Texas pride is Texas-sized, and the residents of Houston are just as proud of their city and all it has to offer as they are of their home state. Houston’s robust economic climate holds great appeal for job seekers. The Greater Houston Partnership reported that Houston recovered all jobs lost to the Great Recession of 2007-2008 within 22 months. By 2013, the city had added more than two jobs for every job lost in the downturn.
Named America’s best city by Business Insider magazine, Houston stands out for graduates with an MBA in Finance for a number of reasons. Companies looking to establish or relocate corporate headquarters shortlist Houston for its strong economic climate, diversity and cultural variety. Twenty-four companies on the 2016 Fortune 500 list chose the Houston metro area for their headquarters. Further, Houston’s central location within the United States gives business travelers easy access to both coasts.
Texas ranks first in the nation for number of financial services jobs added between 2005-2014, and as the state’s fourth-largest city, Houston holds a significant piece of that pie. Consequently, finance companies in Houston offer excellent job prospects for finance MBAs.
Selection Criteria
The investment of time and effort it takes to earn a finance MBA merits careful consideration of where to live and work after graduation. Each graduate will base this decision on unique criteria, but a few universal considerations apply to almost everyone. Identifying a place that supports one’s financial goals requires a thorough evaluation of job prospects, housing affordability and tax implications.
What Are the Job Prospects for Finance MBAs?
Houston features on PayScale’s list of popular cities for finance MBAs. The number of finance jobs in Houston isn’t surprising considering that 17 of the top 21 investment service companies with corporate operations in Texas have offices in Houston, according to 2014 state data from the Governor’s office. Among finance companies in Houston are industry heavyweights like JPMorgan Chase and Ernst and Young. As far as salaries go, the Bureau of Labor Statistics reports an average annual figure of $101,980 for financial analysts in Houston.
What’s the Housing Market Like?
Houston is known for its affordable housing market, with housing costs 22 percent below the national average. Despite the Great Recession and the recent oil slump, Houston’s economy has stayed resilient and its housing market relatively stable. Former Chief Economist for Texas A&M University’s Real Estate Center Mark Dotzour predicts a bull market for housing.
What Will Living in Houston Do to My Taxes?
Texas is one of seven states that currently do not levy a personal income tax, so you’ll get to keep more of your paycheck. As of June 2016, Houston placed twelfth on Forbes magazine’s list of 25 cities where your paycheck will go furthest, making the city an attractive choice for MBAs seeking finance jobs.
The cost of living, relatively stable real estate market, and strong economic climate make Houston attractive to businesses of all sizes. Consequently, the city offers a wealth of opportunities for job seekers, including finance MBAs. Its professional sports leagues and lively performing arts scene add an exciting dimension to life in one of America’s most affordable cities.
Learn more about the Texas A&M-Corpus Christi online MBA in Finance program.
Sources:
Forbes: Welcome To Houston, Texas – Still America’s Economic Miracle
The Atlantic: Houston Is Unstoppable: Why Texas’ Juggernaut Is America’s #1 Job Creator
Business Insider: 18 Facts That Make Houston The Best City In America
Greater Houston Partnership Research
Payscale.com: Master of Business Administration (MBA), Finance Degree Average Salary
Texas Wide Open for Business: 2015 Texas Financial Services Industry
BLS Occupational Employment Statistics: Financial Analysts
Payscale.com: Cost of Living Calculator
Forbes: The 25 Cities Where Your Paycheck Will Go The Furthest
Money Crashers: Where Should I Live? 14 Important Factors When Deciding the Best Place to Live
