Background checks in the Wealth Management Industry

How stringent are background checks in the wealth management industry? I was arrested for petty theft (misdemeanor) a couple of years ago was able to get my charges dropped and therefore I was never convicted of a crime. However, my arrest record still remains on file. I understand that certain firms are incredibly in-depth with their checks, such as Citi; they are known to dig up records decades old. However, is this trend across the industry or just limited to a few prominent firms? Also, how does my situation affect my future employment opportunities? I'm a fresh grad from a top 20 college with a fairly good GPA and I really hope that a silly mistake I made in my past would not severely affect my future prospects.