The financial service industry has long been a pillar in the Massachusetts economy, and encompasses accounting, asset management, insurance, consulting, processing, legal services, and software publishers. By promoting our highly skilled and productive workforce, penchant for innovation and existing business base, we are committed to becoming a globally recognized, top-tier financial services center.

Size of industry

The financial service industry in Massachusetts has over 180,000 jobs and ranks as the third largest industry sector in the state. Massachusetts is a national and global leader in the industry. The state ranks third in the country in asset management jobs and investment, right behind California and New York. The industry is very diverse, ranging from Fortune 500 companies to small start-ups.
One of the leading financial services company located in Boston is State Street Corp., which currently employs about 29,000 in Massachusetts.

Industry Support

  • Outreach. Massachusetts is being proactive - meeting with financial services companies to anticipate their needs moving forward.
  • Licensing with ease. After hearing about delays and red tape in insurance licensing, the administration launched OLLIE, Online Licensing of Individuals and Entities, to conduct business quickly and easily via the internet.
  • Reducing regulatory burden. Massachusetts has begun a process of identifying unnecessary or onerous regulatory hurdles in the financial services sector and beyond. We're focused on moving at the speed of business.