Welcome to the domain of Financial Services Industry Statistics, wherein we delve into the dynamic landscape of the finance and insurance sector in the United States.
As per studies, the Financial Services industry contributes an impressive $2 trillion to the country’s Gross Domestic Product (GDP).
As of February 2023, the finance and insurance sector employs around 6.68 million Americans, underscoring its significance in job creation and economic stability. Moreover, the gross output of $3.59 trillion in 2022 demonstrates the vast scale of financial activities driving the nation’s economy forward.
Let’s delve into the intricate workings and pivotal role of the financial services industry in shaping the economic landscape.
Table of Contents
2.1. Size of the US financial industry workforce
2.2. How big is the financial services industry globally?
2.3. How big is the financial services industry in the US?
4.1. Salaries in Financial industry occupations
5.1. Finance professionals in the US key stats
a. Finance professional gender statistics
b. Finance professional’s gender ratio over time
c. Finance professional age breakdown
5.2. Finance professional educational attainment
a. Finance professionals by degree level
b. Finance professionals pay by degree level
5.3. Finance professional employment statistics
a. Finance and accounting professionals demand score
b. Company size where finance professionals work
c. Challenges in hiring finance professionals and accounting managers
d. Finance professional jobs by employer size
e. Finance professional job by company type
f. Finance professional jobs by sector
g. Finance professional jobs by industry
h. Finance professional industry statistics
5.4. Finance professional unemployment statistics
a. Finance professional unemployment rate over time
b. Finance professional unemployment rate by year
c. Finance professional current unemployment rate
5.5. Average finance professional tenure
a. Finance professional tenure statistics
6.1. How many people work in the financial services industry?
1. Financial services industry key stats
- The global financial services industry is projected to experience a Compound Annual Growth Rate (CAGR) of 6% between 2020 and 2025.
- The insurance and financial services industry contributes nearly $2 trillion, accounting for 7.78% of the total U.S. GDP.
- The global financial services market witnessed substantial growth, increasing from $25,848.74 billion in 2022 to $28,115.02 billion in 2023, with a remarkable compound annual growth rate (CAGR) of 8.8%.
- Anticipated to continue its expansion, the financial services market is projected to reach $37,484.37 billion by the year 2027, with a Compound Annual Growth Rate (CAGR) of 7.5%.
The Bureau of Labor Statistics forecasts significant growth in business and finance jobs, with 750,000 job openings and an 8% industry growth rate in the coming years.
2. Financial service industry’s size
As of 2023, the Finance and Insurance industry in the US employs a total of 7,605,892 individuals.
2.1. Size of the US financial industry workforce
|
Year |
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 |
|
2023 |
7 million+ |
Source: Zippia
2.2. How big is the financial services industry globally?
- The global financial services market was projected to expand from $20.4 trillion in 2020 to $22.5 trillion in 2021, with a compound annual growth rate (CAGR) of 9.9%.
- The finance and insurance industry makes up 7.4% of the total GDP of the United States.
- The financial services industry was valued at $20.49 trillion worldwide in 2020.
- The financial services sector is believed to have generated revenue amounting to $4.85 trillion in the year 2021.
- The financial services sector constitutes approximately 20-25% of the global economy.
By the end of 2025, the industry is projected to reach a value of $28.53 trillion.
2.3. How big is the financial services industry in the US?
The financial services industry in the United States holds a value of approximately $3.59 trillion. In terms of the number of companies, the sector comprises over 530,000 private and over 1,000 government finance and insurance establishments, collectively employing around 6.55 million individuals in the U.S.
|
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 |
Source: Zippia
3. Financial services industry market size
- In 2021, the financial services market achieved a value close to $23,328.73 billion, demonstrating a steady compound annual growth rate (CAGR) of 3.5% since 2016.
- The sector is projected to maintain its growth trajectory with a compounded annual growth rate (CAGR) of 6% spanning from 2020 to 2025, ultimately achieving a value of $28.53 trillion by the conclusion of this timeframe.
- Forecasts predict that the market will experience further expansion, reaching $33,313.50 billion by 2026, with a growth rate of 7.4%.
- Subsequently, from 2026, the market is projected to grow at a CAGR of 6.3%, ultimately reaching an estimated value of $45,149.00 billion by 2031.
Year | Market value | CAGR |
2021 | $23,328.73 billion | 3.5% |
2020 to 2025 (projected) | $23.53 trillion | 6% |
2026 (forecast) | $33,313.50 billion | 7.4% |
2031 (forecast) | $45,149.00 billion | 6.3% |
Source: Research and markets
4. Employment in the financial services industry
- The financial services sector employs a workforce of more than 7.6 million professionals across over half a million private establishments.
- Approximately 6.68 million Americans are employed in 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, 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.
- There are approximately 374,000 job openings in the finance and insurance industry as of February 2023.
- The finance and insurance industry has a 2% unemployment rate as of February 2023.
4.1. Salaries in Financial industry occupations
| Occupation | Median annual salary | Mean annual salary |
| Accountants and auditors | $78,600 | $87,660 |
| Insurance sales agent | $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 |
5. Financial industry professionals' demographics
5.1. Finance professionals in the US key stats
- The number of employed finance professionals in the United States is over 135,252.
- 26.4% of finance professionals are women, while 73.6% are men.
- The average age of finance professionals is 44 years old.
- The most prevalent ethnicity among finance professionals is White (71.9%), followed by Hispanic or Latino (9.5%), Asian (8.4%), and Black or African American (5.7%).
- In 2022, women earned 85% of what men earned in the finance industry.
- 5% of all finance professionals identify as LGBT.
- Finance professionals are 59% more likely to work at private companies compared to public companies.
a. Finance professional gender statistics
Out of all finance professionals, 26.4% are women, while 73.6% are men.
b. Finance professional’s gender ratio over time
| Year | Male | Female |
| 2010 | 73.78% | 26.22% |
| 2011 | 73.02% | 26.98% |
| 2012 | 74.65% | 25.35% |
| 2013 | 72.72% | 27.28% |
| 2014 | 72.76% | 27.24% |
| 2015 | 74.29% | 25.71% |
| 2016 | 73.92% | 26.08% |
| 2017 | 71.67% | 28.23% |
| 2018 | 73.90% | 26.10% |
| 2019 | 74.39% | 25.61% |
| 2020 | 73.82% | 26.18% |
| 2021 | 73.57% | 26.43% |
Source: Zippia
c. Finance professional age breakdown
The majority of finance professionals, accounting for 61% of the population, are aged 40 years or older, reflecting the average age in this sector.
|
Finance professional years |
Percentage |
|
20-30 years |
11% |
|
30-40 years |
28% |
|
40+ years |
61% |
Source: Zippia
5.2. Finance professional educational attainment
a. Finance professionals by degree level
The prevalent degree among finance professionals is a bachelor’s degree, with 77% holding this qualification. The second and third most common degrees are master’s degrees at 11% and doctorate degrees at 8%, respectively.
|
Finance professional degree |
Percentage |
|
Bachelors |
71% |
|
Masters |
11% |
|
Associate |
8% |
|
High school diploma |
1% |
|
Other degrees |
3% |
Source: Zippia
b. Finance professionals pay by degree level
Finance professionals with a Doctorate degree earn a higher median annual income of $68,340 compared to those without the degree. With a Master’s degree, finance professionals earn a median annual income of $63,145, whereas those with a Bachelor’s degree earn $57,968.
5.3. Finance professional employment statistics
The financial services sector employs more than 7.6 million professionals and encompasses over half a million private establishments. The majority of finance professionals are employed by private companies within the finance industry.
a. Finance and accounting professionals demand score
|
Position |
Demand score |
|
Cost accountants |
4.85 |
|
Finance managers |
3.63 |
|
Compliance officers |
3.16 |
|
Financial analysts |
2.34 |
|
Accountants and auditors |
1.17 |
Source: Robert Half
b. Company size where finance professionals work
Below, you can find the distribution of finance professionals based on the size of the companies they work for.
c. Challenges in hiring finance professionals and accounting managers
Source: Robert Half
d. Finance professional jobs by employer size
| Company size | Percentage |
| <50 | 6% |
| 50 – 100 employees | 15% |
| 100 – 500 employees | 22% |
| 500 – 1,000 employees | 6% |
| 1,000 – 10,000 employees | 26% |
| >10,000 employees | 26% |
e. Finance professional job by company type
Finance professionals with the job title have distinct preferences when it comes to choosing their workplace. For example, the majority of finance professionals show a preference for private companies rather than public companies.
f. Finance professional jobs by sector
| Company type | Percentage |
| Education | 8% |
| Public | 30% |
| Private | 59% |
| Government | 3% |
g. Finance professional jobs by industry
Finance, professional services, and insurance stand as the prevailing industries for finance professionals.
h. Finance professional industry statistics
| Industry | Percentage |
| Finance | 27% |
| Fortune 500 | 16% |
| Professional | 9% |
| Insurance | 9% |
| Education | 7% |
| Technology | 6% |
| Manufacturing | 4% |
| Retail | 3% |
| Media | 2% |
| Hospitality | 2% |
| Government | 2% |
| Healthcare | 2% |
| Telecommunication | 2% |
| Non-Profits | 2% |
| Internet | 1% |
| Transportation | 1% |
| Utilities | 1% |
| Start-up | 1% |
| Real estate | 1% |
| Energy | 1% |
5.4. Finance professional unemployment statistics
a. Finance professional unemployment rate over time
According to data from the Bureau of Labor Statistics, the unemployment rate for finance professionals fluctuated between 2008 and the most recent period.
b. Finance professional unemployment rate by year
| Year | Finance professional unemployment rate |
| 2010 | 3.85% |
| 2011 | 3.28% |
| 2012 | 2.62% |
| 2013 | 2.79% |
| 2014 | 1.97% |
| 2015 | 1.35% |
| 2016 | 1.21% |
| 2017 | 1.18% |
| 2018 | 1.95% |
| 2019 | 1.59% |
| 2020 | 1.85% |
| 2021 | 1.87% |
c. Finance professional current unemployment rate
| Profession | Unemployment rate |
| Financial and investment analysts | 0.2% |
| Billing clerks | 0.5% |
| Compliance officers | 0.8% |
| Financial managers | 1.6% |
5.5. Average finance professional tenure
Based on 2,154 finance professional resumes in Zippia’s database, the typical tenure for an average finance professional in a job ranges from 1 to 2 years.
a. Finance professional tenure statistics
| Number of years | Percentage |
| Less than 1 year | 26% |
| 1-2 years | 32% |
| 3-4 years | 8% |
| 5-7 years | 18% |
| 8-10 years | 9% |
| 11+ years | 8% |
6. FAQs
6.1. How many people work in the financial services industry?
As of 2023, the Finance and Insurance industry in the US employs approximately 7,605,892 individuals.
6.2. How many jobs are available in finance?
The Bureau of Labor Statistics predicts that business and finance jobs will see a significant increase, with over 750,000 job openings expected in the next few years, accompanied by an industry growth rate of 8%.
6.3. What are the top financial jobs?
Here are the top ten highest-paying careers in finance:
- Financial Adviser
- Senior Accountant
- Investment Banker
- Hedge Fund Manager
- Financial Analyst
- Information Technology Auditor
- Financial Software Developer
- Private Equity Associate
- Chief Compliance Officer
- Chief Financial Officer
Conclusion
The global financial services industry is expected to experience a Compound Annual Growth Rate (CAGR) of 6% from 2020 to 2025, accompanied by an impressive 8% rise in job openings for business and finance roles.
This positive outlook signifies the sector’s resilience and adaptability, driven by advancements in financial technology and changing consumer demands. As global populations grow and economies evolve, the industry’s potential for innovation and employment opportunities remains promising.
To capitalize on this growth, stakeholders must remain agile, embrace technological advancements, and prioritize customer-centric strategies to stay competitive in an ever-changing landscape.
