When it comes to careers in finance, there are many paths to choose from. This is largely due to the fact that financial services is a broad industry, and encompasses everything from insurance and money management to credit card processing and global payments.
Financial services companies enable consumers or businesses to acquire financial goods or services, such as loans, investment banking, securities trading, credit-card issuing and processing firms, notary services, and even supermarkets that offer consumer financing. There are also financial services conglomerates that operate in more than one sector of the market, such as banks that offer life and general insurance alongside mortgages, credit-card companies that provide additional products and services like mobile payment systems, and credit-rating agencies that analyze borrowers’ creditworthiness.
The financial services industry is essential to the economy because it provides capital to businesses and individuals, enabling them to purchase what they need to grow. It also provides an avenue for savings and reinvestment, which helps to fuel business growth and create jobs. However, various circumstances keep some people out of the financial services net, which presents a challenge for business, civil society, and governments to address through different approaches, technologies, and solutions.
A career in financial services can be highly rewarding, as this industry is known for promoting from within and offering intensive training programs that allow professionals to gain skills on the job. It’s important to understand the pros and cons of this industry, though, before making a decision about whether it’s right for you.