A financial services sector job can be highly lucrative and exciting. But the industry is so broad that it can seem overwhelming to people who aren’t familiar with it. In addition to banks, brokers and mortgage lenders, it also includes insurance companies and Wall Street.
Financial institutions provide depository services by holding savings and checking accounts, as well as offering other products that allow customers to store money and earn interest on it. They also extend credit by providing loans and lines of credit to individuals and businesses for various purposes, such as starting a business or buying a home. They assess a person’s creditworthiness and determine interest rates for borrowers.
In terms of investment, the financial services industry provides a wide range of options for people looking to grow their wealth by investing in securities like stocks, bonds and mutual funds. They also offer advisory services to help their clients make informed investment decisions. The industry also offers insurance products to protect against risk, such as life and health insurance and property and liability insurance.
While the financial services industry seems all-encompassing, it wasn’t always this way. Before the 1970s, each sector of the industry stuck to its specialty. Banks offered checking and saving accounts, while loan associations provided mortgages and personal loans. Brokerage firms offered investment opportunities and credit card companies such as Visa and MasterCard offered their branded cards to consumers.
The financial services industry is incredibly important to the economy and consumer confidence, and it drives many other industries’ success and standards. It is the backbone of our country’s economic growth and development. When the industry falters, a country’s economy suffers.
To break into the field, it’s a good idea to start out with an entry-level position and learn the ropes on the job. Many entry-level positions in the field are relatively easy to get and offer great benefits, including generous salaries and plenty of room for advancement.
A career in the financial services industry also offers a nice work/life balance, with a lot of flexibility to accommodate your personal and professional life. The industry is also highly competitive, so it pays to build your network early on and stay connected with other professionals in the field.
If you’re interested in learning more about a career in the financial services industry, connect with a Phyton advisor today! Our recruiters are well versed in the various jobs within the industry and can help you find a role that fits your unique skillset. We specialize in helping candidates find a fulfilling career in finance. Contact us to learn more about how our career coaching can help you advance in your profession. We look forward to hearing from you.