Whether it’s a savings account, a credit card or a mortgage, financial services are the backbone of our economy. A healthy financial sector gives individuals the ability to get loans for homes, cars and other big purchases, save for retirement and their children’s education, safeguards their property through insurance and provides small businesses, large corporations and nonprofits with money-making opportunities.
The financial services industry encompasses everything that involves money, from deposit-taking, loan-granting and investment services to securities trading and market intermediation. It’s a vast sector that affects everyone in some way. And it’s not just about Wall Street and banks – financial services touch small community banks, private equity firms, credit unions and even local credit-card companies.
There are many types of jobs within the field of financial services, each with their own responsibilities and benefits. As a candidate for a job in the industry, it’s important to understand what each role is about and how they interact with each other.
Banks provide consumers with checking and savings accounts as well as lending services such as mortgages, personal loans and auto loans. They also provide a range of payment and treasury management services. Historically, bank jobs were considered entry-level roles but since the 1970s, regulations have opened up more opportunities for people looking to move up in the field.
Investment services allow individuals and families to grow their wealth by providing access to investments like stocks, bonds, mutual funds and other securities. They also offer advisory services that help people make informed investment decisions.
Insurance providers protect people against financial loss and unforeseen events by offering policies like life, health, property and liability insurance. They also offer risk assessment and management services.
The world of finance is a fast-moving and high-profile environment that requires intelligent, quick-thinking employees who are confident in their abilities. The pay is not enormous, but it is competitive compared to other sectors, and those who work hard early on can quickly see their salary increase.
One of the best things about a job in financial services is that it’s not location specific. This means that you can move around the country or the globe, allowing you to explore new places and gain valuable experience in your career.
The more financially resilient individuals are, the better their lives will be in both the short- and long-term. Financial wellness can mean a more stable job, better mental and physical health, a stronger ability to save and a higher standard of living. A healthier financial services industry can deliver these positive outcomes for people around the globe. This is why it’s so vital to build and support a more thriving industry. To learn more about how you can build a career in this sector, connect with Phyton today. Our team of experts will be happy to help.