There are finance jobs to be found in nearly every city in the world, but some cities offer more potential than others. This article pinpoints 10 top cities for finance jobs and examines their language requirements, typical weather, cost of living, and other factors. All of these cities are expensive places to live, but they also offer plentiful and high-paying jobs in the finance industry.
Here are 10 of the most popular cities for finance professionals (in no particular order).
Key Takeaways
- Some cities are more stable during economic downturns for certain financial professionals.
- Boston is a better bet for asset managers during volatile economic times.
- Chicago is a hot spot for derivative traders.
- If you are thinking of working abroad, consider the language and cultural barriers.
- New York, the finance capital of the world, commands top dollar for real estate, with one-bedroom apartments averaging more than $5,000 per month.
Top 6 Overseas Cities For Finance Careers
1. Boston, Massachusetts, USA
- Mercer's Cost of Living Ranking for 2022: 30
- Language:English
- Average Monthly Rent for a 1-Bedroom Apartment: $3.756 (2022)
Well-known for its asset management businesses, Boston is home to leading money management firms such as Fidelity Investments and Putnam Investments. Although employment in Boston can suffer during tough times, the job market for asset management professionals tends to be more stable than the job market for investment banking or trading. This stability makes Boston an appealing location for financial workers during economic recessions or market pullbacks.
Boston residents are particularly passionate about their sports teams, which have enjoyed a recent wave of success. Boston is also a popular destination for American history buffs, and the city is relatively close to both beaches and mountains.
2. Chicago, Illinois, USA
- Mercer's Cost of Living Ranking for 2022: 36
- Language:English
- Average Monthly Rent for a 1-Bedroom Apartment: $2,451 (2022)
Chicago is home to the Chicago Board of Trade (CBOT) and the Chicago Mercantile Exchange (CME), making it a hot spot for futures and derivatives trading. Large banks and brokerage firms also often have offices in America's "second city."
Chicago has a vibrant nightlife and sports teams as well as a thriving music scene; however, winters in the Windy City feel colder than the temperatures indicate.
3. Dubai, United Arab Emirates
- Mercer's Cost of Living Ranking for 2022: 31
- Language: Arabic
- Average Monthly Rent for a 1-Bedroom Apartment: $1,673 (2022)
Dubai is one of the fastest-growing cities in the world and is gaining recognition as a finance mecca as it attempts to become the financial capital of the Middle East. Many global financial institutions are rushing to open and staff regional offices here, making the city a popular destination for finance professionals.
International applicants might find that they can find work here even if they do not speak Arabic. While cosmopolitan, Dubai is still a Muslim city that follows the rule of Sharia Law (the religious legal system for the Islamic faith). The city allows alcohol consumption by non-Muslims, but there are strict rules that must be followed.
Finance professionals specialize in different areas from sales to trading, front office to back office, and banking to regulation, to name a few. The type of finance you wish to practice may influence your choice of location.
4. Frankfurt, Germany
- Mercer's Cost of Living Ranking for 2022: 62
- Language: German
- Average Monthly Rent for a 1-Bedroom Apartment: $1,074 (2022)
Frankfurt is arguably the finance capital of continental Europe and is the home of German financial powerhouses, such as Deutsche Bank. Many international firms also keep their European headquarters in Frankfurt.
Residents of Frankfurt enjoy extensive entertainment options as well as tourism hot spots throughout Germany and Europe. Frankfurt is a destination for banks and other financial institutions that are relocating from London after the Brexit vote.
5. Hong Kong, China
- Mercer's Cost of Living Ranking for 2022: 1
- Language: Chinese, English
- Average Monthly Rent for a 1-Bedroom Apartment: $2,193 (2022)
Hong Kong is one of the top cities for finance jobs in Asia and a key gateway to China. As such, this is a rapidly growing market for a wide variety of brokerage, banking, wealth management, and trading jobs. While some employees may be able to get by speaking English, knowledge of Chinese is an advantage.
Hong Kong is expensive and crowded, but it is also a vibrant, exciting city with some of the best shopping anywhere. As a regional airline hub, other parts of Asia are within easy reach of Hong Kong.
6. London, England
- Mercer's Cost of Living Ranking for 2022: 15
- Language:English
- Average Monthly Rent for a 1-Bedroom Apartment: $1,983 (2022)
For those who do not view New York as the finance capital of the world, London is their answer. In addition to being the finance capital of the United Kingdom, nearly all of the large international banks and brokerage firms maintain a significant presence in London. London is particularly strong in currency trading, commanding more than twice the market share of its closest rivals.
Like New York, London suffered job losses during the credit crisis. After the Brexit vote, financial institutions moved a significant number of jobs out of the UK to other cities within the European Union (EU), leaving London under a cloud of uncertainty.
London is a hot spot for culture and nightlife with theatre, fine dining, museums, pubs, sporting events, and easy access to continental Europe. However, the weather in London can be dreary, particularly in winter.
7. New York, New York, USA
- Mercer's Cost of Living Ranking for 2022: 7
- Language:English
- Average Monthly Rent for a 1-Bedroom Apartment: $3,897 (2022)
New York City is typically considered the finance capital of the world. Many of the largest investment banks, including Goldman Sachs, Morgan Stanley, and Merrill Lynch, are headquartered in New York City. So too are several large banks, including Citigroup and JPMorgan Chase. Nearly every large global financial institution has a presence in New York. The city lost a large number of jobs during the credit crisis, but Wall Street is still the place to be.
The city that never sleeps is a hot spot for culture and nightlife with Broadway plays, fine dining, music and museums, clubs and bars, and sporting events.
$69,694
The average pay for a financial professional in 2022 in the United States, according to Indeed.com.
8. San Francisco, California, USA
- Mercer's Cost of Living Ranking for 2022: 19
- Language:English
- Average Monthly Rent for a 1-Bedroom Apartment: $3,549 (2022)
San Francisco is the finance capital of the western United States. There are many brokerage and banking firms with offices in the San Francisco area, such as Franklin Templeton Investments, headquartered in nearby San Mateo. As the gateway to Silicon Valley, San Francisco has a particular focus on the technology sector, and the Bay Area is the worldwide headquarters of the venture capital industry.
San Francisco boasts significant natural beauty with beaches and parks, and it is relatively close to many outdoor opportunities making it a destination for city dwellers that enjoy the outdoors. While the weather in San Francisco can be foggy, temperatures are moderate.
9. Tokyo, Japan
- Mercer's Cost of Living Ranking for 2022: 9
- Language: Japanese
- Average Monthly Rent for a 1-Bedroom Apartment: $1,021 (2022)
Japan has the world's third-largest economy. Tokyo is home to most Japanese financial institutions' headquarters and many international firms' regional headquarters. Once considered a rival to New York for the title of world financial capital, Tokyo has slipped in importance in recent years as the Japanese economy and financial markets languished. Activity has picked up recently, and if the Japanese economy continues to recover, Tokyo could thrive.
While there are opportunities, Tokyo is a difficult place to get a job if you do not speak Japanese. For those interested, working for an international financial firm and then requesting a transfer to Tokyo might be an idea.
10. Zurich, Switzerland
- Mercer's Cost of Living Ranking for 2022: 2
- Language: German, French, English
- Average Monthly Rent for a 1-Bedroom Apartment: $1,916 (2022)
Zurich, the capital of the Swiss banking industry, offers a variety of finance jobs. Global giants UBS and Credit Suisse have their headquarters here, and the city is strong in wealth management and private banking. Applicants will have more success if they speak some German or French, but it may be possible for otherwise well-qualified, English-only speaking applicants to find jobs.
Switzerland routinely ranks highly for overall quality of life. Natural beauty, clean air, low crime levels, relatively high incomes, and its cosmopolitan culture make Zurich a popular place to live.
What Are the Biggest Finance Cities in the U.S.?
The biggest finance cities in the United States are also some of the most populous. Five of the biggest finance cities include New York, often regarded as the finance capital of the world, Los Angeles, Chicago, Boston, and Philadelphia.
What City Has the Most Financial Companies?
New York has the most financial companies in the world.
What Is a Financial City?
A financial city is a city with a large presence of financial institutions, insurance companies, and exchanges. It often serves as the hub or financial center where important related activities occur.
The Bottom Line
All of the cities discussed in this article offer wonderful possibilities for job seekers. Prospective employees will find that there are no wrong choices on this list. While the world's leading financial cities offer amazing job opportunities for qualified candidates, the cost of living might be the biggest factor when deciding to relocate.
Editor's Note: Mercer is an international human resources company that offers financial advice, products, and services. The highest cost of living city is listed as No.1, and the comparison cities are rated in descending order. The listed rankings and the average monthly rental rates are as of 2022.
FAQs
New York, New York, USA
New York City is typically considered the finance capital of the world. Many of the largest investment banks, including Goldman Sachs,14 Morgan Stanley,15 and Merrill Lynch,16 are headquartered in New York City. So too are several large banks, including Citigroup and JPMorgan Chase.
What is the best city for a finance degree? ›
New York, New York, USA
New York City is typically considered the finance capital of the world. Many of the largest investment banks, including Goldman Sachs,14 Morgan Stanley,15 and Merrill Lynch,16 are headquartered in New York City. So too are several large banks, including Citigroup and JPMorgan Chase.
Which country is best for a career in finance? ›
The United States, United Kingdom, Hong Kong, Singapore, and Switzerland are all top destinations for finance professionals, but it's essential to consider the cultural and language differences, immigration laws, and industry specialization when making a decision.
Where is the best place to work in the US for finance jobs? ›
The number-one location in the U.S. for Financial Analysts is San Francisco. There are currently more than 7,000 jobs available for qualified professionals. Salary rates for Financial Analysts are the highest in the country; the average annual pay is $138,000.
What is the best state for finance? ›
Overall, New York ranks as the top state to pursue a career in finance or accounting, with a finance career score of 9.65 out of 10. The state also has the highest average accounting and finance salary of any state - $117,000 a year.
What state pays finance jobs the most? ›
Overall, New York ranks as the top state to pursue a career in finance or accounting, with a finance career score of 9.65 out of 10. The state also has the highest average accounting and finance salary of any state: $117,000 a year.
Which are the toughest degrees in finance? ›
The Chartered Financial Analyst (CFA) program is widely regarded as one of the toughest courses in finance. It requires an immense amount of dedication to successfully complete and the pass rate is notoriously low, making it a highly sought-after certification in the finance world.
What is the toughest finance job? ›
Most stressful job in finance : Investment Banker (M&A or capital markets professional) Jobs in the investment banking division (IBD) were the runaway choice for the most stressful job on Wall Street and in all of financial services, finishing in the top three of every ballot.
Which finance industry has highest salary? ›
- Investment banker. National average salary: $84,509 per year. ...
- Hedge fund manager. National average salary: $86,544 per year. ...
- Financial analyst. National average salary: $95,570 per year. ...
- Information technology auditor. ...
- Financial software developer. ...
- Private equity associate. ...
- Chief compliance officer. ...
- Chief financial officer.
Finance degree jobs can provide relatively high pay, stability, opportunities for advancement and consistent demand projections.
Banking. Banking is the most well-known kind of finance job. Working in a bank is a good entry-level career option for someone looking to get into the financial field. Commercial banks offer a wide range of financial services, including checking accounts, savings accounts, loans and IRAs.
What is the finance capital of the United States? ›
New York City.
New York City remains the largest centre for trading in public equity and debt capital markets, driven in part by the size and financial development of the U.S. economy. The NYSE and NASDAQ are the two largest stock exchanges in the world.
What is the average salary in finance USA? ›
Finance Salaries
The national average salary for a Finance is $79,657 in United States.
Where do most finance people live? ›
New York is known for high rents, high couture, and of course – high finance. Every summer, waves of newly-minted investment bankers descend upon the city, snapping up apartments left and right in several of the many neighborhoods and areas in proximity to Wall Street.
Is finance in high demand? ›
As a whole, the business and finance major jobs outlook is positive. That's good news for students and job seekers planning on a finance degree career. The United States Bureau of Labor Statistics (BLS) has predicted an overall growth rate of 7% for occupations in this group during the 2021 through 2031 decade.
What major is closest to finance? ›
5 Majors to Consider for a Career in Finance
- Finance. Finance majors learn how to make financial decisions for organizations. ...
- Economics. Economics majors learn to decode the systems behind what can often appear impossible to understand. ...
- Business Administration and Management. ...
- Accounting. ...
- International Business.
Pros and Cons of Finance Careers
The median annual wage for all business and financial occupations was $76,570 in May 2021, according to the Bureau of Labor Statistics. That's significantly higher than the median annual wage of $45,760 for all occupations. And many finance jobs can earn much more.
How much do most finance majors make? ›
Finance Degree Salary in California
| Annual Salary | Hourly Wage |
|---|
| Top Earners | $97,922 | $47 |
| 75th Percentile | $81,765 | $39 |
| Average | $65,480 | $31 |
| 25th Percentile | $39,169 | $19 |
#1 Chemistry
According to the average Grade Point Average of students in the program, Chemistry wins the prize title hardest major. A Chemistry major overlaps somewhat with biology, but chemistry extends beyond living things.
Is finance harder than accounting? ›
While both finance and accounting can be difficult majors, accounting is considered more difficult because it requires more discipline and a lot of math. Accounting is more complex because it relies on precise sets of arithmetic principles.
Drawbacks of a career in finance can include high stress, long working hours, continuing education requirements, and, in some cases, limited job stability.
Why is it so hard to find a job in finance? ›
Applying for entry-level finance jobs can be overwhelmingly competitive just because of the number of people graduating with finance degrees yearly, and if you're able to, getting a bachelor's degree will help you stand out against the competition.
Is finance a happy career? ›
A financial career can be very rewarding. If you have a head for numbers and a passion for financial planning, the financial sector might be the perfect fit. However, there are some things you should know about a career in finance before deciding to pursue it.
Are finance jobs decreasing? ›
The finance industry has shed hundreds of thousands of jobs since the 2008 crisis, partially due to curbs on risk-taking and more automation. Front-office headcount for investment banking and trading dropped in 2018 for a fifth year, according to Coalition Development, while hedge funds have also cut back.
What are the 3 fields of finance? ›
The finance field includes three main subcategories: personal finance, corporate finance, and public (government) finance.
What is highest paying job in USA? ›
Highest-Paying Occupations
| OCCUPATION | 2022 MEDIAN PAY | PERCENTAGE INCREASE OVER NATIONAL MEDIAN |
|---|
| Neurologists | $224,260 | 384.30% |
| Physicians, All Other | $223,410 | 382.40% |
| Ophthalmologists, Except Pediatric | $219,810 | 374.60% |
| General Internal Medicine Physicians | $214,460 | 363.10% |
17 more rowsBlackRock, Vanguard, Fidelity, State Street Global Advisors, and J.P. Morgan Asset Management are the five largest financial advisory firms in the United States, ranked by assets under management (AUM).
What pays more finance or marketing? ›
According to Payscale.com, the median salary of finance professionals is US $84,800 per annum. Let's have a look at the salary of marketing professionals. The compensation of marketing managers is lucrative. As per Salary.com, the median salary of the marketing manager is US $93,459 per annum.
Will finance be replaced by AI? ›
– By 2027, 90% of descriptive and diagnostic analytics in finance will be fully automated. – By 2028, 50% of organizations will have replaced time-consuming bottom-up forecasting approaches with A.I.
Are finance degrees worth it? ›
Yes, a finance major is a good major for many undergraduate students. The Bureau of Labor Statistics is projecting 5% job growth in business and financial occupations over the next 10 years. Financial advisor, budget analyst, and investor relations associate are some common careers in the field.
People who choose to major in finance are interested in numbers, financial markets, and finding ways to make money. They tend to be natural problem-solvers who like setting goals and researching ways to reach them.
How hard is a finance degree? ›
Is Finance a Hard Major? Finance is a somewhat difficult major. It is much harder than certain liberal arts majors, such as history and philosophy; however, it is not as hard as the "STEM" majors: science, technology, engineering, and math.
What are five career options in finance? ›
Some of the most common career paths in the field of finance include:
- Financial planning. Financial planners help people strategize for their present and future finances. ...
- Insurance. ...
- Corporate finance. ...
- Hedge fund. ...
- Commercial banking. ...
- Investment banking. ...
- Public accounting. ...
- Private equity.
By utilizing its unique geographical features, New York was able to overtake Philadelphia as the nation's transportation and immigration hub. From there, New York quickly surpassed its southern competitor in commercial trade and finally gained American financial supremacy—a role that it maintains to this day.
Is NYC a financial hub? ›
The home of Hollywood has overtaken China's commercial capital in a fresh ranking of the world's top financial centers.
What is New York known for finance? ›
New York City is the world's most sophisticated and diverse financial center. Home to 45 Fortune 500 companies, NYC boasts the deepest capital pools, the finest international talent, and an administration that is committed to strengthen the city's financial base.
Do finance majors make 6 figures? ›
in finance graduates can earn competitive salaries of up to six figures. Graduates with finance degrees might work for employers like private businesses, financial institutions, accounting firms and financial agencies.
How much does an MBA in finance earn in the US? ›
Finance
| Job Role | Average Salary Per Year |
|---|
| Senior Financial Analyst | $67,000 - 108,000 or 75,00,000 INR |
| Financial Controller | $64,000 - 133,000 or 80,00,000 INR |
| Senior Accountant | $80,220 or 65,69,000 INR |
| Accounting Manager | $68,950 or 56,45,000 INR |
Jun 6, 2023
While finance requires some mathematics training and some knowledge and skills in accounting and economics, it's not necessarily more difficult than any other field of study, particularly for people with an aptitude for math.
What city has the most financial institutions? ›
Given New York City has the world's two biggest stock exchanges, the New York Stock Exchange and the NASDAQ, many financial firms have their regional or national headquarters there.
As a whole, the business and finance major jobs outlook is positive. That's good news for students and job seekers planning on a finance degree career. The United States Bureau of Labor Statistics (BLS) has predicted an overall growth rate of 7% for occupations in this group during the 2021 through 2031 decade.
Is LA a good city for finance? ›
Los Angeles is on track to become one of the world's leading financial hubs, according to specialist recruitment agency Selby Jennings.
What is the biggest financial city in the US? ›
New York City remains the largest centre for trading in public equity and debt capital markets, driven in part by the size and financial development of the U.S. economy. The NYSE and NASDAQ are the two largest stock exchanges in the world.
Are people with finance degrees happy? ›
How satisfied are finance students compared to other degrees? Overall, finance students rate their satisfaction with their degree a 3.1 out of 5.
Are finance jobs hard to find? ›
Many career options: A job in finance is one of the most diverse professions, so the likelihood of finding a job is higher than in other fields with less versatility.
What are the top 3 financial centers? ›
Index provides evaluations of future competitiveness and rankings for 115 financial centers around the world. Not surprisingly, London again topped the list (as it was in 2022), and New York took the number two spot, followed by Singapore and Hong Kong.
Which US city is known as financial capital of the world? ›
Anchored by Wall Street, New York City has been called the world's most economically powerful city and leading financial center.
How stressful is a career in finance? ›
Drawbacks of a career in finance can include high stress, long working hours, continuing education requirements, and, in some cases, limited job stability.
What city pays more in California? ›
Despite all its challenges, San Francisco remains a national leader in worker pay. After announcing a 6% increase for 2023, SF's new $18.07 wage will rank it second among the nation's largest 25 cities when it takes effect on July 1. With a pay rate of $18.69 per hour, only Seattle guarantees its workers more than SF.
Is LA a finance hub? ›
The California city has moved up to number six on the Global Financial Centres Index (GFCI), a list of the world's top financial centers, topping Shanghai for the first time and moving the Chinese city down a notch.
