Why Financial Services?
The Bay Area Economic Forum, a prestigious and well respected public-private partnership, concluded that "knowledge-based" industries are fueling high paying job growth in the Bay Area. They identified financial services as one of the eight knowledge-based industry clusters and the largest employer of the eight.
The Forum determined that the Bay Area is the second largest banking and financial center in the country. They also stated that the Bay Area has been the birthplace of many of the fastest growing financial services companies. They credit the close proximity between the Bay Area's financial institutions and information technology companies as a significant factor in promoting partnering and cross-industry learning. The synergy created results in a regional competitive advantage that bodes well for the Bay Area's financial services industry.
We expect the financial services industry in the Bay Area to continue to be a major source of high paying careers in the future, but numbers of positions and high earnings are not the only reasons for choosing to support financial services majors or career paths. Economic and financial literacy are important requirements for personal success. A recent study indicated that the average score on a personal finance and basic economics test was 57% correct for adults and 48% correct for high school seniors. By participating in a financial services pathway or major students will learn the skills and knowledge necessary for personal success.
Finally, when students study all aspects of industry for the financial services industry they also learn general business principles. Many financial services career paths and majors include elements of management, operations, marketing, accounting & finance, information technology, and entrepreneurship in their curriculum. The information and skills they learn are highly transferable to other industries.
In summary, students in a financial services career path or major learn information and skills that will not only prepare them for successful post-secondary and career experiences, but provide them with the personal financial skills and information needed for success in life.
The Bay Area is the birthplace of many of the fastest growing financial services companies. The close proximity between the Bay Area's financial institutions and information technology companies is a significant factor in promoting partnering and cross-industry learning.