Finance

Some of the highest employment rates aligned with demand occupations include the 82 percent employment share for completers of the building/property maintenance certificate; the administrative assistant and secretarial science, general certificate program (72 percent) and associate degree program (69percent); and the customer service management certificate program with an 83 percent employment rate and average salary of more than $52,400.

Other programs with employment greater than 70 percent were the medical office assistant/specialist certificate program; medical insurance coding; and the health information/medical records administration post bachelor’s certificate program. The medical records master’s degree program had lower placement but an average salary of more than $63,000.

In the more mathematically technical areas, the management science post bachelor’s certificate completers experienced a placement rate of 69 percent and an average salary of $74,130; the business statistics master’s degree completers had an employment rate of 55 percent and average salary of $75,851.

The lower placement rates in some of the managerial programs may be due to wage and employment data only being available for program completers who were employed in Tennessee; data on employment in other states were not available.

Finance Occupations

Tennessee’s finance and insurance sector42 has experienced some of the largest growth in the nation in the last few years. The industry’s employment grew by 11 percent or 11,400 net new jobs over the last five years (2016-2021). Tennessee‘s finance sector ranks 8th highest among all states by rate of job growth over this period. 43 The sector’s growth is evidenced by companies such as Alliance Bernstein and Ernst & Young who have established major new operations in Tennessee within recent years.

Accountants and auditors are in-demand across all of Tennessee’s regions. These positions typically require a bachelor’s degree or higher. Nearly 500 of the online job postings for accountants include seeking a candidate with an American Institute of CPAs (AICPA) certification.44

Financial managers are in-demand in a majority of Tennessee’s regions, and typically make over $100,000 in Tennessee. Financial managers make up 8 percent of the total annual projected job openings in management occupations. Industries in which they typically work include accounting, tax preparation, bookkeeping and payroll services; headquarters

42 North American Industry Classification System (NAICS) - 52 Finance and Insurance 43 TNECD evaluation of employment data from EMSI (2021.4 QCEW employees) 44 Jobs4TN.gov, Occupation Data, Occupation Summary

operations; or nondepository credit intermediation. Many of the online job postings are looking for candidates with an American Institute of CPAs (AICPA) certification.45

Market research analysts and marketing specialists primarily work in the following industries: management, scientific, and technical consulting services; headquarters operations; computer systems design and related services; agencies, brokerages, and other insurance related activities; and insurance carriers. Approximately 70 percent of the current online job postings for market research analysts and marketing specialists require a bachelor’s or master’s degree. Companies like FedEx, HCA Healthcare, and Eastman Chemical are all looking for market research analyst and marketing specialist candidates. Job skills that candidates need for this occupation include customer service, problem solving, attention to detail, organizational skills, and data analytics.46

Buyers and purchasing agents are responsible for buying merchandise or commodities and include wholesale and retail buyers as well as buyers of agricultural products. Dollar General and Volkswagen Group of America currently have online job postings for wholesale and retail buyers.47 Farm product buyers and purchasing agents include tree farm contractors, grain buyers, and tobacco buyers. Tobacco products account for 20 percent of the values of food- and fiber-related manufacturing shipments in Tennessee.48

Insurance sales agents sell life, property, casualty, health, automotive, or other types of insurance. This occupation is typically employed by agencies, brokerages, and other insurance related activities or insurance carriers. Insurance sales agents are in-demand in nearly all regions of Tennessee.

SOC Code Occupation In-Demand

TN # Total Regions Key to TNECD Industry Sectors STEM Typical Entry Level

Education

11-3031 Financial Managers 6 * Bachelor's degree 13-1020 Buyers and Purchasing Agents X 9 * Bachelor’s degree

13-1031

13-1161

Claims Adjusters, Examiners, and Investigators Market Research Analysts and Marketing Specialists 13-2011 Accountants and Auditors

13-2052 Personal Financial Advisors 5 HS diploma or equivalent

X 9 * Bachelor's degree

X 9 * Bachelor’s degree

X 6 Bachelor’s degree

13-2082 Tax Preparers X 5 * HS diploma or equivalent

45 Jobs4TN.gov, Occupation Data, Occupation Summary 46 Jobs4TN.gov, Occupation Data, Occupation Summary 47 Jobs4TN.gov, Occupation Data, Occupation Summary 48 An Economic Report to the Governor of Tennessee, 2022

SOC Code Occupation

13-2072 Loan Officers

13-2098

Financial and Investment Analysts, Financial Risk Specialists, and Financial Specialists, All Other 41-3021 Insurance Sales Agents

In-Demand

TN # Total Regions Key to TNECD Industry Sectors STEM Typical Entry Level

Education

3 * Bachelor's degree

4 * Bachelor's degree

X 8 HS diploma or equivalent

The University of Tennessee System and Locally Governed Institutions provide programs in accounting, business, agricultural business, resources, finance, and general economics that feed into in-demand occupations in the banking and finance fields. Apart from accounting, these programs tend to be smaller than others, generating 195 postsecondary credentials in 2019-20, and these programs start at the bachelor’s degree level. University of Tennessee, Knoxville offers the widest variety of programs in this field. These programs tend to focus on the systematic study and application of the production, conservation, and allocation of resources in conditions of scarcity, together with organizational frameworks related to these processes. These programs might include instruction in economic theory, micro- and macroeconomics, comparative economic systems, money and banking systems, agricultural economics, international economics, quantitative analytical methods, and applications to specific industries and public policy issues.

Finance Programs

Postsecondary Finance Degrees, 2019-20

CIP Code Program Title Educ. Award Level Number of Grads % Employed in TN Est. First Year Annual Wages

45.0601 Economics, General 52.0301 Accounting 52.0301 Accounting

52.0302

52.0302

52.0302

Accounting Technology/Technician and Bookkeeping Accounting Technology/Technician and Bookkeeping Accounting Technology/Technician and Bookkeeping 52.0304 Accounting and Finance

52.0601 Business/Managerial Economics 52.0601 Business/Managerial Economics 01.0103 Agricultural Economics BA 74 35% $35,308 BA 560 62% $38,345 MA 268 68% $57,103

C<1YR 37 70% $38,643

C1-2YR 24 63% $31,337

AA 20 55% $39,134

BA 13 624% $32,601

BA 100 52% $27,983 D 11 18% $32,227 MA 10 40% $31,076