Insurance Agents and Financial Services (Account Executives)

Occupation (4222) - 2020-Q4

  • 226k, Workforce
  • $5.07k MX, Average monthly salary
  • 39.4, Average age
  • 39.5, Weekly hours worked
  • 5.16, Weekly days worked
  • 2.16%, Workforce with second job
  • 21.2%, Informal Workforce
  • 14.4, Average years of Schooling

About Insurance Agents and Financial Services (Account Executives)

#permalink to section

The workforce of Insurance Agents and Financial Services (Account Executives) during fourth quarter of 2020 was 226k people, whose salary averaged $5.07k MX working around 39.5 hours per week.

The average age of Insurance Agents and Financial Services (Account Executives) was 39.4 years. The workforce was distributed in 45% men with an average salary of $5.64k MX and, 55% women with average salary of $4.6k MX.

The best average salaries received by Insurance Agents and Financial Services (Account Executives) were in Sinaloa ($14.2k MX), Durango ($12.7k MX), and Zacatecas ($10.8k MX) while the workforce was larger in Estado de México (50.8k), Ciudad de México (33k), and Jalisco (18k).

In terms of industries, the best average salaries were in Public Administration ($23.4k MX), Manufacture of Accessories, Electrical Appliances and Equipment Power Generation ($21.4k MX), and Regulation and Promotion of Economic Development ($18.5k MX), while the workforce was concentrated on Depository Credit Intermediation (82.6k), Nondepository Credit Intermediation (48k), and Personal Care Services (2.43k).

67.9% of the total informal workers correspond to women with an average salary of $1.41k MX and 32.1% to men with an average salary of $5.39k MX.

At the level of states, Aguascalientes had the highest percentage of informal workers with 44.4% corresponding to 1.53k from 3.44k workers, while the state with the lowest percentage of informal workers was Nuevo León with a 6.17% corresponding to 869 from 14.1k workers.

Workforce and Salaries Evolution

#permalink to section

  • 226k, Workforce 2020-Q4
  • $5.07k MX, Average monthly salary 2020-Q4

At fourth quarter of 2020, the people who worked as Insurance Agents and Financial Services (Account Executives) were 226k being a 0.16% higher than the third quarter of 2020. (226k) and 0.16% superior than the same period of the previous year (226k).

In the same period, an average salary of $5.07k MX was observed, registering a drop of 14.5%, compared to the third quarter of 2020 ($5.93k MX) and a drop of 14.5% compared to the same period of the previous year ($5.93k MX).

Workforce by State

#permalink to section

Top 1 Workforce 2020-Q4: 50.8k, Estado de México

Greater Increase in Workforce 2019-Q4/ 2020-Q4: 5.16k, Estado de México

Greater Decrease in Workforce 2019-Q4 / 2020-Q4: 4.31k, Veracruz de Ignacio de la Llave

The states with the highest number of Insurance Agents and Financial Services (Account Executives) during the fourth quarter of 2020 were Estado de México (50.8k), Ciudad de México (33k), and Jalisco (18k)

Comparing the fourth quarter of 2019 and the fourth quarter of 2020, the main positive variations occurred in Estado de México and Puebla with an increase of 5.16k (11.3%) and 3.06k (44.3%), respectively. On the other hand, the negative variations were accentuated in Veracruz de Ignacio de la Llave and Ciudad de México with a decrease of 4.31k (45.3%) and 3.56k (9.74%), respectively.

Salaries by State

#permalink to section

Top 1 Average Salary 2020-Q4: $14.2k MX, Sinaloa

Greater Salary Increase 2019-Q4 / 2020-Q4: $7.5k MX, Zacatecas

Greater Salary Decrease 2019-Q4 / 2020-Q4: $17.2k MX, Querétaro

The states with the best average salaries for Insurance Agents and Financial Services (Account Executives) during fourth quarter of 2020 were Sinaloa ($14.2k MX), Durango ($12.7k MX), and Zacatecas ($10.8k MX)

Comparing the fourth quarter of 2019 and the fourth quarter of 2020, the positive salary growth was higher in Zacatecas and Sinaloa with an increase of $7.5k MX (230%) and $5.23k MX (58.3%), respectively. Por otro lado, las variaciones salariales negativas se acentuaron en Querétaro and Baja California Sur with a decrease of $17.2k MX (88.4%) and $9.82k MX (61.1%), respectively.

Average Salary and Workforce by Sex and Age

#permalink to section
info-sign

Average Age 2020-Q4

  • 42.1, Women
  • 36.2, Men

At fourth quarter of 2020, the male workforce in Insurance Agents and Financial Services (Account Executives) represented the 45% of the employed population and women 55%. The male and female workforce was higher in the age group 25 to 34 years (42.8k men and 34.4k women).

The highest average salary was $6.04k MX received by men from 25 to 34 years, while the lowest average salary was $4k MX received by men from 45 to 54 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

#permalink to section
info-sign

Average Schooling in Years (2020-Q4)

  • 14, Women
  • 14.9, Men

During the fourth quarter of 2020, 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 (60.7k men and 55.7k women).

The highest average salary was $6.65k MX received by men with 10 to 12 years of schooling, while the lowest average salary was $3.99k MX received by women with 7 to 9 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

#permalink to section

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

At fourth quarter of 2020, the workforce was higher in Depository Credit Intermediation (58.8%), Nondepository Credit Intermediation (34.2%), and Personal Care Services (1.73%).

In the same period, the best average salaries were received in Public Administration ($23.4k MX), Manufacture of Accessories, Electrical Appliances and Equipment Power Generation ($21.4k MX), and Regulation and Promotion of Economic Development ($18.5k MX).

Labor Informality

#permalink to section

Labor Informality

#permalink to section

Labor Informality 2020-Q4

  • 21.2%, Insurance Agents and Financial Services (Account Executives)
  • 55.6%, Average Informality in Mexico

During the fourth quarter of 2020, the labor informality of Insurance Agents and Financial Services (Account Executives) reached a 21.2%, which implied an increase from 2.15 percentage points compared to the fourth quarter of 2020  (19%) and an increase from 0.75 percentage points compared to the same period of the previous year (20.4%).

The labor informality of this occupation was lower than informality at the country level in 34.4 percentage points during the fourth quarter of 2020.

Labor Informality by State

#permalink to section

Greater Labor Informality: 44.4%, Aguascalientes

Less Labor Informality: 6.17 %, Nuevo León

At fourth quarter of 2020, the states with the highest rate of labor informality in Insurance Agents and Financial Services (Account Executives) were Aguascalientes (44.4%), Guanajuato (35.7%), and Tabasco (34.4%), while the states with the lowest informality rate were Ciudad de México (6.75%), Baja California (6.73%), and Nuevo León (6.17%).

Labor Informality by Age and Education

#permalink to section
Workforce

The workforce of Insurance Agents and Financial Services (Account Executives) during the fourth quarter of 2020 was higher in the age group with 25 to 34 years concentrating 77.2k workers of which 89.5% corresponds to formal employment (69.1k) and 10.5% to informal employment (8.07k).

Regarding the schooling years, the workforce was higher in the range with 16 to 18 years of schooling concentrating 116k workers of which 85.3%  corresponds to formal employment (99.3k) and 14.7% corresponds to informal employment (17.1k).