Financial services are everything that relates to money, from the products you buy to the ways you save and invest it. These include banks, credit unions, investment firms and even the critical financial utilities that make it all work. Financial services also encompass all the different jobs within these sectors. From bankers to insurance brokers, the sector includes a wide variety of roles that can range from entry-level teller positions to high-level investing opportunities. However, the many options within the industry can sometimes make it difficult to decide how to start your career in this sector.
There are a few key things to keep in mind when deciding if a job in this sector is right for you. For one, many companies in the financial services sector are heavily invested in their employees. They often provide on-the-job training and encourage professionals to continue their education. This enables employees to grow their skill set and increase their earning potential. In addition, many businesses in this field are known for promoting from within, based on merit rather than tenure. This makes it easier for new employees to find a role that best fits their goals.
Another important aspect to consider is the amount of stress that comes with some jobs in this sector. It’s not uncommon for people in some positions to work 16 to 20 hours a day, which can lead to burnout. In addition, many financial services jobs are highly regulated, which can limit flexibility and creativity. However, some companies are taking steps to improve their employee’s quality of life by offering perks like flexible work arrangements and health insurance.
Before the 1970s, each sector in the financial services industry stayed largely within its own specialty. For example, banks provided a place for customers to hold their checking and savings accounts while mortgage lenders specialized in offering loans for the purchase of homes. But as consumer demand increased, banks began to offer more diversified products. Today, many large banks have become a one-stop shop for all of your financial needs and are known for offering services like credit card services, personal and mortgage loan options, brokerage firms and even mutual funds.
The financial services industry also consists of credit-reporting agencies, debt-resolution services (to help consumers avoid bankruptcy) and even payment-processing systems such as real-time gross settlement systems or interbank networks. And of course, there are the financial markets themselves, which include stock and commodity exchanges. Those who are able to see the big picture and know how all of these factors interact can have a successful career in this industry. It just takes a little research to figure out which position is the best fit for you. Then, you can move forward with your financial goals and plans. And if you need more guidance, you can always ask an expert!