AT A GLANCE

  • The financial services sector added 17,000 jobs in June 2014, according to the latest figures from the BLS
  • Over the past 12 months, the financial services industry has added an average of 5,000 jobs per month
  • Among occupational job titles, the highest employment is seen for Information and Record Clerks with 885,390 jobs, and the highest wages are for Top Executives with a mean hourly wage of $73.64

 

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Aug 01, 2014

Industry Highlight: Financial Services Index

The financial services sector added 17,000 jobs in June 2014, according to the latest figures from the Bureau of Labor Statistics (BLS). Of these new jobs, 9,000 were in insurance carriers and related activities. Over the past twelve months, the industry has added an average of 5,000 jobs per month.

 DCR TrendLine Financial Services Employment & Wage Index

DCR TrendLine Financial Services Employment & Wage Index

Among occupational job titles, the highest employment is seen for Information and Record Clerks with 885,390 jobs. The highest wages are for Top Executives with a mean hourly wage of $73.64 followed by Advertising, Marketing, Promotions, Public Relations, and Sales Managers at $70.14 per hour mean wage.

Top Occupational Job Titles in Financial Services

Top Occupational Job Titles in Financial Services

According to Monster.com, the top five finance and accounting occupations are:

  1. Accountants
  2. Management Analysts
  3. Market Research Analysts and Marketing Specialists
  4. Human Resources Specialists
  5. Loan Officers

Employment by Geography 

Among the top paying U.S. States, the District of Columbia has the highest salary for financial services occupations. New York has the highest employment, in line with the prominence of Wall Street and population of financial services companies in the region.

Top States for Financial Services Occupations

top paying states

states with high concentration jobs

Financial Services Sentiment 

According to the Randstad Professionals’ Finance & Accounting Employee Confidence Index, confidence levels were at a seven-year high in the first quarter of 2014 with a score of 64.3. The score represents the highest confidence levels among all surveyed industries including engineering, IT, manufacturing and logistics, office and administration, and healthcare. Nearly three-quarters of finance and account workers feel confident in their future with their current employer.

In a separate survey by eFinancial Careers, however, 88 percent of respondents were either searching for a new job or were open to new opportunities. Of those looking for new jobs, 24 percent cited compensation as their main reason for changing employers. Another survey by Monster.com found that 80 percent of financial service employees were positive about their chances of finding a new job. Monster also revealed that finance job postings are being viewed more than 5.6 million times every month.

Top Industries for Financial Services Occupations

industries with highest level of employement

industries with highest concentration of employement

Job Title Focus – Investment Bankers

The BLS defines the title of ‘Investment bankers’ as a financial specialist utilized by banks to attract and service the financial needs of clientele, including public and private companies, governments, non-profits and wealthy individuals.  As of 2012, the employment estimate for this occupation is 542,100 with an average annual wage of $169,850. Careers in Finance, an Internet service providing comprehensive information on specialty business careers forecasts a salary range of $100,000 to $150,000 annually for first-year investment banking analysts. The job title has a positive job outlook, and is expected to grow by 15 percent from 2010 to 2020.

Top 10 Highest Paying States for Investment Bankers

Top 10 Highest Paying States for Investment Bankers

Source: Salary By State

“Employers need to be careful and not be penny wise and pound foolish. With 80% of Finance and Accounting employees positive about their prospects of finding a new job, and 80% believing compensation is not keeping up with this marketplace reality, employers need to strongly consider how to be competitive for the best talent.” ~Jeffrey Quinn, VP of Global Insights at Monster

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