ProceduresGovernment

Insurance Agents and Financial Services (Account Executives)

Occupation (4222) - 2022-Q1

  • 211k, Workforce
  • $6.86k MX, Average monthly salary
  • 39, Average age
  • 42.1, Weekly hours worked
  • 5.12, Weekly days worked
  • 3.22%, Workforce with second job
  • 19.4%, Informal Workforce
  • 14.5, Average years of Schooling

About Insurance Agents and Financial Services (Account Executives)

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The workforce of Insurance Agents and Financial Services (Account Executives) during first quarter of 2022 was 211k people, whose salary averaged $6.86k MX working around 42.1 hours per week.

The average age of Insurance Agents and Financial Services (Account Executives) was 39 years. The workforce was distributed in 53.6% men with an average salary of $6.76k MX and, 46.4% women with average salary of $6.97k MX.

The best average salaries received by Insurance Agents and Financial Services (Account Executives) were in Baja California Sur ($15.4k MX), Chihuahua ($12k MX), and Yucatán ($10.3k MX) while the workforce was larger in Ciudad de México (36.5k), Estado de México (23.4k), and Jalisco (20.3k).

In terms of industries, the best average salaries were in Residential Building Construction ($21.5k MX), Public Administration ($13.7k MX), and Legal Services ($12.5k MX), while the workforce was concentrated on Depository Credit Intermediation (68.2k), Nondepository Credit Intermediation (36.1k), and Business Administration Services (7.37k).

37.1% of the total informal workers correspond to women with an average salary of $5.06k MX and 62.9% to men with an average salary of $5.61k MX.

At the level of states, Zacatecas had the highest percentage of informal workers with 67% corresponding to 578 from 863 workers, while the state with the lowest percentage of informal workers was Baja California Sur with a 3.44% corresponding to 61 from 1.77k workers.

Workforce and Salaries Evolution

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  • 211k, Workforce 2022-Q1
  • $6.86k MX, Average monthly salary 2022-Q1

At first quarter of 2022, the people who worked as Insurance Agents and Financial Services (Account Executives) were 211k being a 3.21% lower than the fourth quarter of 2021. (218k).

In the same period, an average salary of $6.86k MX was observed, registering an increase of 28.5%, compared to the fourth quarter of 2021 ($5.34k MX).

Workforce by State

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The states with the highest number of Insurance Agents and Financial Services (Account Executives) during the first quarter of 2022 were Ciudad de México (36.5k), Estado de México (23.4k), and Jalisco (20.3k)

Comparing the first quarter of 2021 and the first quarter of 2022, the main positive variations occurred in Jalisco and Nuevo León with an increase of 4.54k (28.7%) and 4.39k (35%), respectively. On the other hand, the negative variations were accentuated in Estado de México and Ciudad de México with a decrease of 12.5k (34.8%) and 10.7k (22.6%), respectively.

Salaries by State

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The states with the best average salaries for Insurance Agents and Financial Services (Account Executives) during first quarter of 2022 were Baja California Sur ($15.4k MX), Chihuahua ($12k MX), and Yucatán ($10.3k MX)

Comparing the first quarter of 2021 and the first quarter of 2022, the positive salary growth was higher in Aguascalientes and Colima with an increase of $5.94k MX (179%) and $5.88k MX (199%), respectively. Por otro lado, las variaciones salariales negativas se acentuaron en Tlaxcala and Yucatán with a decrease of $3.98k MX (46.2%) and $3.12k MX (23.2%), respectively.

Average Salary and Workforce by Sex and Age

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Average Age 2022-Q1

  • 37.4, Women
  • 40.3, Men

At first quarter of 2022, the male workforce in Insurance Agents and Financial Services (Account Executives) represented the 53.6% of the employed population and women 46.4%. The male and female workforce was higher in the age group 25 to 34 years (32.7k men and 38.2k women).

The highest average salary was $10.3k MX received by men from 45 to 54 years, while the lowest average salary was $4.61k MX received by men from 15 to 24 years.

* The data regarding salaries have low statistical precision so it should not be used as conclusions.

Average Salary and Workforce by Gender and Schooling Years

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Average Schooling in Years (2022-Q1)

  • 14.6, Women
  • 14.3, Men

During the first quarter of 2022, male and female workforce in Insurance Agents and Financial Services (Account Executives) was concentrated in the educational segment with 16 to 18 years of schooling (52.6k men and 56.6k women).

The highest average salary was $8.47k MX received by men with 16 to 18 years of schooling, while the lowest average salary was $4.35k MX received by men with 10 to 12 years of schooling.

* The data regarding salaries have low statistical precision so it should not be used as conclusions.

Workforce and Salaries Distribution by Industries

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The visualization shows the distribution of Insurance Agents and Financial Services (Account Executives) in different industries and economic sectors.

At first quarter of 2022, the workforce was higher in Depository Credit Intermediation (56.2%), Nondepository Credit Intermediation (29.8%), and Business Administration Services (6.07%).

In the same period, the best average salaries were received in Residential Building Construction ($21.5k MX), Public Administration ($13.7k MX), and Legal Services ($12.5k MX).

Labor Informality

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Labor Informality

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Labor Informality 2022-Q1

  • 19.4%, Insurance Agents and Financial Services (Account Executives)
  • 55.2%, Average Informality in Mexico

During the first quarter of 2022, the labor informality of Insurance Agents and Financial Services (Account Executives) reached a 19.4%, which implied a decrease from 4.11 percentage points compared to the fourth quarter of 2021  (23.5%).

The labor informality of this occupation was lower than informality at the country level in 35.8 percentage points during the first quarter of 2022.

Labor Informality by State

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Greater Labor Informality: 67%, Zacatecas

Less Labor Informality: 3.44 %, Baja California Sur

At first quarter of 2022, the states with the highest rate of labor informality in Insurance Agents and Financial Services (Account Executives) were Zacatecas (67%), Morelos (49.4%), and Michoacán de Ocampo (44.4%).

The states with the lowest informality rate were Oaxaca (6.88%), Sinaloa (4%), and Baja California Sur (3.44%).

Labor Informality by Age and Education

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Workforce

The workforce of Insurance Agents and Financial Services (Account Executives) during the first quarter of 2022 was higher in the age group with 25 to 34 years concentrating 70.9k workers of which 87.4% corresponds to formal employment (62k) and 12.6% to informal employment (8.93k).

Regarding the schooling years, the workforce was higher in the range with 16 to 18 years of schooling concentrating 109k workers of which 80.2%  corresponds to formal employment (87.6k) and 19.8% corresponds to informal employment (21.6k).