Insurance Agents and Financial Services (Account Executives)

Occupation (4222) - 2021-Q2

  • 215k, Workforce
  • $6k MX, Average monthly salary
  • 39.4, Average age
  • 40, Weekly hours worked
  • 5.19, Weekly days worked
  • 3.65%, Workforce with second job
  • 22.5%, Informal Workforce
  • 14.3, 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 second quarter of 2021 was 215k people, whose salary averaged $6k MX working around 40 hours per week.

The average age of Insurance Agents and Financial Services (Account Executives) was 39.4 years. The workforce was distributed in 49% men with an average salary of $6.66k MX and, 51% women with average salary of $5.37k MX.

The best average salaries received by Insurance Agents and Financial Services (Account Executives) were in Tamaulipas ($19.6k MX), Nuevo León ($12.3k MX), and Zacatecas ($11.7k MX) while the workforce was larger in Ciudad de México (51.9k), Estado de México (30.3k), and Jalisco (21.5k).

In terms of industries, the best average salaries were in Manufacture of Computer, Communication, Measurement and other Equipment, Electronic Components and Accessories ($15k MX), Regulation and Promotion of Economic Development ($13k MX), and Support Activities for Air Transportation ($11k MX), while the workforce was concentrated on Depository Credit Intermediation (59k), Nondepository Credit Intermediation (39.8k), and Business Administration Services (3.29k).

65.8% of the total informal workers correspond to women with an average salary of $4.23k MX and 34.2% to men with an average salary of $5.77k MX.

At the level of states, Guanajuato had the highest percentage of informal workers with 60.9% corresponding to 5.8k from 9.54k workers, while the state with the lowest percentage of informal workers was Quintana Roo with a 3.18% corresponding to 115 from 3.62k workers.

Workforce and Salaries Evolution

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  • 215k, Workforce 2021-Q2
  • $6k MX, Average monthly salary 2021-Q2

At second quarter of 2021, the people who worked as Insurance Agents and Financial Services (Account Executives) were 215k being a 2.69% higher than the first quarter of 2021. (209k).

In the same period, an average salary of $6k MX was observed, registering a drop of 9.5%, compared to the first quarter of 2021 ($6.63k MX).

Workforce by State

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Top 1 Workforce 2021-Q2: 51.9k, Ciudad de México

Greater Increase in Workforce 2021-Q1/ 2021-Q2: 9.57k, Ciudad de México

Greater Decrease in Workforce 2021-Q1/ 2021-Q2: 8.3k, Hidalgo

The states with the highest number of Insurance Agents and Financial Services (Account Executives) during the second quarter of 2021 were Ciudad de México (51.9k), Estado de México (30.3k), and Jalisco (21.5k)

Comparing the first quarter of 2021 and the second quarter of 2021, the main positive variations occurred in Ciudad de México and Estado de México with an increase of 9.57k (22.6%) and 8.53k (39.2%), respectively. On the other hand, the negative variations were accentuated in Hidalgo and Nuevo León with a decrease of 8.3k (84.3%) and 4.62k (29.7%), respectively.

Salaries by State

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Top 1 Average Salary 2021-Q2: $19.6k MX, Tamaulipas

Greater Salary Increase 2021-Q1 / 2021-Q2: $12.4k MX, Tamaulipas

Greater Salary Decrease 2021-Q1 / 2021-Q2: $8.1k MX, Puebla

The states with the best average salaries for Insurance Agents and Financial Services (Account Executives) during second quarter of 2021 were Tamaulipas ($19.6k MX), Nuevo León ($12.3k MX), and Zacatecas ($11.7k MX)

Comparing the first quarter of 2021 and the second quarter of 2021, the positive salary growth was higher in Tamaulipas and San Luis Potosí with an increase of $12.4k MX (173%) and $4.63k MX (99%), respectively. Por otro lado, las variaciones salariales negativas se acentuaron en Puebla and Nayarit with a decrease of $8.1k MX (57.4%) and $5.11k MX (35.9%), respectively.

Average Salary and Workforce by Sex and Age

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Average Age 2021-Q2

  • 39.1, Women
  • 39.7, Men

At second quarter of 2021, the male workforce in Insurance Agents and Financial Services (Account Executives) represented the 49% of the employed population and women 51%. The male workforce was higher in the age group of 25 to 34 years (40k), while the female workforce was higher in the age group of 35 to 44 years (34k).

The highest average salary was $12.2k MX received by men from 45 to 54 years, while the lowest average salary was $4.74k MX received by women 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 (2021-Q2)

  • 14.2, Women
  • 14.4, Men

During the second quarter of 2021, 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 (53.5k men and 51.6k women).

The highest average salary was $7.49k MX received by women with 16 to 18 years of schooling, while the lowest average salary was $3.07k MX received by women 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 second quarter of 2021, the workforce was higher in Depository Credit Intermediation (52.7%), Nondepository Credit Intermediation (35.5%), and Business Administration Services (2.93%).

In the same period, the best average salaries were received in Manufacture of Computer, Communication, Measurement and other Equipment, Electronic Components and Accessories ($15k MX), Regulation and Promotion of Economic Development ($13k MX), and Support Activities for Air Transportation ($11k MX).

Labor Informality

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Labor Informality

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Labor Informality 2021-Q2

  • 22.5%, Insurance Agents and Financial Services (Account Executives)
  • 56.1%, Average Informality in Mexico

During the second quarter of 2021, the labor informality of Insurance Agents and Financial Services (Account Executives) reached a 22.5%, which implied a decrease from 1.81 percentage points compared to the first quarter of 2021  (24.3%).

The labor informality of this occupation was lower than informality at the country level in 33.6 percentage points during the second quarter of 2021.

Labor Informality by State

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Greater Labor Informality: 60.9%, Guanajuato

Less Labor Informality: 3.18 %, Quintana Roo

At second quarter of 2021, the states with the highest rate of labor informality in Insurance Agents and Financial Services (Account Executives) were Guanajuato (60.9%), Aguascalientes (51.6%), and Campeche (47.8%).

The states with the lowest informality rate were Ciudad de México (9.25%), Querétaro (5.11%), and Quintana Roo (3.18%).

Labor Informality by Age and Education

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Workforce

The workforce of Insurance Agents and Financial Services (Account Executives) during the second quarter of 2021 was higher in the age group with 25 to 34 years concentrating 71.8k workers of which 88% corresponds to formal employment (63.2k) and 12% to informal employment (8.6k).

Regarding the schooling years, the workforce was higher in the range with 16 to 18 years of schooling concentrating 105k workers of which 83.2%  corresponds to formal employment (87.5k) and 16.8% corresponds to informal employment (17.7k).