Financial services refer to any activities involving the inflow or outflow of money. They can include everything from buying and selling goods to granting loans and collecting payments. Companies, individuals, and governments can all engage in financial services to further their economic goals. When the sector and its participants are strong, it boosts a country’s economy and makes it more resilient against unforeseen events and hardships. Conversely, if it fails or experiences a slowdown, it can cause the entire economy to stall and potentially go into recession.
A career in financial services can be highly rewarding. It is a sector that plays an extremely important role in the world, providing people with financial security and confidence to pursue their dreams. In fact, our research at Phyton Talent Advisors has found that those who work in the industry feel very positive about their jobs. However, it is crucial to understand the pros and cons before embarking on a career in this highly competitive industry.
When most people think of the financial services industry, they immediately think of banking, investing, credit card transactions, and loans. However, the industry is a much larger one than that. It covers any activity that involves money, and it impacts everyone in both small and big ways. Financial services include everything from savings accounts and credit unions to hedge funds and investment banks. It also includes the redistribution of risk and insurance services.
As such, it can be difficult to break into the industry without connections. However, it is possible to start in entry-level roles and learn the ropes on the job. Many large financial services firms have training programs that provide new hires with the tools and knowledge to succeed in their positions. Furthermore, they offer extensive benefits packages, including health and dental insurance and 401(k) plans.
In addition to the major players in the field, many smaller, regional and local companies offer financial services. These companies may not be as well-known, but they still play a critical role in the economy. For example, a small, community bank may offer savings and loan services to its members while also providing community support in times of need.
Other companies in the field include stockbrokers and trading firms. These companies buy and sell stocks, commodities, or other assets like coffee and oil for a profit. Additionally, they provide advice to clients on how to invest their money wisely.
While it is true that there are risks associated with a career in the financial services industry, they are less severe than those of some other industries. Professionals who work in financial services tend to be very happy with their careers, even though they are often stressed and under pressure.
In the end, a career in the financial services industry offers professionals a chance to earn a decent salary, have access to excellent benefits, and build strong relationships with colleagues. As an added bonus, the skills learned can be transferable to other industries.