Financial services are a collection of industries that help people manage their finances, make investments, and obtain loans. They also offer insurance policies to protect against unforeseen events such as property damage or loss of life. The industry is comprised of a variety of companies, from large investment banks to small credit unions. Some examples of financial services include investment banking, commercial banking, consumer lending, and insurance.
The financial services industry is a vital part of any economy, ensuring that businesses and consumers have access to the capital they need to grow. This industry helps provide loans to entrepreneurs, invest in business ventures, and maintain the savings of individuals and corporations. It also regulates the workings of financial institutions, ensuring that customers are treated fairly and receive appropriate protections.
A career in financial services offers a great deal of flexibility and freedom, as positions are generally highly in-demand. In addition, many jobs in the sector are not location specific and can be moved from country to country. However, it is important to note that the field can be highly stressful and there is a risk of burnout. Moreover, because new tools and technologies are introduced to the sector almost daily, professionals must be constantly learning and upgrading their skill set.
Entry into the financial services industry is often easier than other industries because a degree is not always required for most positions. Some financial services positions require specialized knowledge, such as accounting or law, but these can be learned on the job. Moreover, financial services firms tend to promote from within, with an emphasis on aptitude over tenure. This makes a career in financial services an attractive option for young candidates.
While a degree is not essential for most positions, it can boost your chances of getting hired and moving up the ladder more quickly. The more education you have, the higher your salary will be and the better your job security will be. However, the financial services industry is incredibly competitive, and a degree alone may not be enough to ensure that you get a high-paying job.
There are a wide variety of jobs in the financial services industry, from entry-level positions like cashiers to senior management positions at major banks. In addition to traditional banking jobs, there are also options like structured finance (developing more intricate products for high-net worth clients) and asset management.
In addition, the financial services industry includes independent regulatory agencies that oversee different sectors of the financial sector and uphold transparency and accountability. These include the Financial Industry Regulatory Authority (FINRA) and the Office of the Comptroller of the Currency.