The financial services industry covers a broad range of professionals and products, including banks, brokers, mortgage lenders and credit card companies. It’s a key part of the economy and touches not just individuals but small businesses, large corporations, nonprofits and governments. This is a sector that thrives when interest rates increase moderately rather than rapidly and there is a healthy balance between regulation to keep consumers’ money and rights safe and the need for financial services firms to offer creative new products to their customers in order to stay competitive.
A strong financial services sector is critical to a country’s economic health, as it helps people and businesses manage risk through insurance policies, save for the future through loans and investments, acquire goods and services through payment systems and currencies, protect against personal illness or property loss through debt resolution and more. Many countries depend on the strength of this sector for their economic well-being and it provides millions of jobs around the world.
A career in the field of financial services can be extremely rewarding as you get to work with money on a daily basis, and there are plenty of opportunities for advancement depending on your skills and personality. Many of these firms also invest heavily in training and mentoring, and often promote from within based on merit instead of tenure. With new tools being introduced to the field all the time, it’s important to continue your education in this area, but many of these companies also offer on-the-job learning and development, giving you the chance to develop your skillset and make valuable connections while you’re at work.