1. Business and Finance Jobs in New York City
Industry Commission Meeting  February 1, 2017
Presented by
Good morning! We are glad to be here with you today for this industry commission meeting.
My name is Ronnie Kauder and I am the Senior Research Director at the New York City Labor Market Information Service, housed at the CUNY Graduate Center.
At the CUNY Graduate Center
365 5th Avenue, 6202
New York, NY 10016

2. Who We Are & What We Do Housed at the CUNY Graduate Center
Provide labor market intelligence
Help workforce stakeholders, including the NYCDOE, to be aware of the current labor market
End goal: Improve labor market outcomes for students and jobseekers
Learn more:
We work with many organizations that prepare the workforce of the future. We have been working with the Department of Education, especially the Career & Technical Education division, for several years, to bring greater awareness of the labor market so that their can achieve better outcomes in the labor market.
You can visit our website to learn more about what we do at www….
[Optional]
We accomplish this through a variety of services that include
-in-depth research
-developing information tools
-assisting with capacity building
-offering strategic consulting

3. Key New York City Economic Trends
Before we delve into the specifics of Business and Finance, we wanted to begin with a basic overview of the labor market in New York City.
In general, New York City’s economy has recovered well from the last downturn.
The City’s job count was approximately 4.1 million in December 2016, a gain of more than 500,000 since the end of the recession in late 2009.
Also as of December 2016, New York City’s official unemployment rate stood at 4.4%, the same as a year earlier. The unemployment rate is somewhat higher in the Bronx (6.2%), lower in Manhattan (3.9%) and Queens (3.9%) , and on par with the citywide average in Brooklyn (4.5%) and Staten Island (4.4%).

4. New York City Economy by Sector, 2015
TRANSPORTATION & WAREHOUSING
This is an illustration of the NYC economy and it shows you the proportion of each sector relative to the size of the overall economy.
As you can see on this graphic, the largest sector in New York City is now health care and social assistance, with almost 650,000 jobs.
[Additional notes] About 75% of jobs in this sector involve work in health care [Notes: (e.g., ambulatory health (physician’s offices, dentists’ offices, etc.), inpatient health care (hospitals), and nursing and residential care facilities)]. The remaining quarter concerns work in social assistance organizations like CBOs, child day care services, etc.).
Government, which includes public schools as well as federal, state and city offices, is the second largest sector in the NYC, with about half a million.
The next largest is Professional and Technical Services. These include office jobs at accounting firms, law firms, specialized design companies, architecture and engineering firms, computer systems design, and so on. Some of the jobs for which this Commission is responsible fall into this category.
Manufacturing, once very large, now has about 75,000 jobs [point to square in lower right corner].
In fact, food manufacturing has replaced apparel as the largest manufacturing industry in New York City.
[If someone asks] Other services is a catch-all for jobs that don’t neatly fit into the other sectors. These include, for example, jobs in maintenance & repair, personal and laundry services, jobs in religious and grantmaking orgs and jobs with private households.
Source | Quarterly Census of Employment and Wages for New York City, New York State Department of Labor, 2015
ARTS, ENTERTAINMENT, AND RECREATION
COMPANY HEADQUARTERS
MANUFACTURING
UTILITIES

5. Largest Sectors
This graphic is another representation of what we saw on the last slide. It displays employment in the largest sectors.
The next three top sectors are retail trade, accommodation and food services, and finance and insurance, which is the sector most closely aligned with this Commission’s work. Finance & Insurance has 325,000 jobs in New York City.
[If someone asks] Administrative and waste services is dominated by staffing agencies, like Robert Half (97% jobs are in administrative services subsector).
Source | Quarterly Census of Employment and Wages for New York City, New York State Department of Labor, 2015

6. Sectors with the Greatest Job Growth
This bar chart shows you the total employment by economic sector. The dark bar shows baseline employment in 2005 and the shaded bar shows growth in the ten years from 2005 to This chart is sorted by greatest growth (the size of the shaded bar) to least.
Accommodation and Food Services gained more jobs than any other sector in this time period, with 129K new jobs.
Health Care and Social Assistance was next, with 123K new jobs,
followed by Professional and Technical Services, with 89K new jobs.
Some sectors, like Finance and Insurance, and Construction, lost jobs in the Great Recession and then gained them back and continued to grow. For example, Finance and Insurance lost 15,000 jobs between 2005 and 2010, then gained about 20,000 between 2010 and 2015.
2005: 321,753; 2010: 305, 822, 2015: 324,514.
Source | Quarterly Census of Employment and Wages for New York City, New York State Department of Labor, 2005 and 2015

7. Business & Finance Jobs
With that broad overview in mind, we are now ready to look more closely at the areas of the economy most relevant to the work of this industry commission.
In New York City

8. Business & Finance in NYC Overview
Banks of all types
Insurance carriers, brokerage companies, and employee benefit funds
Accounting firms and management consulting firms
There are about 420K industry jobs in NYC
Employment grew 7%
(+28.7K jobs)
from 2005
For purposes of this industry commission, we looked at the economic sectors most closely associated with Business and Finance. These include banks of all types, insurance, accounting, and management consulting firms.
These sectors combined employed almost 12% of the workforce – one in every 8 jobs in New York City.
Since 2005, jobs in this area of the economy have grown by 7%, slightly slower than citywide private employment growth during this same period.
Sources | Quarterly Census of Employment and Wages, New York State Department of Labor; O*NET OnLine, 2017.

9. Business & Finance in NYC Employment Growth, 2005-2015
In New York City, the largest industry within Business & Finance is the first one here, which includes investment banks and all types of financial services firms. As you can see it is large, but only added 1,000 jobs over a 10-year period. As we said earlier, it lost jobs in the Great Recession, then gained them back.
The second largest are the commercial and savings banks, which have added about 5,000 jobs, or close to 6 percent. Insurance has added 3,000 jobs, or about 5 percent. The employment at accounting firms has grown by 8,000 jobs, or almost 20 percent. Management, scientific and technical consulting firms have grown the most, by 19,000 jobs, or 73 percent. This is a smaller sector and includes all types of consulting firms.
Source | Quarterly Census of Employment and Wages, New York State Department of Labor,

10. Business & Finance Jobs in NYC Year-Over-Year Employment Change, 2001-2015
This line graph shows the year over year change, or volatility, in employment in this field (the solid line) relative to the city as a whole (the dotted line). The thick blue bars show the recession of 2001 and the great recession of
This graph shows that Business and Finance jobs are very sensitive to the general business cycle when compared with total private sector employment. They fall by greater percentages during general business downturns.
Source | Quarterly Census of Employment and Wages, New York State Department of Labor,

11. Business & Finance in NYC Common Occupations
Title Ed Level Employment Pay * *
We now turn to the most common occupations in this sector in New York City. As you can see here, four of the top six occupations typically require a bachelor’s degree or higher. These are also the jobs that pay the most. In fact, many employers recruit candidates from around the country to fill some of these positions. It is highly competitive to secure the most desirable jobs.
However, the most common occupations, such as customer service representative and teller, require a high school diploma.
The asterisked jobs are the ones that the CTE programs are preparing students for.
= high school credential; = some college or additional training; = at least a bachelor's degree
Sources | New York State Department of Labor: Occupational Employment Statistics, 2016; Statewide Staffing Patterns, September 2015; and Occupational Employment Projections
* = Industry Commission Occupation

12. Business & Finance in NYC Common Occupations
Title Ed Level Employment Pay * * * *
These are the next six most common jobs in this field. Some of the jobs, such as accounting clerks and bookkeepers, usually require some education beyond high school, but often not a bachelor’s degree. We should mention that these occupations can also be found in other industries. Bookkeepers and accounting clerks may work virtually anywhere, and billing and posting clerks often work in healthcare. *
= high school credential; = some college or additional training; = at least a bachelor's degree
Sources | New York State Department of Labor: Occupational Employment Statistics, 2016; Statewide Staffing Patterns, September 2015; and Occupational Employment Projections
* = Industry Commission Occupation

13. Business & Finance in NYC Online Job Ad Analysis (Real-Time LMI)
This slide shows an analysis of online job postings in this field.
There were more than 30,000 online postings for the jobs for which the CTE programs are preparing students in this field over the past year. These were the employers who advertised the most overall.
The second table shows those employers that specified education levels below a bachelor’s degree. We should note that most online postings do not specify any education preference. While this second table may not be representative of the overall demand for relevant sub-BA jobs in NYC, at the very least, it can give you some insight into the local employers with these preferences.
[If someone asks] Real-time labor market information describes software that scrapes online job postings daily, sorts the information into data elements, like job title, employer, location and so, and then stores this information into a database for analysis.
Source | Labor Insight, Burning Glass Technologies 2016

14. Business & Finance in NYC Online Job Ad Analysis: Top Titles & Certifications
Among the jobs advertised online, teller jobs and jobs related to accounting functions had the most ads.
These are the certifications most mentioned by employers who advertise on line for these jobs.
Source | Labor Insight, Burning Glass Technologies 2016

15. Business & Finance in NYC Online Job Ad Analysis: Top Skills
Here we see the top skills employers requested. There are three categories of skills:
general – these are skills that are important, but are not specific to a particular occupation; The #1 general skill mentioned by employers in ads is communication.
specialized – these are skills that are specific to this field of work, the top two being Microsoft Excel and accounting.
technical skills – these are the computer and software skills most often needed to carry out work in this field. In this category, ads that mention Excel outnumber all of the others by quite a bit.
Source | Labor Insight, Burning Glass Technologies 2016

16. Business & Finance in NYC Key Industry Trends & Takeaways
The Finance & Insurance sector is stable, but is very sensitive to the general business cycle
Accounting jobs are growing
Many jobs in the sector require at least a bachelor’s degree
Some occupations, such as bookkeeping and accounting jobs, exist across many industries
Communication, customer service and computer skills, especially Excel, are critical
We just reviewed a lot of data in a little amount of time. What can we take away from this?

17. NYC Labor Market Information Service
THANK YOU
Ronnie Kauder
NYC Labor Market Information Service
CUNY Graduate Center
365 Fifth Avenue, Room 6202
New York, NY 10016