A healthy financial services sector is a prerequisite for any country’s economic growth. It helps individuals and businesses obtain the money they need in loans for mortgages, cars, education, etc., save for retirement or other goals, and safeguard their property through insurance policies. It also enables small and medium-sized enterprises to grow by providing them with working capital. It is the backbone of society and has a pervasive impact on all socio-economic indicators.
The global financial services industry encompasses a wide variety of businesses that manage money, including credit unions, banks, credit-card companies, investment funds, consumer-finance companies, and accountancy firms. This industry is highly interconnected, with many different regulatory bodies overseeing and upholding transparency in the various sectors.
Many jobs in the financial services industry require a lot of training. In fact, new tools are introduced to the field seemingly every day, and companies invest in the training of their employees to ensure that they know how to use all of them. It’s common for the industry to promote from within based on aptitude over tenure, so it can be a great career path for those who want to work hard and advance quickly.
In addition to offering training, the financial services industry often pays well. It is not uncommon for professionals to earn over $40,000 a year, and those who have been in the field for a few years may see their salaries rise into the high five-figures. The work environment is generally more collaborative than competitive, and it’s not uncommon for people in the financial services industry to make lifelong friends with those they work alongside.
Financial services also play an important role in the economy, as they provide liquidity and risk instruments to markets at a macroeconomic level that affect domestic politics and foreign relations. This industry is regulated by various government agencies to uphold ethical standards and maintain transparency in the market. Despite these measures, the financial industry continues to face criticism over its power and scale. One example of this is the Occupy Wall Street civil disobedience movement in 2011 in America.
The financial services industry is a vital part of NYC and the world, and it offers many exciting opportunities for those who are interested in pursuing careers in finance. It is critical to NYC, as it powers the city’s growth and success on a daily basis. Whether you are interested in banking, wealth management or insurance, there is a place for you in this dynamic and exciting industry.