loan Interviewers & Clerks 77 118 1.53 Customer Service Representatives 1,006 1,592 1.58 Accountants & Auditors 725 1,254 1.73 Executive Secretaries & Executive Administrative Assistants Avg Monthly Postings Avg Monthly Hires 223 391 1.75 Insurance Sales Agents 184 344 1.87 Bookkeeping, Accounting & Auditing Clerks 355 1,049 2.95 General & Operations Managers 458 1,415 3.09 Insurance Claims & Policy Processing Clerks 17 56 3.29 Business Operations Specialists, All Other 315 1,255 3.98 Secretaries & Administrative Assistants, Except Legal, Medical & Executive 350 2,055 5.87 Office Clerks, General 118 1,331 11.28 6
Top Top Currently Listed in the Metro Denver, Last 120 Days Sales Agents, Financial Services 41303102 550 Prior Year 670 Tellers 43307100 535 Prior Year 598 Financial Managers, Branch or Department 11303102 329 Prior Year 347 First-Line Supervisors of Office & Administrative Support Workers 43101100 268 Prior Year 261 Management Analysts 13111100 257 Prior Year 152 Loan Officers 13207200 244 Prior Year 250 Computer Systems Analyst 15112100 218 Prior Year 152 Marketing Managers 11202100 199 Prior Year 109 Insurance Sales Agents 41302100 196 Prior Year 326 Customer Service Representatives 43405100 176 Prior Year 196 Registered Nurses 29114100 169 Prior Year 185 Medical & Health Services Managers 11911100 168 Prior Year 46 Software Developers, Applications 15113200 159 Prior Year 114 Information Technology Project Managers 15119909 152 Prior Year 132 Computer User Support Specialists 15115100 106 Prior Year 95 Managers, All Other 11919900 105 Prior Year 65 Computer & Information Systems Managers 11302100 99 Prior Year 82 Accountants 13201101 98 Prior Year 81 Auditors 13201102 98 Prior Year 78 Insurance Adjusters, Examiners & Investigators 13103102 94 Prior Year 95 Source: Wanted Analytics
Staffing Patterns This table shows projected yearly job growth through 2020. 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: 41-3021 2015 : 8,427 2020 : 9,132 Change: 705 %of Industry: 11.1% Earnings: $21.57 Customer Service Representatives SOC Code: 43-4051 2015 : 5,628 2020 : 6,097 Change: 469 %of Industry: 7.4% Earnings: $16.10 Tellers SOC Code: 43-3071 2015 : 3,575 2020 : 3,867 Change: 292 %of Industry: 4.7% Earnings: $13.29 Secretaries & Admin Assistants, Except Legal, Medial & Executive SOC Code: 43-6014 2015 : 2,558 2020 : 2,888 Change: 330 %Change: 13% %of Industry: 3.4% Earnings: $18.08 Business Operations Specialists, All Other SOC Code: 13-1199 2015 : 2,393 2020 : 2,477 Change: 84 %Change: 4% %of Industry: 3.1% Earnings: $35.58 First-Line Supervisors of Non-Retail Sales Workers SOC Code: 41-1012 2015 : 2,270 2020 : 2,460 Change: 190 %of Industry: 3.0% Earnings: $27.35 Claims Adjusters, Examiners & Investigators SOC Code: 13-1031 2015 : 2,270 2020 : 2,231 Change: 51 %Change: 2% %of Industry: 3.0% Earnings: $31.52 Loan Interviewers & Clerks SOC Code: 43-4131 2015 : 2,090 2020 : 2,239 Change: 149 %Change: 7% %of Industry: 2.7% Earnings: $21.83 Bookkeeping, Accounting & Auditing Clerks SOC Code: 43-3031 2015 : 1,341 2020 : 1,465 Change: 124 %Change: 9% %of Industry: 1.8% Earnings: $18.68 Office Clerks, General SOC Code: 43-9061 2015 : 1,165 2020 : 1,302 Change: 137 %Change: 12% %of Industry: 1.5% Earnings: $16.63 Executive Secretaries & Executive Admin Assistants SOC Code: 43-6011 2015 : 971 2020 : 1,029 Change: 58 %Change: 6% %of Industry: 1.3% 2013 Earnings: $25.83 Insurance Claims & Policy Processing Clerks SOC Code: 43-9041 2015 : 1,226 2020 : 1,363 Change: 137 %Change: 11% %of Industry: 1.6% Earnings: $21.07 Bachelor s Degree Securities, Commodities & Financial Services Sales Agents SOC Code: 41-3031 2015 : 5,875 2020 : 6,287 Change: 412 %Change: 7% %of Industry: 7.7% Earnings: $22.98 Loan Officers SOC Code: 13-2072 2015 : 3,089 2020 : 3,296 Change: 207 %Change: 7% %of Industry: 4.1% Earnings: $33.57 Personal Financial Advisors SOC Code: 13-2052 2015 : 2,845 2020 : 3,379 Change: 534 %Change: 19% %of Industry: 3.7% Earnings: $36.62 Accountants & Auditors SOC Code: 13-2011 2015 : 2,425 2020 : 2,613 Change: 188 %of Industry: 3.2% Earnings: $34.22 Financial Analysts SOC Code: 13-2051 2015 : 1,575 2020 : 1,838 Change: 263 %Change: 17% %of Industry: 2.1% Earnings: $35.97 General & Operations Managers SOC Code: 11-1021 2015 : 1,518 2020 : 1,660 Change: 142 %Change: 9% %of Industry: 2.0% Earnings: $54.53 Financial Managers SOC Code: 11-3031 2015 : 1,402 2020 : 1,513 Change: 111 %of Industry: 1.8% Earnings: $65.79 Software Developers, Applications SOC Code: 15-1132 2015 : 1,394 2020 : 1,492 Change: 98 %Change: 7% %of Industry: 1.8% Earnings: $47.84 Source: QCEW Employees, Non-QCEW Employees & Self-Employed - EMSI 2015.2 Class of Worker 8
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
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. 14-18 0.2% 19-24 5.1% 25-34 23.6% 35-44 27.2% 45-54 24.4% 55-64 15.8% 65+ 3.7% Source: EMSI Complete Employment Listing This graph shows the week over week volume of listings in Metro Denver 2350 2300 2250 2200 2150 2100 2050 2000 Source: Wanted Analytics 10
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