Banish all hope if you haven't been able to find a job on Wall Street this year
If you're looking for a job in the securities industry in New York City and you haven't been able to find one so far in 2018, you might want to reconsider your options. Wall Street is booming. If you can't get a job now, you never will.
So suggests yesterday's report on the state of the securities industry in New York City by state comptroller Thomas DiNapoli. Securities industry revenues are surging (up 8.6% year-on-year in the first half of 2018!). Securities industry pay is surging too (at $423k in 2017, average total compensation was at its highest since 2008) and profits are doing pretty much the same (up 42% last year). It's not a huge surprise, then, that companies in the NY securities industry are also busy adding staff.
DiNapoli's office says the New York City securities industry is on track to add 1,700 jobs this year. At the end of 2017, it employed 176,900 people - the most in a decade. 2018 will be another post-crisis record for NYC securities employment. This is about as good as it gets.
If you can't get an NYC securities job despite the balmy climate it's probably because you're not the only person who wants one. Competition for roles paying an average of $423k a year is brutal and you're not just up against other New Yorkers. DiNapoli's report says immigrants, mostly from Asia and Europe, make up one third of the NYC securities workforce, and that 38% of people working in the New York securities industry commute in from outside New York City - mostly from New Jersey (20%), Long Island (6%), Westchester County (also 6%) and Connecticut (3%).
DiNapoli's report also contains hidden information on how to get in with big earners at the top of the securities industry who might help you find a job. - You should take a ride on a Connecticut commuter train at 6am or earlier. - 55% of NYC securities professionals working in Connecticut earn more than $250k a year, compared to just 25% of the overall total. Connecticut is where the managing directors live. You might also want to hit sales roles - 18% of people in the NYC securities industry are classified as 'sales agents' and another six per cent are sales supervisors. Only 8% are classified as financial analysts. Reframe your job search accordingly.
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