If you work in finance or are thinking about transitioning into the field, you can find a job in just about any major city. And plenty of smaller cities and towns, to be sure.
However, it’s undeniable that some cities are better for finance professionals than others. They have more robust, well-rounded finance industries, or a big bench of businesses that focus on more specific niches like insurance, private equity, or investment banking.
These cities tend to be bigger and may have higher living costs, so they require some adjustment for people moving from smaller communities. Fortunately, finance professionals tend to be well-compensated — for example, senior loan officers typically make $120,000 or more, with higher earning potential for high performers — so higher housing expenses might be manageable. But it’s still important to find a place where you can fit in professionally and culturally.
These major cities might work. Which are you most interested in?
New York City
New York is a global financial capital with more than 500,000 people working in the financial industry, according to the Federal Reserve Bank of St. Louis. Many say it’s the only place for future business and finance stars to be. That’s not quite true, but if you’re angling for a career in investment banking or equities, it’s hard to beat.
Charlotte
Charlotte is a lower-key banking hub that has attracted many financial institutions from other parts of the United States, including the New York area. Many people who relocate here appreciate the slightly lower living costs and more relaxed pace of life without having to sacrifice big-city amenities.
San Francisco/San Jose
If venture capital or the tech finance ecosystem is your calling, the San Francisco Bay Area is the ideal place to look for work. Both San Francisco and San Jose (the “capital” of Silicon Valley) are popular places for people interested in supporting early-stage companies with high growth potential. The community here is a bit smaller and, at least according to some, more friendly than in places like New York.
Los Angeles
Los Angeles is another popular West Coast destination for finance pros. Like the Bay Area, it has a strong venture capital ecosystem, but it’s home to many private equity firms, insurance companies, and full-service banks as well. As the second-biggest city in the U.S., its economy is quite diverse, so you shouldn’t have trouble finding your niche.
Chicago
Some compare Chicago to New York due to its big skyscrapers and walkable urban environment, but the two cities share another important similarity: diverse and well-established finance industries. Some differences exist, like Chicago emphasizing commodities trading and venture capital over investment banking and public equities, but many New Yorkers will find an easy transition here.
Miami
Miami is best known for its tropical weather and glitzy lifestyle, but it is also the de facto financial capital of the Caribbean and one of the key financial centers in Latin America, along with Mexico City and Sao Paulo. More recently, it has become a major center of cryptocurrency innovation. In fact, it is difficult to make apples-to-apples comparisons between Miami and the rest of the U.S., which makes it intriguing for finance pros who feel they don’t fit in elsewhere.
Houston
Houston’s economy has for decades been closely tied to the oil and gas business, which is a classic boom-and-bust industry. This has made the financial institutions that serve it more vulnerable to economic uncertainty than their counterparts elsewhere. Fortunately, Houston’s economy is diversifying, and its financial sector is following suit.
Where to Next?
If none of these cities seem like appealing destinations to start or advance your career in finance, don’t be discouraged. You can find work at banks, insurance companies, investment firms, and other financial institutions in nearly every major metropolitan area. You just have to keep looking.