Financial services include everything from advancing loans for businesses to lending mortgages to homebuyers to granting insurance policies to protect people, companies and their assets. They also help people save for retirement and invest in projects that will grow the economy. The health of a country’s economic sector, in general, depends on the strength of its financial services industry. When the sector falters, a nation’s economy typically struggles.
Financial Services are a vital part of every business, government and individual’s economic life. These include any business or activity that involves the inflow and outflow of money, such as selling products and services, issuing shares, borrowing or lending money and levying taxes to further specific monetary goals. The financial services industry is composed of a wide range of organizations and firms, from large banks to credit unions to independent investment funds and beyond.
As a result, the sector is incredibly diverse and has many career paths to offer. Some of the more popular choices for careers in financial services include securities trading, bank management, private wealth management and investment banking.
The good news is that professionals working in financial services often report high levels of job satisfaction. The reason for this is because the work they do is important and meaningful. They can also often enjoy a more balanced lifestyle because of the nature of their jobs.
When choosing a career path, it’s critical to consider what will be most rewarding both professionally and personally. For those looking for a challenging yet rewarding career with an opportunity to advance quickly, financial services may be the right fit. Phyton Talent Advisors regularly works with professionals in the financial services industry and we see firsthand how lucrative the sector is, particularly for those who are able to rise up quickly within the ranks.
Aside from the high salary, there are other benefits to a career in financial services that make it an attractive option. For one, the sector is very data-driven and is constantly leveraging new technology to better serve customers. For example, banks are now able to use their data to anticipate pivotal points in a customer’s life, such as marriage or buying a house and then provide them with products and offers that best meet their needs.
Another benefit to a career in financial services is that it’s a global industry. That means there’s no shortage of opportunities to travel and experience different cultures around the world. Plus, the nature of the work usually makes it easy to relocate without having to find a new job.
The bad news is that, like any industry, the financial services sector comes with its own set of challenges. For starters, it can be highly competitive and difficult to get into. Moreover, many of the roles require extensive training and mentoring to ensure you’re ready for the day-to-day responsibilities. And lastly, the work can be stressful and often demands long hours.