The world can't work without money. So, while some parts of the finance industry may be suffering in the current economic downturn, the industry is still a good bet in the long-term. New Jersey is a regional hub for the finance industry. The banks, insurance companies, and securities firms that bloom from Jersey City, also known as "Wall Street West", to the "burbs," still offer challenging and high-paying jobs to workers with the right skills.
- Despite a relatively small employment base (5.2% of total employment in 2010), finance and insurance contributed $39.4 billion or 8.4 percent to the state's Gross Domestic Product (GDP) in 2009.
- Twenty-two of New Jersey's top 25 financial services employers are located within 40 miles of Manhattan. The state's competitive real estate rates, lower corporate tax rates, lower utility costs and highly educated talent pool make it a desirable location.
- Financial services rely heavily on information and technology. New Jersey has remained in the forefront of technological advancement by becoming a national leader in developing data centers to support the industry.
- New Jersey's financial services sector lost 7.9 percent of its employment base from 2007 to 2010; there were approximately 199,000 finance and insurance jobs in the state in 2010. However, finance and insurance saw a 16.9 percent rise in jobholding from 1990 to 2007, adding approximately 31,200 jobs.
- In 2009, almost $18.5 billion in wages was paid by New Jersey's employers in financial services industries.
*Source: NJ Department of Labor and Workforce Development, Labor Planning & Analysis, New Jersey Key Industry Clusters (7/20/11) and New Jersey Labor Market Views (4/11/11).
Jobs that employer sometimes find hard to staff with skilled workers include:
- back-office work, such as Customer Service Representatives and Managers and Clerks
- middle-office positions, such as Certified Public Accountants, IT specialists, and Financial Analysts
- front-office positions, including sales agents, credit analysts, and loan officers.
Priority skill needs of finance employers that cut across many jobs include:
- strong business skills, including project management skills and a broad understanding of finance regulations
- communication and presentation skills
- teamwork and problem-solving skills