Demand for state and local public finance officers is outstripping the current supply of workers in the sector. Increasing the pace of hiring and the breadth of recruitment will be necessary to reverse the growing gap between supply and demand. State and local governments will also benefit from committing to expanding the public finance pipeline today, because a wave of retirements is expected to exacerbate the shortage of public finance officers.
Fortunately, state and local public finance has much to offer to potential candidates. Job turnover in the sector is low, and tenure is high. Entry-level positions in state and local public finance tend to pay more than similar positions in the private sector. The sector features work-life balance. The sector champions diversity, with notably high concentrations of women and Black individuals relative to other sectors. State and local public finance jobs are also service opportunities: proximate to the communities in which finance officers live and integral to the proper functioning of local government.
This report analyzes the historic, current, and projected landscape of public finance employment and juxtaposes it with current demand trends in the sector. The key findings detailed below underscore the need for state and local public finance to recruit, retain, and grow its workforce. The key findings also detail some of the strengths of the public finance sector. The recommendations that follow indicate ways that public finance organizations can leverage those strengths and take specific actions to meet demand within the sector.
- Publication date: September 2022