Would-be employees on the hunt for Wall Street jobs, such as wealth management jobs or venture capital positions, are often doing so because they feel such careers would pay them much more than the average New York resident. A recent report has allowed these individuals to gain much better insight into the salaries offered by Wall Street firms in 2013. By studying the salaries and job availability in regards to these highly sought-after jobs, potential finance workers can determine whether or not they're truly cut out for the demands and competition fostered by such a position.
Luckily, there are many rewards for the individuals prepared to work securities jobs on Wall Street after graduation. The average Wall Street salary is more than five times the amount of the salary earned by an average New York City resident, according to a recent report issued by the office of the New York State Comptroller. While the average city resident working in the private sector earned just under $70,000 annually, the average individual working in Wall Street's securities industry earned more than $360,000 in 2012.
This represents good news for individuals worrying that Wall Street careers would continue to see decreased salaries as a result of the economic crashes of years past. Indeed, it seems that the market has recovered significantly over the past few years: In 2007, the average Wall Street employee earned more than $400,000, a peak figure for that statistic, according to the office of the Comptroller. The average salary dropped sharply in 2009, however, it recovered notably in the following years, before reaching its current standard.
The report also makes it clear that New York City relies on the securities market to help maintain its economic makeup: Wall Street careers accounted for almost 22 percent of all private sector wages in New York City during 2012, even though they only represented 5.1 percent of all private sector jobs.
Unfortunately, the number of Wall Street jobs available has yet to return to its pre-recession peak, an unfortunate statistic for post-graduates searching for high-paying careers in finance. The Office of the Comptroller reported that the industry currently maintained a total of 163,400 jobs, which is down by more than 13 percent when compared with figures recorded prior to the recession.
The best places to prepare for Wall Street
With the number of available Wall Street careers still down significantly from pre-recession peaks, potential applicants need to give themselves every advantage possible. Luckily for them, Business Insider recently published a list of the best colleges in America as ranked by successful finance professionals. By exclusively polling individuals working in the finance industry, the news outlet was able to quantify the universities and colleges that gave individuals interested in that market the best opportunities. Ranked from first place to tenth, they are:
- Massachusetts Institute of Technology
- Stanford University
- Harvard University
- Princeton University
- Yale University
- California Institute of Technology
- University of Pennsylvania
- Columbia University
- Dartmouth College
- University of Chicago
So if you're planning on applying for highly competitive finance careers after graduation, you may do well to earn your degree at one of the aforementioned locations.