What are the best cities for finance jobs?
Financial positions can be found across the country, but if you're looking for a specific balance of disposable income, cost of living and environment, you'll need to do a bit of research.
We've started the process for you by identifying five cities with high numbers of finance positions, comparable cost of living and lots of opportunities for fun. If you're looking to make your next career move in the finance industry, consider these cities:
Chi-town is one of the best cities for finance jobs because it combines a healthy economy with affordable inner city and suburban home rental options.
"Chicago has a well-diversified economy that offers accounting and finance professionals a wide range of industry options," notesMichael Pickens, Division Director of Beacon Hill's Financial Division in Chicago. "You can build a career in financial services, pharma, high-tech, real estate, non-profit, manufacturing, advertising, and transportation to name a few. In fact, no single industry employs more than 14% of the Chicago workforce. Additionally, Chicago is reasonably affordable when compared to other major cities. There are many vibrant neighborhoods near the Loop and transportation is very accessible. To help you in your career, Chicago's also home to several top universities, including two of the top five MBA programs."
Salaries: According to Glassdoor, the average salary for finance positions in Chicago is about $80,000 - a significant increase over the national average of $65,000.
Rents: Zumper reported that rental prices can vary considerably depending on which neighborhood you look at. For instance, a two-bedroom apartment goes for just under $2,000 in the Loop, but only $1,180 in Uptown. In the Chicago metro area, average home prices are around $200,000, reported Zillow.
New York City
When you think finance, you likely imagine the busy stock exchange at Wall Street. New York has earned its reputation as one of the most expensive cities in the country, but financial positions here tend to provide ample compensation.
Salaries: In New York City, mid-tier financial positions - which typically require between one and three years of experience - pay an average of $68,500. Managers see a bump into the six-figure range with salaries that average $105,000, according to Glassdoor.
Rents: Living in the Big Apple is much more costly than most of the other cities on this list. Rent Jungle reported that rent on a two-bedroom apartment averages $3,510. Within the NYC metro area, home prices average $650,000, reported Zillow.
The Queen City - Charlotte, North Carolina - seems to have it all. Here you'll find ample finance job opportunities, affordable housing and lots of interesting nightlife - not to mention Charlotte's nearness to tranquil forest reserves and lots of natural scenery.
Salaries: Financial analysts in Charlotte earn an average salary of $63,000, with manager positions seeing an increase to over $85,000, Glassdoor reported.
Rents: Rental prices in Charlotte beat many of the other cities on this list. For example, RentCafe reported that the average rent for a two-bedroom apartment in Charlotte is about $1,100. The median home price is $181,000, according to Zillow.
Like NYC, Boston has a reputation for being an expensive city - but the rental market has shown signs of slowing down. In fact, the Boston Globe reported that in 2017, rents went down for the first time in seven years.
Salaries: Glassdoor reported that financial analysts in Boston earn an average $61,000, with those in senior-level positions bringing home around $85,000.
Rents: Two-bedroom apartments go for an average $2,458 per month, reported Streetwise. However, if you're willing to commute from a nearby suburb, rents may be lower. Average home prices in the Boston metro area average $419,000, reported Zillow.
In Music City, you'll find plenty of good barbeque, cold beverages and thumping honky-tonk bars. But Nashville has a laid-back side, as well. Outside of the downtown area are some of the country's most affordable suburban homes.
"Music City is a great area for finance professionals in a myriad of ways," says Amy Culpepper, Division Director of Beacon Hill's Financial Division in Nashville. "While we are a hub for healthcare, we also have a flourishing manufacturing presence as well. Our economy continues to revel in the stages of exponential growth, giving finance professionals incredible opportunities to advance their careers while living a comfortable life. On average, residents spend just over 27% of their income on housing in our area."
Salaries: According to Glassdoor, financial analyst positions in Nashville start at around $63,000, while managers earn up to $90,000.
Rents: In Nashville, the average rent for a two-bedroom apartment is $2,500, according to Rent Jungle. Home prices in the Nashville metro area average $223,800.
Now that you know where to look for your next finance job, consider contacting the recruiters at Beacon Hill today! We're here to help you find the job of your dreams.
This content is brought to you by the Marketing Team at Beacon Hill Staffing Group.