3 Reasons Why Wall Street Will Overcome Its Lagging Growth

Wall Street jobs are growing at a slower pace than expected, but things could turn around for the financial services capital of the world.

Earlier this year, New York State Comptroller Thomas P. DiNapoli told Bloomberg that while Wall Street jobs were on the rise, its contribution hasn’t made much of an impact on the overall job market. Since the recession, less than two percent of New York City’s job growth has come from Wall Street.

Should you be worried? Read on to find out.

Several Financial Services Jobs Are Expected To Keep Growing

There are several financial services jobs that enjoyed healthy gains (in terms of pay increases and/or additional hires) over the past few years, including:

  • Credit Analysts
  • Financial Analysts
  • Actuaries
  • Personal Financial Advisors
  • Credit Counselors
  • Financial Examiners
  • Accountants
  • Auditors

The 2014 numbers won’t be released until 2015, but there’s a good chance these sectors have already grown this year — and will continue to experience growth through the year’s end.

Salary Growth Continues In 2015

The financial services sector is expected to receive a three percent salary increase in 2015.

This applies to nonexempt hourly workers, nonexempt salaried workers, exempt salaried workers and officers/executives. The latter group could receive a slightly higher (3.1 percent) pay boost.

Optimism Is Rising

A new study shows that job seekers and industry professionals expect the financial services industry to rise over the next 12 months.

An impressive 40 percent of respondents said that they expected the job outlook to improve for the sector. A similar percentage of respondents (42 percent) expect the growth outlook to stay the same. Only 18 percent think that the outlook will deteriorate.

These are all positives for job seekers on Wall Street, but it’s also good news for anyone who wants to work in the financial sector.

Get Hired Now

These days, job seekers have a million options, but we know where they should turn: StreetID. We built StreetID (a financial career matchmaking website) from the ground up to accommodate Wall Street’s growing community of financial professionals. In good times and in bad, current job seekers and those looking to move on in the future can turn to StreetID and sign up for a free account and make a direct connection with relevant candidates and employers.

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