The financial sector of the economy continues to grow at a highly accelerated pace, and that means demand for finance professionals has spread far and wide. Wall Street is still the major center of American and international finance, but it’s no longer the only “center” of this growing and rapidly transforming industry. Instead, many cities have become known as second-tier job hubs for financial professionals. These cities beat Wall Street in several ways. They’re often more affordable, more accessible to people from outside the northeastern part of the United States, and offer high salaries paired with a much more affordable cost of living. So, where is the greatest demand for a graduate of a finance program?
1. New York, NY
New York City will perhaps always be the best place to find work with a top-ranked degree in finance, thanks in no small part to the city’s role in international finance, stock trading, and government regulatory policy. New York’s share of financial services employment is significant, and the city’s success in recent years has been fueled by a recovering stock market and broader economy. Though New York remains the largest urban employer of financial services professionals, its share continues to slowly shrink as second-tier cities expand their hiring of these individuals.
2. Richmond, VA
Richmond is often thought of as a smaller, sleepy southern city. This is not the case when it comes to financial services, however. Richmond employs nearly 48,000 finance experts in jobs that range from small-time investment advisory to stock trading and corporate financial management. The city’s overall growth rate for financial services hiring stands at a staggering 12 percent, which puts it well ahead of the national financial services growth rate of 8.5 percent.
3. Pittsburgh, PA
Pittsburgh is a significantly larger city than Richmond, and it’s located not too far from New York City, itself. Thanks to easy rail and highway links to New York and other east coast cities, as well as a resurgent downtown area and dedicated financial employers like PNC Bank, Pittsburgh is becoming known as a center of nationwide financial services employment growth. The city currently employs over 72,000 financial experts in jobs that include banking and financial advising. Job growth of nearly 7 percent is expected in this sector over the next several years, which puts it just below the national average.
4. Dallas-Fort Worth, TX
The Dallas-Fort Worth area has emerged as a southern financial hub in recent years, primarily in the smaller city of Fort Worth. Just over 55,000 financial services professionals call Dallas and Forth Worth their professional home, with the largest employers including the local oil companies, big banks like Wells Fargo, and smaller investment firms taking advantage of a strong Texas economy. 10.2-percent job growth in the next few years puts this metropolitan area ahead of the national job growth rate in financial services and financial management.
5. Denver, CO
Within Denver’s city limits, nearly 93,000 people are employed in the financial services industry. Over the next several years, employment in this growing sector of the local economy is expected to proceed at a rate of 4.7 percent. Because of Colorado’s western location and rapid growth, along with its urban amenities in a very rural area of the country, the city has become a regional hub for financial growth.
Five Great Places to Advance a Career in Finance
New York no longer has a monopoly on the world of financial services employment. In fact, the city is actively losing some of its financial base to cities like Pittsburgh and Denver. Because of this new pattern of growth in the industry, demand for finance professionals can be found in many of the largest metropolitan areas outside of New York City.
