What Is Wall Street, and What Jobs Are Available? (2024)

Wall Street in New York City is home to the major stock exchanges, investment banks and brokerage firms, which trade billions of dollars in assets each day. It has a storied history, and although many jobs have moved online or globalized, it remains economically and culturally important, drawing many job seekers who dream big.

We’ve all heard of Wall Street thanks in part to its popular culture prominence. But what is it, exactly? And how can workers make it big there?

What Is Wall Street?

Wall Street is a physical location — an actual street in New York City’s Manhattan borough — and a figurative term that refers to the financial industry of the United States.

The New York Stock Exchange (NYSE), NASDAQ stock exchange and the Federal Reserve Bank of New York have headquarters in the Wall Street area, as do many brokerage firms and investment banks, including J.P. Morgan, Goldman Sachs and Morgan Stanley.

History of Wall Street

Wall Street has a long and storied history as a financial center. It goes back to the 17th century:

• 1653: The Dutch colony of New Amsterdam — New York City’s original name — ordered a wall constructed to keep out the British. The street is eventually named “Wall Street.” The wall was destroyed in 1699, but the name sticks.
• 1792: A group of security traders signed the Buttonwood Agreement and created the first Wall Street job: stockbroker. They name their organization the New York Stock and Exchange Board.
• 1837: Brokers on Wall Street are among the first in the country to embrace the telegraph for remote communication.
• 1882: Thomas Edison builds the first electricity plant to power Wall Street.
• 1889: Charles Dow publishes the first Wall Street Journal, featuring his stock index: the Dow Jones Average.
• 1903: The New York Stock Exchange building opens at 18 Broad Street.
• 1913: J.P. Morgan & Company begins construction of its headquarters at 23 Wall Street.
• 1918: Wall Street surpasses London as the most important financial center in the world.
• 1929: The Great Depression began after a dramatic drop in the stock market.
• 1987: Oliver Stone’s film “Wall Street” opened.
• 2007: The Great Recession began, and many blamed Wall Street greed.

Today, the world of finance is globalized. Most trading happens online, and Wall Street is no longer as central to the financial world as it once was. Yet the phrase remains shorthand for America’s financial markets, and Wall Street jobs in the stock market still employ thousands.

Why Is Wall Street Important?

While most trading has moved online and globalized since the advent of the internet and other technology, Wall Street remains an important center of finance and business for America and the world. NYSE and Nasdaq are two of the world’s largest stock exchanges and trade the stocks of powerful companies like Google and Amazon.

Wall Street is more than financial markets: Over the years, it has gained mystique. From movies like “Boiler Room” and “Wolf of Wall Street” to celebrity investors like Warren Buffett, this famous district is embedded in popular culture.

Many graduates dream of Wall Street jobs — but what does it take to make it there? And what do those jobs look like?

Jobs Available on Wall Street

Wall Street jobs go beyond stockbroker — although that also makes the list. Here are some of the highest-paying and most glamorous jobs available.

1. Hedge Fund Manager

Hedge funds pool investments and use various strategies to invest in the stock market and earn high returns. Hedge fund managers may oversee an entire fund or a portion of one, raising capital and deciding where to invest it.

2. Investment Banker

Investment bankers guide clients through Wall Street transactions, including stock trading, mergers and acquisitions (M&A) and initial public offerings (IPOs). They identify and minimize risks while maximizing clients’ finances — and earn high fees for doing so.

3. Chief Financial Officer

Chief financial officers (CFOs) track, analyze and manage an organization’s finances. They focus on meeting revenue goals, keeping cash flow steady and finding efficiencies. They work in various industries, including the financial industry.

4. Marketing Manager

Marketing managers may work for several Wall Street businesses, including banks, hedge funds and other firms. They plan, manage and analyze marketing and advertising campaigns to help the business bring in new customers and generate revenue.

5. Private Equity Associate

Private equity firms invest in private businesses. Associates and senior associates are mid-level positions that lead deals, manage investments and analyze results. They can work up to more lucrative Wall Street jobs, like vice president or managing director.

6. Venture Capital Investor

Venture capital firms invest in small startups with the expectation of receiving a high return. Investors at these firms decide where and how much to invest and must understand their chosen market and have a high risk tolerance.

7. Financial Analyst

Financial analyst is one of the most popular entry-level Wall Street jobs and has a high demand. They collect and analyze data, present it to management and help make decisions. Some analysts move on to more senior roles, while others remain analysts for their careers.

8. Credit Analyst

Credit analysts work with financial institutions to analyze lending risk. They look at a business’s financial statements and then advise their organization on whether to extend credit, complete a merger or acquisition or issue bonds.

9. Financial Advisor

Financial advisors advise businesses and individuals on investments, taxes and other financial planning topics. On Wall Street, they may advise a business on risk, create reports and update investment strategies as markets change.

10. Internal Auditor

Wall Street firms hire internal auditors to help them identify and eliminate risk, fraud and wasteful practices. They balance corporate governance with laws and regulations and play an essential role in protecting an organization from sanctions.

11. Stockbroker

Stockbrokers buy and sell stocks for businesses and wealthy clientele. Full-service stockbrokers also offer investing advice. It is a popular entry-level Wall Street job with the potential to work up to other roles.

Final Thoughts: How to Get a Job on Wall Street

Working on Wall Street often comes with glitz and glamor, but it is also a world of hard work and competition. Here is what job seekers need to succeed:

• Most Wall Street jobs require a bachelor’s degree in accounting, business, economics, finance, mathematics or statistics.
• Knowledge of computer science, cloud computing, data science, machine learning and artificial intelligence (AI) can also help job seekers stand out.
• Wall Street workers need excellent analytical and problem-solving skills, plus high risk tolerance.
• Entry-level positions like stockbroker and financial analyst are typically the stepping stones to higher-paying jobs.

Top Takeaways

• Wall Street is a street in New York City that is home to major stock exchanges and investment banks, as well as a general term that refers to the financial industry in America.
• Wall Street has a storied history as a financial and cultural hub for both America and the world.
• The best Wall Street jobs include hedge fund manager, investment banker and chief financial officer. Financial analyst and stockbroker are excellent entry-level jobs.
• Job seekers will need a bachelor’s degree in finance, business or a related field, as well as specialized skills and experience to work their way up Wall Street’s corporate ladder.

(Reporting by NPD)