Financial services are the business operations of companies that offer products and services to finance a person or business’s assets. These businesses range from banks to credit card companies. They offer products like checking and savings accounts, loans and credit cards as well as investment opportunities in stocks, bonds, mutual funds, real estate and more. Other specialized services include credit counseling, debt resolution, insurance, global payment networks (like Visa and MasterCard) and money transfer services. The industry also includes debt and equity capital providers, private investment firms and angel investors.
In the past, each sector of the financial services industry stuck to its specialty. Banks provided checking and savings accounts, loan associations offered mortgages and personal loans while brokerage companies only provided investment options in securities. But now, many financial services companies are all-encompassing and provide most of the same product offerings as larger, more diversified competitors. This trend is due in part to government regulation which consolidates a company’s regulatory oversight.
A career in the financial services industry can be highly rewarding and lucrative. But the incredibly wide range of jobs can make it difficult to decide what type of position is right for you. Luckily, most of these businesses are heavily invested in their employees and are known for promoting from within based on aptitude. They are also very willing to invest in continuing education for their workers. With new tools and technologies being introduced almost daily, these companies are always looking for intelligent, quick-thinking individuals to help keep their edge.
As an entry-level worker in the financial services world, you can expect to earn a decent salary and gain on-the-job experience that will allow you to advance quickly. This field is a bit more competitive than others, so it is important to be able to deal with high levels of stress and pressure. Depending on your role, you may find yourself working 16-20 hours a day.
Some of the most prestigious and lucrative positions are available in this field, which is a major reason that many people seek a career in it. This is an excellent choice for those with exceptional interpersonal skills as these roles are all about relationships, networking and leveraging one’s connections. This field also offers the opportunity to work with a variety of cultures and people. It is the perfect field for anyone who wants to be at the forefront of global economic trends and changes. There are also several different types of careers in this field, but they all require a strong sense of self-motivation and an ability to be flexible. Most financial services companies have a reputation for promoting from within, and it is very common to see entry-level workers rise through the ranks fairly rapidly. This makes this a great field for younger professionals to start a successful career in the business world. The bottom line is that the financial services industry has something for everyone. Whether you are a business manager, accountant, stockbroker or investor, there is a place for you in this ever-growing and exciting sector.