The Financial Services industry is an integral component of the economy that touches almost every person and business in one way or another. The industry is comprised of a wide range of services from banks and credit unions to investment firms, insurance agencies, and even debt resolution companies. However, the lines between each of these categories are becoming blurred as companies begin to offer more and more in order to keep up with consumer demand. It’s important to understand the many career paths available in this field to find the right fit for you.
The first and most obvious category of Financial Services is banking. This includes everything from depositing money at a bank to taking out a loan or mortgage. Banks are typically divided into retail and investment banks, although some are now merging to offer more rounded services to consumers.
Another area of the industry is payment services. These include credit cards, debit cards, and other methods of transferring funds from one account to another. These services are necessary for everyday transactions and help people keep track of their spending. The industry also offers wealth management, which helps individuals with their investments. Lastly, there is the market for capital markets, which involves underwriting debt and equity for corporations and institutions in order to raise funds.
Despite its massive size, the financial services industry is fairly fragmented with thousands of different job titles and positions. Some of these jobs are entry-level positions that don’t pave the way to bigger roles, while others are prestigious and require specialized degrees and knowledge. It’s also common for the field to be heavily regulated, which can hamper innovation and growth.
Some of the most popular jobs in the field are in the banking sector, which includes everything from teller work to investing. These jobs are well-suited for those who enjoy interacting with other people and solving problems. It’s also a great place to start for those who want to eventually move on to more senior positions in the field.
Other types of jobs in the sector are in credit management, risk management, and asset management. These jobs deal with things like insurance assets, mutual funds, and investment banking. Increasingly, banks are starting to offer more and more of these products in order to remain competitive with other institutions.
In addition to offering a variety of different types of jobs, Financial Services companies are often known for their commitment to employee development and advancement. Many of these companies encourage their employees to continue their education in the field, while also providing on-the-job training to keep up with new tools and technologies. It’s also common for these businesses to promote from within based on aptitude rather than tenure.
With the many benefits that come with working in Financial Services, it’s a strong industry to consider for those looking for a stable career path. It’s worth pointing out, though, that the industry can be stressful and not conducive to family life. It’s not uncommon for people to work 16 to 20 hours a day in certain roles, which can make it challenging to maintain balance in your personal life.