Financial services are a crucial component of the world economy and impact all of us in various ways. A healthy financial services sector helps people get the money they need to purchase homes, cars and education. It allows individuals to save for retirement and other goals and safeguards their property through insurance. And it provides businesses with the capital they need to grow and thrive.
Many people think of banks, credit card companies and mortgage lenders when they hear the term “financial services.” But that’s a narrow view of an industry that includes much more. It’s an industry that encompasses a wide variety of professionals and firms that offer products and services to consumers, businesses, nonprofits and even governments.
In the past, each type of financial service tended to stick to its own niche. Banks offered checking and savings accounts, loan associations provided mortgages and personal loans, and brokerage firms gave investors a chance to invest in stocks, bonds and mutual funds. But today, most of these different types of financial services overlap and interconnect. You can now find financial services in almost every part of the economy, including credit unions, reinsurance companies, wealth management firms, investment funds, insurance companies and even some technology startups that are trying to disrupt the banking industry with digital payments.
The good news for those interested in a career in financial services is that you don’t need a degree to land a job. Depending on the position you are seeking, you may just need to be able to pass a background check and interview well. A successful financial services career often depends on interpersonal skills more than anything else.
Another benefit to a career in financial services is that the pay is usually pretty good, especially for those who work on Wall Street. But it’s important to remember that many positions in this industry can be very stressful, with long hours and a lack of work-life balance. In addition, some positions in the financial services industry are heavily regulated, which can limit innovation and new opportunities for growth.
A final advantage of a career in financial services is that it’s an industry that impacts everyone, from small business owners to individual consumers. A healthy financial services sector allows individuals to get the money they need through loans and other financing options; it enables small businesses to expand and grow; and it protects families and businesses from the risks associated with disasters, illness and unexpected events. The stronger this sector is, the more prosperous the global economy will be. As a result, it’s important to keep an eye on the latest news in the world of finance and stay up-to-date with best practices and regulations.