When you work in financial services, your career options are wide and varied. The broad industry encompasses everything from banking to investment to insurance. While some people equate financial services with Wall Street, the sector also includes community banks and small investment firms. The range of jobs in financial services is a big part of what makes the industry so interesting. It’s important to understand the differences between the different types of roles and how they all fit together before you decide if this is the right career path for you.
The financial services industry is an enormous, interconnected market that influences a variety of other industries’ standards, regulations and operations. Almost every company and organization uses a financial service at some point. Therefore, the broader financial services industry influences many of the world’s economies and consumers.
To put it simply, financial services are “everything that touches money.” This broad industry has a massive impact on people’s lives, from their personal spending habits to their long-term investments. The industry includes everything from banks to credit unions, wealth management companies and credit-card companies. It even encompasses a number of non-traditional businesses, such as insurance agencies and online brokerage firms. Because it’s such a large and influential industry, it can be intimidating to enter, but there are a few ways you can break into the field. One way is to find an internship with a bank, investment firm or credit union. This can give you valuable experience and help you build your network. Another option is to get an entry-level job in the field, such as a customer service representative or assistant analyst. This can allow you to gain hands-on experience in the industry while still gaining a full benefits package, including health and life insurance.
Regardless of how you come into the industry, the pay is competitive and there’s a high level of security. The stability of a job in financial services can make it easier to focus on your career goals and family, knowing you’re not worrying about how to pay the bills. In addition, you can choose from a wide range of perks, depending on the specific company or role.
Customers expect banks to know their needs and deliver personalized products and services. This is especially true for those who use their products online. Providing instant response and resolution on the channels they prefer is a must for financial services organizations, who need to ensure that their customers are satisfied at all times.
While there are many challenges facing the industry, it is an exciting time to be working in financial services. The COVID-19 pandemic has forced banks and other financial institutions to rethink how they operate. Investment firms have had to deal with stock losses and shaky investor confidence. The sector has also faced the challenge of repercussions from the crisis, including lost income and higher insurance claims. These issues have given rise to a new wave of innovative startups and alternative finance providers, who are challenging the status quo with new, user-friendly solutions.