Financial services are the economic services provided by the finance industry, which encompasses a broad range of service sector firms that manage money, including credit unions, banks, credit-card companies, consumer-finance companies, insurance companies, investment funds, private equity and venture capital providers, accountancy companies and stock brokerages. These companies are present in all economically developed geographic locations and tend to cluster in local, regional and international financial centers.
A healthy financial services sector is crucial for a country’s economy as it helps people get the money they need through loans for homes, cars or education and businesses can grow thanks to investments from these financial services companies. It also supports millions of well-paying jobs that help families and individuals meet their financial goals.
How to Break Into a Career in Financial Services
To start a career in financial services, it’s important to have the right skills. You’ll need to be intelligent, quick-thinking and willing to work hard. In addition, you’ll need a good network as most positions in this field are highly sought-after and often competitive. However, there are a number of entry-level roles available that can give you the experience you need to succeed in this field.
The pay isn’t huge in this field, but it is competitive compared to other sectors of the economy and you can earn more if you put in the work. In addition, many financial services companies encourage continuing education and offer on-the-job training, making it easier to advance your career in this industry. In fact, it isn’t uncommon for this sector to promote from within based on merit rather than simply tenure.
This sector has seen a lot of change over the years due to deregulation, globalization and scandals, but it’s rebounding now and there are plenty of opportunities for those interested in working in this area. For example, consolidation of banks has resulted in more opportunity for job seekers as many larger banks have bought out smaller competitors. It’s also likely that we will see more buyouts and mergers in the future as this trend continues.
Other areas of the industry include debt resolution services, which help individuals pay off their outstanding debts for less than they owe; payment processing services, which allow online vendors to accept payments from customers through debit and credit cards in exchange for a percentage of the transaction; and asset management companies, which invest money on behalf of clients. The latter can be a great option for those who want to avoid the risk of investing their own money and potentially losing it all. However, the risks are still significant when investing in this sector and you should always do your research before putting any of your own money into an asset. The worst-case scenario is that you could lose your entire investment, which would be devastating. That’s why it is essential to seek the advice of a professional. You’ll be glad you did.