Financial services is a huge industry that encompasses banking, investment, insurance and more. It is an important industry that powers NYC, the nation and the world every day. A career in this field can be exciting, lucrative and rewarding.
The financial sector is the backbone of any economy. It ensures that all other sectors like the primary, secondary and tertiary grow at their own pace without any hindrance from lack of funds. It also facilitates the purchase of various consumer products through hire purchase and housing finance companies which not only boosts up their purchasing power but also encourages savings and investment.
This sector is also a very important source of income for the government through taxation, interest payments and issuance of debt securities. It is only through the financial sector that the government is able to meet its short term and long term financing requirements such as paying off existing debt and investing in projects.
It is the financial sector that also helps in promoting domestic and foreign trade by providing various facilities like factoring and forfaiting. This enables more production and sale of goods in the domestic market as well as exporting them to foreign countries. It even promotes industrial growth by facilitating the production of basic chemicals, fertilizers, steel and other such industries.
The other very important function of financial services is to provide credit at reasonable rates to businessmen so that they are able to maximize their profits. It also enables them to invest in newer fields of production and to develop their old ones. It also reduces the risk of loss by protecting them from fluctuations in business conditions as well as natural calamities.
Besides all this, financial services also help in regulating the money supply and controlling inflation. They also support the government policies and programs by supplying them with adequate capital in order to implement its economic goals.
Today, the financial services industry seems to be all-encompassing. Banks now offer a variety of different products such as checking accounts, mortgages and auto loans. Brokerage firms offer consumers investments in the form of stocks, bonds and mutual funds. And credit card companies give people access to a wide range of credit lines and other perks.
For a person who wants to enter this field, it is important to have the right mix of hard and soft skills. A strong foundation in math and data analysis is a must, as well as excellent communication and collaboration skills. A good understanding of the financial system and how it works is crucial. The ability to read complex documents and make sound decisions is also essential. And finally, a willingness to adapt and change is critical to success in this field. This is especially true in an industry that is constantly changing and evolving as a result of rapid advances in technology.