Careers in Financial Services

When you hear the term “Financial services,” you may immediately think of banks, stock brokers and mortgage lenders. But in reality, this industry is much more broad than that and includes everything from credit unions to nonprofit community organizations. In simple terms, financial services are “everything that touches money,” says Ryan Duitch, president and CEO of Arro.

The most common types of jobs in the financial services sector are deposit-taking, lending of all kinds, investment services (including advisory and intermediation services), and other auxiliary services. In some cases, companies in this field operate as conglomerates and offer multiple types of financial products and services.

Insurance is another popular product in this sector. Insurance companies provide protection against unforeseen events, such as car accidents or property damage. Some insurance policies also cover medical expenses. The goal of insurance is to provide peace of mind and help people feel more secure in the face of uncertainty.

Many people have jobs in this sector, including accountants, investment bankers, and mortgage brokers. These professionals can be found in both for-profit and nonprofit enterprises, and the industry is a key driver of the economy.

A growing area of this industry is the digital gig economy, which has become a large source of income for many individuals. The digitalization of the economy has made it possible for consumers to access and use financial services from a variety of locations. This has increased consumer choice, reduced costs for financial service providers, and improved the efficiency of the overall market.

As the world’s economic center of gravity moves away from the West to emerging markets, new opportunities for growth and development are creating a need for financial services. This is boosting the global market for this industry, and it has also created demand for highly skilled workers in the field. The industry is expected to grow even further, and it’s a great time to consider a career in financial services.

One way to get started in a career in financial services is to find an entry-level position and work your way up. This can be a good option for those who are not interested in the stress and long hours that some roles in this sector can bring. In some positions, it is not uncommon to work 16 to 20 hours a day.

A degree is not always required to get into the industry, but having a strong network can increase your chances of getting hired. This is especially important if you are looking to move up the ladder quickly, as it can take years to reach the top of some positions. In addition, it is not unusual for people in these roles to be paid a competitive salary. In some cases, you may receive bonuses if you do well in your job. However, you should be aware that these bonuses are not guaranteed, and they may not cover the entire cost of your compensation package. Additionally, some roles in the financial services industry are very stressful and can lead to burnout if not managed properly.