25+ Trending Financial Services Industry Statistics [2023]: How Many Jobs Are Available In Finance - Zippia (2024)

Research Summary. From investments to insurance, almost everyone utilizes the financial services industry in some way. Here are some key statistics on this industry:

• As of February 2023, there are about 6.68 million Americans employed in the finance and insurance industry.

• There are over 374,000 jobs available in the finance industry.

• The finance and insurance industry has a 2% unemployment rate.

• The insurance and financial services industry makes up almost $2 trillion or 7.78% of the total U.S. GDP.

• The global financial services industry is expected to have a CAGR of 6% from 2020 to 2025.

For further analysis, we broke down the data in the following ways:
Global | Trends and Projections | U.S. Banking | Employment | Marketing

General U.S. Financial Services Industry Statistics

• The finance and insurance industry adds $2 trillion to the U.S.’s GDP.

• The finance and insurance industry accounts for 7.4% of the country’s total GDP.

• The 2022 gross output of the financial services industry was $3.59 trillion.

• There are approximately 539,447 private establishments in the finance and insurance sector.

• There are approximately 1,041 government establishments in the finance and insurance sector.

Global Financial Services Industry Statistics

• The global financial services market is worth $20.49 trillion as of 2020.

  This data was published at the beginning of 2021, and it was estimated that the market would be worth $22.52 trillion by the end of 2021.

• Western Europe accounts for the largest share of the global financial services market at 40%.

  North America comes in second place, making up 27% of the world’s financial services market.

• It’s estimated that the global financial services sector makes up about a quarter of the world’s economy.

  It’s difficult to get an exact percentage, but most experts place the number somewhere between 20% and 25%.

• The market capitalization of the global banking sector is 7.5 trillion euros as of Q3 2021.

  That’s equal to about $8.36 trillion. In Q3 of 2020, the market capitalization of the global banking sector was 5.2 trillion euros or $5.8 trillion.

Financial Services Industry Trends and Projections

• The number of Americans employed by the U.S. financial industry grew from 6.09 million in 2016 to 6.55 million in 2022.

  Here is the year-by-year breakdown:

  Size of U.S. Financial Industry Workforce

  Year (Numbers From January of Each Year)	Number of Employees
  2016	6.09 million
  2017	6.23 million
  2018	6.28 million
  2019	6.38 million
  2020	6.49 million
  2021	6.52 million
  2022	6.55 million

• The U.S. finance and insurance sector saw its unemployment rates increase from 1.9% in March 2020 to 3.8% in April 2020 as lockdowns from the COVID-19 pandemic began taking effect.

  The unemployment rate then stayed at or above 3% until November 2020, when it hit 2.6%. It then reached pre-pandemic levels in October 2021, when it was 1.8%.

  Here is the month-by-month breakdown from January 2020 until February 2023:

  Finance and Insurance Industry Monthly Unemployment Rate (2020 to 2023)

  	J	F	M	A	M	Jn	Jl	A	S	O	N	D
  2020	2.2%	1.4%	1.9%	3.8%	3.3%	3.8%	3.6%	3.1%	3.6%	3.0%	2.6%	2.8%
  2021	2.8%	3.0%	3.0%	2.0%	2.3%	2.8%	3.1%	3.5%	2.0%	1.8%	1.7%	2.2%
  2022	1.8%	2.4%	1.7%	1.7%	1.6%	1.9%	1.5%	1.5%	1.0%	1.4%	1.6%	2.5%
  2023	2.2%	2.0%

• From 2020 to 2021, the global financial industry was expected to see a CAGR of 9.9%, growing in value from $20.49 trillion to $22.52 trillion.

  From 2020 to 2025, the industry is expected to see a CAGR of 6%, reaching $28.53 trillion.

Financial Services Industry Statistics by U.S. Banking

• The U.S. banking system has $17.9 trillion in assets as of the end of 2018.

• The 2018 net income of the U.S. banking system was $236.8 billion.

• JP Morgan Chase is the largest bank in the U.S. and the world, with a market capitalization of $468 billion.

Financial Services Industry Statistics by Employment

• There are about 6.68 million Americans employed by the finance and insurance industry as of February 2023.

  The majority of these (414,680) are tellers, followed by securities, commodities, and financial services sales agents (412,970). Loan officers, insurance sales agents, and accountants and auditors round out the rest of the top five occupations in this industry.

• The average annual salary for finance and insurance professionals is about $72,400 a year.

  Of the five main occupations within this sector, securities, commodities, and financial services sales agents earn the highest average annual salary at $96,000.

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  The breakdown of the median and mean annual salaries for the five main occupations within the finance and insurance sector is as follows:

  Median and Mean Salaries of Financial Industry Occupations

  Occupation	Median Annual Salary	Mean Annual Salary
  Accountants and auditors	$78,600	$87,660
  Insurance Sales Agents	$52,210	$69,200
  Loan Officers	$63,130	$76,230
  Securities, commodities, and financial services sales agents	$63,820	$96,000
  Tellers	$32,600	$32,930

• There are approximately 374,000 job openings in the finance and insurance industry as of February 2023.

  This is down from the 439,000 openings that January 2022 had.

• The finance and insurance industry has a 2% unemployment rate as of February 2023.

  This is higher than the January 2022 unemployment rate of 1.8% but lower than the national February 2022 unemployment rate of 3.8%.

Financial Services Industry Statistics by Marketing

• Mobile Google searches about financial planning and management are up 70% from 2016 to 2018.

• Mobile Google searches for “bank near me” have increased by more than 60% from 2017 to 2019.

• The financial services industry spent $19.62 billion on digital advertising in 2020, the second-most of any industry except the retail industry.

Benefits in Financial Industry

Financial Services Industry Statistics FAQ

1. How many jobs are available in finance?

   There are over 374,000 finance jobs across many fields available in the US. By far the job with the most openings in 2023 is the Analyst role.

   However, other popular jobs in finance right now include:

   • Business Analyst

   • Data Analyst

   • Finance Analyst

   • Senior Finance Analyst

   • Finance Advisor

2. How big is the financial services industry worldwide?

   The financial services industry is worth $20.49 trillion worldwide. This was true as of 2020, and it was estimated that the industry would reach $22.52 trillion in value in 2021.

   If these numbers sound massive, they are because this sector makes up approximately 20-25% of the global economy as a whole. It’s hard to nail down an exact percentage, but most experts agree that financial services account for about one-fifth to one-quarter of the world’s economy.

   The industry is only expected to continue growing at a CAGR of 6% from 2020 to 2025, reaching $28.53 trillion in value at the end of that time period.

3. How big is the financial services industry in the U.S.?

   The U.S. financial services industry is worth about $3.59 trillion. This is the industry’s gross output as of 2022, and it contributes $2 trillion to the U.S.’s total GDP, which ends up accounting for 7.78% of the total GDP.

   As far as the number of companies in the financial services industry is concerned, there are over 530,000 private and over 1,000 government finance and insurance establishments that employ about 6.55 million people in the U.S. This is up from the 6.52 million people employed in 2021.

   Size of U.S. Financial Industry

   Year	Private Industry	Local Government	State Government	Federal Government
   2011	463.2	167	83	873
   2012	464.9	175	88	849
   2013	466.2	163	81	827
   2014	472.4	160	84	795
   2015	476.5	169	92	800
   2016	480.5	171	90	793
   2017	484.8	169	86	792
   2018	491.8	173	85	789
   2019	498.1	185	88	783
   2020	512.6	184	90	767

4. What are the main sectors of the financial services industry?

   The main sectors of the financial services industry are Monetary Authorities; Credit Intermediation; Securities, Commodity Contracts, and Other Financial Investments; Insurance Carriers; and Funds, Trusts, and Other Financial Vehicles.

   These are established by the U.S. Bureau of Labor Statistics as subsectors of the Finance and Insurance sector, which is a part of the Financial Activities supersector.

   According to the BLS website, “The Finance and Insurance sector comprises establishments primarily engaged in financial transactions (transactions involving the creation, liquidation, or change in ownership of financial assets) and/or in facilitating financial transactions.”

   The other sector that falls under the Financial Activities supersector is Real Estate Rental and Leasing.

5. Is the financial services industry growing?

   Yes, the financial services industry is growing. Globally, the financial services industry saw a CAGR of 9.9% from 2020 to 2021 as it recovered from the COVID-19 pandemic, and that growth is expected to continue at a CAGR of 6% from 2020 to 2025.

   The industry was valued at $20.49 trillion in 2020, $22.52 trillion in 2021, and is expected to reach $28.53 trillion in value in 2025.

6. What is the future of the financial services industry?

   The future of the financial services industry is increased growth. Globally, the industry is expected to see a CAGR of 6% from 2020 to 2025, increasing its value from $20.49 trillion to $28.53 trillion.

   The U.S.’s financial services industry is expected to grow along with the rest of the world’s, and it’s been recovering well from the COVID-19 pandemic, seeing its employment rates reach pre-pandemic levels at the end of 2021.

   See Also

   What is the difference between banking and finance? - First Utah Bank

7. What are the main challenges for the financial services industry in the next five years?

   The main challenges for the financial services industry in the next five years are keeping up with changes in regulations and technology and eliminating data breaches.

   As with any industry that is highly regulated, it can get complicated for the financial services industry to keep up with the changes in laws and ensure that they’re completely compliant. However, the consequences of not doing so are tremendous, making this a challenge that the financial industry needs to be continuously ready for.

   In addition, as an industry that relies heavily on technology to handle sensitive material and interact with its customers, it’s going to be vital that financial services companies keep their technology current and protect themselves from data breaches.

Conclusion

The U.S.’s financial services industry accounts for 7.78% or $2 trillion of the total GDP, making it a vital part of the country’s economy. The approximately 540,000 private establishments and 1,000 government establishments in this sector earned about $4.85 trillion in revenue in 2021 and employed about 6.55 million Americans.

All of this, combined with Canada and Mexico’s financial services industries, accounts for 27% of the global financial industry, which is valued at about $22.52 trillion. Although this is a significant share, Western Europe accounts for the largest portion at 40%.

The global financial services industry recovered quickly after the COVID-19 pandemic, experiencing a CAGR of 9.9% from 2020 to 2021. It’s expected to continue to grow – albeit a little more slowly – at a CAGR of 6% from 2020 to 2025, reaching a value of $28.53 trillion.

References

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4. Business Wire. “Global Financial Services Market Outlook 2021-2030; Expected to Reach $28.52 Trillion by 2025 – ResearchAndMarkets.com.” Accessed on March 31, 2022.

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