If you want a career in the financial services industry, you may want to target the top firms. These firms offer a level of prestige and recognition that can accelerate your career growth and open up new opportunities in future.
But as you may already know, the financial services sector is broad. There are many different types of firms and roles to consider. To help you make the right decision about your career path, we've created this guide to the top finance firms in the U.S.
Here, you'll find the role such firms play in the U.S. market, an overview of the top six companies, the different types of finance firms, and what sets the top ones apart. We’ll also offer tips on how to find the right finance firm for your career goals.
The role of finance firms in the USA is tied to the services they offer. Generally, these firms exist to provide different financial services like banking, advisory, lending, wealth and asset management, investments, payment processing, and insurance to individuals and businesses.
Through such services, they facilitate everything from everyday transactions to major corporate mergers. Finance firms help businesses expand, entrepreneurs start new ventures, and individuals buy homes or save for retirement. They also play a key role in price discovery through financial markets by helping determine the value of assets from stocks to real estate.
In turn, their services contribute to economic stability and growth. It’s interesting that the financial services industry in the U.S. generates a lot of growth and jobs throughout other sectors. Each job in the finance space creates about 3.6 jobs in the rest of the economy. It also accounts for 8% of the country’s GDP.
If you desire to work in this industry, you need to know not only the role of the financial services but also the different kinds of financial services institutions. These finance firms are typically grouped based on the services they offer as follows:
Within all the categories of finance firms from commercial banks to VC firms and investment banks, there are always those that stand out. Looking at all the types of finance firms together, some take higher ranks than others overall.
One of the factors that make a company a top finance firm is the key performance indicators such as revenue, profit margins, return on equity (ROE), and earnings per share (EPS). These metrics tell us about a firm's financial health, stability, and operational efficiency.
Another factor that makes a firm a top finance firm is a strong brand and market presence. Firms that are well-known and respected in the industry often enjoy a competitive advantage. At this point, it’s good to note that the overall influence of each firm can vary depending on the specific context. For instance, Berkshire Hathaway is more influential in terms of long-term investment strategies while Goldman Sachs has massive influence in investment banking and capital markets. So, top firms tend to have great influence in their specialization.
Top finance firms also share other characteristics like high employee job satisfaction rates, credible company management, strong industry connections, a culture of innovation, competitive compensation, a global reach, top talent, and large market capitalizations.
You probably know the names of the firms that dominate the United States financial sector. They also happen to be the best finance firms to work for and include JPMorgan Chase, Bank of America, Wells Fargo, Morgan Stanley, Goldman Sachs, and Citigroup.
Let’s look at these top six finance firms to work for in the USA below.
1. JPMorgan Chase & Co
JPMorgan Chase is the largest bank worldwide by market capitalization of about $700 billion. The large size gives this firm a broader reach and greater resources to influence the market compared to other investment banks.
JPMorgan Chase provides various financial services in business areas such as asset and wealth management, commercial banking, corporate and investment banking, retail banking, and technology.
👉 Learn more about this bulge-bracket firm in our JPMorgan Interview Guide.
2. Bank of America
As the second-largest bank in the U.S. by total assets, Bank of America has a huge market presence, with a market cap of about $348 billion. This firm employs finance professionals across various areas including retail banking, investment and wealth management, corporate and investment banking, and commercial banking.
👉 Find everything you need to know about this company in our Bank of America Interview Guide.
3. Wells Fargo & Co
Another top finance firm to work for in the U.S. is Wells Fargo. It’s the third-largest bank in the country with a market cap of around $236 billion. If you would like to work here, your options include consumer banking, consumer lending, small business banking, corporate and investment banking, risk management, and wealth and investment management.
The bank serves a huge portion of U.S. households and small businesses, with a strong emphasis on traditional banking services.
👉 Want more details? Check out our Wells Fargo Interview Guide!
4. Morgan Stanley
This financial firm is recognized as one of the most prestigious companies, especially in the investment banking sector. It ranks as the fourth largest bank in the U.S. with a market capitalization of about $200 billion.
Most of Morgan Stanley operations are primarily in institutional banking and wealth management. Other services include sales and trading, research, investment management, and capital markets. The firm’s strong relationships with institutional clients and focus on high-net-worth individuals contribute to its influential status.
👉 We also have a comprehensive Morgan Stanley Interview Guide with all the key information!
5. Goldman Sachs
Next is Goldman Sachs which is a leading global investment banking, securities, and investment management firm. It serves a major role in capital markets, advising corporations on mergers and acquisitions and underwriting securities.
In terms of its position in the United States, Goldman Sach takes the 5th position with a market cap of around $178 billion. The firm has a long history of navigating financial crises, including its notable partnership with Berkshire Hathaway during the 2008 financial crisis when Buffett invested $5 billion in Goldman Sachs to bolster its capital.
👉 Interested in this renowned firm? Then check out our Goldman Sachs Interview Guide!
6. Citigroup Inc
Last but not least is Citigroup which has a market capitalization of about $138 billion. The financial services at Citigroup are grouped into three business lines that include commercial banking, investment banking, and corporate banking.
As one of the largest banks in the U.S., Citigroup has a significant market share in both consumer and corporate banking. Its global presence and extensive network also allow it to serve a diverse clientele, including individuals, corporations, and governments.
👉 Learn more about the recruitment process and other essential details in our CitiGroup Interview Guide!
Depending on various factors like career goals, qualifications, and roles, one or more of these top finance firms might be better suited for you than the others. Still, your right fit might not even be on this list for instance if you want to get into insurance or private equity right away.
1. Identify Your Career Goals
Before selecting a firm, think about your career goals. What area or areas of finance interests you the most? Is it investment banking, asset management, financial planning, insurance, fintech, corporate finance or other financial specialties?
Your short and long-term career goals will determine the types of finance firms you should target. Then you can shortlist the best firms to work for in that category of finance companies.
2. Research Firm Reputation
When looking for the best finance firms to work for in your chosen specialization, look for firms with a strong reputation in the industry. This includes checking their rankings, client reviews, historical performance, and employee satisfaction ratings.
A well-regarded firm can enhance your resume and provide valuable networking opportunities. For instance, if you want great exit opportunities into the best private equity or hedge funds, starting as an investment banker in top firms like JPMorgan Chase can make this dream more achievable.
3. Evaluate Training and Development Programs
Top finance firms often offer robust training and development programs. Look for firms that provide mentorship, internships, and structured onboarding processes. Such programs can significantly impact your learning and career advancement.
4. Consider Company Culture
The work environment and culture of a firm are essential for job satisfaction. Research the firm's values, work-life balance, and employee engagement initiatives. A supportive and inclusive culture can enhance your overall experience.
So, choose those companies with cultures where you'll thrive such as collaborative vs. competitive environments and your work-life balance expectations.
5. Assess Compensation and Benefits
While salary is not the only factor, it is important to consider the compensation package, including bonuses, benefits, and opportunities for advancement. Firms with competitive compensation often seek to attract top talent in finance and it shows the firm's commitment to its employees. Check the promotion timelines, exit opportunities, and alumni success stories as well.
Check out these articles to find out more about how much you could earn in certain finance-roles:
👉 Investment Banking Salaries in the USA
👉 Salaries in Venture Capital USA
6. Network and Seek Advice
Take advantage of your network to gather insights about potential firms. Reach out to alumni, mentors, or professionals in the industry to get firsthand information about their experiences and recommendations.
👉 Find out everything you need to know in our article about Networking in Investment Banking.
7. Gain Relevant Experience
If you’re still in school or are a recent graduate, consider internships or entry-level positions in some of the firms you think are a good fit based on your research. The opportunities will give you exposure to the finance industry and help you determine if the firms are the right fit for you. During your research, you’ll also get to know the job requirements each firm and assess whether you have the necessary qualifications.
If you want a successful career in finance, it’s important to know the top firms and the different types of financial companies that exist. The common types of financial firms include banks, investment banks, hedge funds, private equity firms, insurance companies, and brokerage houses. They serve a crucial role in the economy by facilitating capital flow, managing risks, and providing financial advice. This way, they contribute to overall economic growth and stability.
Some of the largest and most influential firms in the U.S. financial sector are JP Morgan Chase, Bank of America, Wells Fargo, Morgan Stanley, Goldman Sachs, and Citigroup. To choose the right firm for your finance career, think about your professional groups and research the companies’ culture, reputation, compensation packages, and training programs.
