What are three words to describe the financial Dallas job market? Dynamic, competitive and leading come to mind, while in 2023, this “Wall Street of the South,” as it’s coined, continues its path to surpassing other major cities as a market and industry leader.
A trend of large financial centers, such as New York, San Francisco and Boston, losing jobs points to Dallas’ gain. According to the Dallas Morning News, Dallas’ financial employment sector has been on an upward trajectory for some time; since 2019, the city leads the country in financial services job growth, adding 32,000 positions in banking, insurance and other areas.
Additionally, by the beginning of Q3 2022, notes the paper, Dallas-Fort Worth’s financial sector added 3,200 new jobs, up nearly 22,000 positions from the year prior, a 6.2 percent increase.
This all accounts for the expansion of several big financial names that call Dallas home. The outlet noted at the start of this year that Wells Fargo, for example, has plans to open a new Dallas-area campus in 2025 accommodating more than 3,000 employees.
The following year, Goldman Sachs’ new downtown campus will hold 5,000 workers; this comes in addition to other financial giants having already set up shop in the Dallas area — namely, Charles Schwab and First Foundation, Texas-bound from California.
What trends does this job growth speak to? What are companies in the Dallas financial sector looking to add to their talent base?
One of the most significant trends in the Dallas financial job market is the increasing demand for professionals with expertise in financial technology, or fintech. This is largely due to the continued adoption of digital financial services, including online banking, mobile payments and cryptocurrency trading. As a result, companies are looking for individuals who can help them stay ahead of the curve by developing innovative solutions, improving customer experience and enhancing their security measures.
A Renewed Gig Economy Focus
Another factor driving growth in Dallas-Fort Worth’s financial job market is the rise of the gig economy. Many individuals are opting to work on a freelance or contract basis, rather than pursuing traditional full-time positions. This trend is particularly evident in the finance industry, where organizations are increasingly turning to independent contractors to help them manage their accounting, tax and financial reporting needs.
Demand for Technical Skills
Furthermore, the regional job market is also seeing an increase in demand for professionals with strong analytical and data-driven skills. As businesses continue to rely on data to drive decision making, individuals who can effectively collect, analyze and interpret data are becoming increasingly valuable. These skills are particularly essential in areas such as risk management, investment analysis and financial planning.
Financial Roles Take the Spotlight
Looking ahead to 2024, the Dallas financial job market is characterized by a diverse range of opportunities and specializations, making it an attractive location for professionals at various stages of their careers. Some of the most promising job roles in the sector include:
- Financial Analyst: As companies continue to rely on data-driven decision making, the role of financial analyst has become increasingly critical. Analysts are responsible for conducting research and analysis to help organizations make informed decisions about investments, pricing and resource allocation.
- Tax Consultant: The complexity of tax regulations can be overwhelming for many businesses, which is why tax consultants are in high demand in the Dallas financial job market. They work with clients to develop tax strategies, optimize tax planning and ensure compliance with local and federal regulations.
- Investment Banker: For individuals with a strong background in finance and an interest in working in a high-pressure, fast-paced environment, a career as an investment banker may be an ideal choice. You’ll help companies raise capital through stock offerings, mergers and acquisitions, and other financial transactions.
Market Diversification Defines Dallas
The Dallas area continues to call itself a hotspot destination for numerous industries and prominent companies now calling North Texas home. In 2021, Toyota relocated its national headquarters from California to Plano, citing a lower cost of living and better quality of life in a major metro hub as one reason for its 3,000-employee migration to the Lonestar State. Last year, Caterpillar transitioned its headquarters to Irving, citing better accessibility to customers, retailers and employees. And exercise equipment company Peloton Interactive, Inc., also devoted three years ago nearly 104,000 square feet of space to a new campus, also in Plano, bringing visibility and expansion of its business operations to the Dallas metro region, in what the company cites as bringing 1,600 more jobs in a variety of functions to North Texas.
Take Charge of Your Career in Dallas
At the start of 2023, the Texas Employment Forecast predicted that all area jobs would increase by 1.4 percent, and with the strong growth of the financial segment, that number is poised for further increases in 2024. And by keeping a pulse on the latest trends and developments in the financial industry and beyond, Dallas-based job seekers can position themselves to capitalize on these opportunities and achieve long-term success in their careers.
How can Unity Search help? Our finance and accounting team of recruiters specializes in finding positions of all levels, in every F&A vertical, including strategic finance, asset management, controllership, corporate accounting and internal audit, among others.
Discover your next opportunity by contacting Unity Search today.