The financial services sector is a complex ecosystem that encompasses everything from mortgage lenders, stock brokers and investment banks to insurance companies, asset management firms and credit unions. It also includes global payments providers such as Visa and MasterCard, debt resolution services and even business process outsourcing firms that support critical operations for other sectors of the economy.
Financial services are a crucial part of the economy that help individuals, small businesses and even large corporations to put their money to productive use. Without them, people would be so intent on saving to cover potential risk that they might never spend enough to grow their economies or buy the goods and services they need to thrive. Financial services also help to ensure that there are sufficient funds available to meet the needs of all sectors of the economy, allowing primary, secondary and tertiary sectors to grow at a healthy rate.
There are many career paths within the world of financial services, from entry-level positions to senior roles. For those looking to make the most of their qualifications, some roles offer the opportunity to work toward a professional certification. This can provide a significant boost to earning potential and can lead to a more prestigious job in the future.
The industry is also well-known for promoting from within on the basis of merit, so if you can demonstrate that you are a good fit for a particular position, you could be on the path to a rewarding career. With new tools and systems constantly being introduced, you’ll find yourself learning and expanding your skillset throughout your career in this field.
Because of the role that they play in a country’s economy, most governments regulate the provision of financial services. They do this to protect borrowers and investors, as well as to foster trust between those who provide and consume these services. This can involve licensing and ongoing education requirements for employees.
A career in the world of finance is not for everyone, as it can be highly stressful and fast-paced. This is particularly true for sales roles, where you will often be paid on a commission-based model and will need to hit quotas or targets. For this reason, it’s important to do your research before pursuing a role in financial services.
One downside of a career in the financial services industry is that it can be quite cyclical, as it relies on the strength of the economy to continue to flourish. This can mean that the industry experiences significant booms and busts, with employers often needing to lay off staff during economic slowdowns. Fortunately, this is not as prevalent in the higher-level roles.