Finance Field 2024 : When most people hear the term Finance services sector, the first thing they’re likely to think of is the hustle and bustle of Wall Street. However, there’s more to the industry than just stock trading and investment services.
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In fact, the financial services sector includes a broad array of different types of financial services companies. What’s more, financial services companies are considered to be one of the most important parts of the economy in many different countries. Their profits make up a large portion of the gross domestic product (GDP) each year.
Two simultaneous trends currently characterize the financial services industry. One is specialization, where companies provide targeted services to customers. The other is globalization, or the expansion of firms into developing countries and emerging market nations.
Types of Financial Services Companies
Financial services include companies that work with money: Saving, spending, moving, or making money are activities these companies engage in. Credit card issuers, investment banks, and stock brokerages are all part of the financial services industry. However, the most common and largest types of financial services companies are:
- Accounting firms
- Insurance companies
- Banks
- Fintech companies
Big Four Accounting Firms
The Big Four accounting firms are the world’s largest professional services, accounting, and auditing firms based on revenue. Check out the full list of the top accounting firms of 2024.
Deloitte
Headquarters: London, United Kingdom
Global Revenue: $59.3 billion
Deloitte is the largest firm in the U.S. and the world by revenue and by number of employees (415,000). In the 2022 fiscal year, Deloitte’s U.S. revenue alone neared $30 billion. It’s also one of the oldest firms, founded in 1854.
PwC
Headquarters: London, United Kingdom
Global Revenue: $50.3 billion
PwC stands for PricewaterhouseCoopers International Limited. This multinational accounting firm operates in over 150 countries, and its U.S. revenue exceeded $18 billion in 2022, making it the second-largest accounting firm in the U.S. and the world by revenue.
EY
Headquarters: London, United Kingdom
Global Revenue: $45.4 billion
Ernst & Young (EY) is the result of a 1989 merger of the fourth and fifth largest firms in the world at the time. Today, EY operates in more than 150 countries, and Fortune magazine consistently ranks EY as one of the best companies to work for.
KPMG
Headquarters: London, United Kingdom and Amstelveen, Netherlands
Revenue: $34.6 billion
KPMG is an initialism of Klynveld, Peat, Marwick, and Goerdeler. The firm was founded in 1987 and now operates in 145 countries. In 2022, its U.S. revenue was close to $11.5 billion.
What Are Some Examples of Financial Services?
There are a variety of financial services offered by companies in the financial services sector around the world. These services involve banking, brokerage, mortgages, credit cards, payment services, real estate, taxes and accounting, and investment funds.
What Is the Biggest Financial Services Company?
Market capitalizations change all the time and, as a result, so do rankings. However, with a recent market capitalization of $430.20 billion, Visa tops the list of the worlds biggest financial services companies.
What Companies Are in the Finance Field?
There are over one million finance companies in the U.S. alone, including local, statewide, regional, national, and global institutions. Below, you’ll find information on the largest finance companies, as well as where to apply for jobs there.
Bank of America
Founded in 1904, Bank of America is one of the world’s leading commercial and investment banks. In addition to standard banking services, it offers wealth and risk management services and financial products such as business loans, credit cards, and mortgages.
Why is Bank of America one of the best finance companies to work for? It employs more than 200,000 people in a variety of positions, including teller, call center, and customer service jobs.
Capital One
Capital One is one of the world’s best finance companies. Its primary financial services include consumer and commercial banking and credit. Additionally, Capital One prides itself on its financial inclusion, philanthropy, and high-quality customer support.
If you’re interested in working for Capital One, you can find a variety of jobs from customer service to software engineering. The company currently employs over 50,000 people.
American Express
American Express offers a wide range of credit options to individual customers, small and mid-sized companies, and corporations. In fact, American Express is known for introducing the first credit card in the U.S. and Canada in 1958. Today, it offers tons of member benefits and perks, including the redeemable Membership Miles program for travelers.
At American Express, you’ll find a diverse range of jobs, including financial analyst jobs, tech jobs, and travel agent jobs.
Liberty Mutual
Liberty Mutual is one of the top insurance companies in the world with a focus on sustainable growth and innovation. The company offers a slew of insurance services, including automobile insurance, workers’ compensation, group disability, property insurance, and much more.
It’s one of the best places to work if you’re looking for a job as an insurance underwriter, claims adjuster, software engineer, or financial analyst.
Citigroup
As one of the top financial services companies, Citigroup offers commercial banking, financial advising services, securities services, treasury and trade solutions, and much more. The company got its start in New York City in 1812 but has since expanded its services globally.
From customer service to financial advising and portfolio management, Citi offers a diverse range of jobs in the financial sector. In fact, more than 200,000 people currently work for Citi.
Goldman Sachs
Goldman Sachs was first established in 1869 and has since become one of the leading private financing firms in the world. It also specializes in real estate financing, municipal finance, and global equity trading.
When you begin your finance career at Goldman Sachs, you’ll find that it’s among the best places for finance majors to work. That’s because the company offers tons of opportunities within its 60 worldwide locations and remotely. Some of the most popular jobs here include financial planning and analysis, accounting, and data science.
Morgan Stanley
Are you looking for an opportunity to help individuals, companies, and institutions meet their financial goals? Consider working for Morgan Stanley, one of the world’s largest wealth-management franchises.
Morgan Stanley is one of the best financial institutions to work for if you’re seeking jobs in investment banking, financial analysis, client services, product management, and auditing. The company currently employs over 60,000 people and has offices located throughout the globe.
JPMorgan Chase
Founded in 2000, JPMorgan Chase is regarded as one of the top financial services companies in the world. It specializes in financial holdings and investment banking and was the first financial institution to introduce mobile banking in 2010.
JPMorgan Chase offers a myriad of jobs from entry-level to senior positions. Among them are jobs in wealth management, financial analysis, accounting, auditing, marketing, and IT. It’s no wonder more than 250,000 people choose to work for JPMorgan Chase.
Fannie Mae
Fannie Mae was originally created by Congress in 1938 during the Great Depression. It has since helped millions of World War II vets and American families finance housing. Today, it’s one of America’s leading financial institutions offering long-term, fixed-rate home loans.
Fannie Mae has tons of opportunities for underwriters, property preservation specialists, IT professionals, and many others. With more than 50 offices located throughout the U.S., the company employs over 7,000 people.
Allstate
Allstate is one of America’s leading insurance companies and prides itself on its slogan, “You’re in good hands.” Allstate offers flexible insurance plans including automobile, property, life, business, identity protection, and phone protection policies. The company also allows offers online and app policy management services.
Whether you’re looking for a remote job, paralegal position, or an actuary career, Allstate has plenty of opportunities. The company currently employs more than 50,000 people in a variety of positions.
Travelers
Travelers is one of the top providers of individual and business insurance policies. Its plans include auto insurance, workers’ compensation, homeowners’ insurance, as well as property, casualty, and risk-management services.
The company employs about 30,000 people nationwide in customer service, claims, underwriting, sales, technology, analytics, and much more. It also offers plenty of entry-level, remote, and advanced corporate positions.
MetLife
For more than a century, MetLife has been regarded as one of the leading insurance and investment companies in America. Its services include auto insurance, health insurance, retirement investment plans, and savings products. Today, the company offers its services in over 40 markets globally.
From entry-level to advanced positions, you’ll find a slew of opportunities at MetLife. With more than 40,000 employees, its most popular jobs include customer service, actuarial services, adjuster jobs, and legal services.
Why Work in the Financial Sector?
Now that you know what companies are in the finance field, let’s explore the top reasons to work for one of them. Here are four benefits you can expect when working for the top finance companies:
- High Earning Potential: If you’re looking for a high-paying career, finance is the way to go. Get a glimpse of how much you can earn in the finance industry with this list of the highest-paying finance jobs. Plus, you can use Monster’s Salary Tool to find out how much specific finance jobs pay. Just enter the job title and location into the search bar to see the median salary and pay range.
- Plenty of Career Options: Whether you just finished your finance degree or are an entry-level employee looking to move up, your career in the financial industry can go in any direction. Finance companies often look for skilled candidates to fill financial, marketing, management, IT, and legal roles.
- Tons of Growth Opportunities: No matter where you begin in the financial industry, there’s always room for growth. In fact, Monster has listed financial management as one of the finance jobs with the highest growth opportunities in the future.
- Excellent Benefits: Benefits vary from one company to another. Some of the benefits offered in the financial industry include annual bonuses, 401k matching, stock options, health insurance, paid family leave, business travel expense coverage, disability and sick leave, and vacation time. Some companies offer student loan assistance, tuition reimbursement, rewards programs, company cars, and other incentives.
Frequently Asked Questions (FAQ)
1. What are the primary types of companies in the financial services sector? The financial services sector includes a wide range of companies that work with money. Some of the primary types include:
- Banks: Offer savings and checking accounts, loans, and mortgages.
- Insurance Companies: Provide coverage for health, property, life, and other areas.
- Accounting Firms: Offer auditing, tax preparation, and consulting services.
- Fintech Companies: Use technology to provide financial services, such as mobile banking apps and online payment platforms.
2. What are the current trends in the financial services industry? Two significant trends currently characterize the financial services industry:
- Specialization: Companies are increasingly providing targeted services to meet specific customer needs.
- Globalization: Firms are expanding into developing countries and emerging markets to tap into new opportunities and growth potential.
3. Which are the Big Four accounting firms and why are they important? The Big Four accounting firms are the largest professional services networks in the world, offering auditing, assurance, tax, consulting, advisory, actuarial, corporate finance, and legal services. They are:
- Deloitte
- PwC (PricewaterhouseCoopers)
- EY (Ernst & Young)
- KPMG
These firms are crucial due to their extensive influence and significant role in the global financial system, providing services to a vast range of clients, including multinational corporations, governments, and non-profits.
Conclusion
The financial services sector is a crucial component of the global economy, encompassing a broad array of companies that deal with money management, investment, and insurance. It is not limited to the high-energy world of Wall Street but includes a diverse range of organizations like banks, insurance firms, accounting firms, and fintech companies.
The industry is characterized by ongoing trends of specialization and globalization, where companies tailor their services to specific customer needs and expand their reach into emerging markets. The Big Four accounting firms—Deloitte, PwC, EY, and KPMG—play a significant role in this sector, providing a wide range of professional services.