Financial services is one of the largest and highest-compensated sectors of the US economy. The industry encompasses retail banking, commercial banking, investment banking, asset management, private equity, hedge funds, insurance, fintech, and financial regulation — each with distinct career paths, compensation structures, and entry requirements. Wall Street remains the global centre of investment banking and capital markets, but financial services employment is substantial across all major US metros.
The US financial services landscape
| Sub-sector | What it is | Key employers |
|---|---|---|
| Retail and commercial banking | Consumer and business banking, loans, deposits, branch operations | JPMorgan Chase, Bank of America, Wells Fargo, Citibank, US Bancorp, PNC |
| Investment banking | M&A advisory, capital markets (IPOs, debt issuance), restructuring | Goldman Sachs, Morgan Stanley, JP Morgan IB, Lazard, Evercore, Moelis, Centerview |
| Asset management (buy-side) | Managing investment portfolios for institutions and individuals | BlackRock (HQ NYC), Vanguard (HQ Malvern PA), Fidelity (HQ Boston), State Street, PIMCO |
| Private equity and venture capital | Investing in private companies; acquiring, improving, and selling businesses | KKR, Apollo, Blackstone, Carlyle, TPG, Andreessen Horowitz, Sequoia |
| Hedge funds | Alternative investment funds using diverse strategies | Citadel (Chicago/Miami), Bridgewater (Westport CT), Two Sigma (NYC), Renaissance Technologies (Long Island) |
| Fintech | Technology-driven financial products and services | Stripe, Plaid, Affirm, Chime, Square/Block, Robinhood, Coinbase |
| Insurance | Life, health, property, casualty, and specialty insurance | Berkshire Hathaway, Chubb, AIG, Prudential, MetLife, New York Life, GEICO |
FINRA licensing — securities industry credentials
The Financial Industry Regulatory Authority (FINRA) administers the licensing examinations required for professionals working in US broker-dealers and securities firms:
- Series 7 (General Securities Representative): Required for most investment banking, wealth management, and securities sales roles. Covers equity and debt securities, options, and margin. Required to execute securities transactions for clients.
- Series 63 (Uniform Securities Agent State Law): Required in most states in addition to Series 7. Covers state securities regulations.
- Series 65 / Series 66: Required for investment advisers. Series 66 combines the content of Series 63 and 65 for those holding Series 7.
- Series 79 (Investment Banking Representative): Required specifically for investment banking — M&A, capital markets origination.
- Series 6: Limited-scope license covering mutual funds and variable products — common in retail financial services.
- CFA (Chartered Financial Analyst): Not an FINRA license but the industry's most prestigious investment credential. Three levels of examination. Strongly valued in asset management, equity research, and portfolio management.
Investment banking compensation — the real numbers
Investment banking has one of the steepest compensation curves of any profession in the US:
- Analyst (years 1–3, typically post-undergraduate): $100,000–$120,000 base + $75,000–$150,000+ bonus = $175,000–$270,000 total
- Associate (post-MBA or promoted Analyst): $150,000–$175,000 base + $100,000–$200,000+ bonus
- VP: $200,000–$300,000 base + $200,000–$500,000+ bonus
- Managing Director (MD): $300,000–$500,000+ base + $500,000–$3M+ bonus
Sources: FINRA — Licensing examinations (finra.org, 2026); CFA Institute (cfainstitute.org, 2026); BLS Occupational Employment and Wage Statistics — Financial Analysts and Securities Workers 2026; NALP — Law and Finance salary data (2026); Wall Street Oasis IB compensation survey (2026)
Tailor your US resume in 60 seconds
JobTailoring applies American resume rules automatically — ATS-optimised, achievement-focused, US spelling. Paste any LinkedIn or Indeed posting and get a tailored resume and cover letter instantly.
Start free — 3 applications included