Professional & Financial Services

Professional & Financial Services is comprised of subsectors in finance and insurance, accounting, legal, business support, engineering, architecture, creative design and scientific and technical consulting services.

These business services are typical functions that occur within regional headquarters and shared service operations, both a focus of Greater Waco. Opportunities exist to support small, entrepreneurial businesses in the fields of consulting, advertising and marketing, among others.

The proximity to Austin, Dallas-Fort Worth, Houston and San Antonio provides a challenge for the Greater Waco market to retain those expenditures within the community, as well as an opportunity for firms to service the regional and state markets from a cost competitive location.

Workforce

Many occupations in the Professional and Financial Services sector require a bachelor’s degree or higher, which are offered at Baylor University and at the McLennan Community College University Center.

The University Center is a partnership with the University of Texas at Arlington, Tarleton State University, the University of Texas at Brownsville, the University of Texas Medical Branch (Galveston), Midwestern State University, Wichita Falls and Texas Tech University (Lubbock).

The Baylor Law School and Hankamer Business School, ranked No. 6 in the United States for entrepreneurship by the Princeton Review, also support the professional and financial sector. Waco’s McLennan Community College and Texas State Technical College Waco also boost the workforce with their health care, design, technical and many other programs.

What We Need

Waco is particularly short on services in the architectural and engineering; advertising; specialized design; and management and technical consulting subsectors, according to the strategic plan.

Professional services firms are typically small operations by nature, which strengthens the local economy through diversification, according to the plan.

Waco has representation in each of the sub-sectors, but all areas have tremendous potential for quality job growth, which suggests supporting the expansion of existing firms and creating a structure to support professionals interested in starting their business. Professional services with the strongest projected growth for the Heart of Texas region are tax examiners, collectors and revenue agents; engineering managers; administrative services managers; and payroll and time-keeping clerks, according to the Texas Workforce Commission.

Occupations with higher degree requirements with strong projected growth include financial managers; lawyers; and accountants and auditors.