The financial services industry plays a vital role in the economy. Its success can make or break the economy, and it is essential for individuals to have access to good financial products that can help them meet their monetary goals. However, it’s important to consider the pros and cons of a career in financial services before making your decision.
Pros of a Career in Financial Services
The most obvious reason to choose a job in financial services is the pay. It’s one of the highest-paying industries for entry-level positions and the salaries continue to increase as you gain experience. Additionally, jobs in financial services are usually very secure and can be moved to another location without much difficulty.
A career in financial services also teaches you excellent interpersonal skills. In this industry, it’s not uncommon for employees to interact with customers on a daily basis. This helps you develop strong customer relationships and build trust. This is a very valuable skill that can be applied to any job in any industry.
In addition, the security of a position in financial services can give you peace of mind about your future. This is especially true if you work in a role with a lot of regulatory oversight, which is common in most areas of finance. However, if you don’t enjoy working under a lot of scrutiny and want to have a more balanced lifestyle, a job in the financial services industry may not be for you.
Financial services are activities undertaken by businesses, governments and individuals to manage their inflows and outflows of money. This includes trading shares, taking out loans and levying taxes to further specific monetary objectives. Financial services are what keep the economy running smoothly and allow people to make investments in business ventures, purchase homes and even get health insurance. When a country’s financial services sector is in trouble, it can quickly bring the entire economy down.
The most well-known examples of financial services are banks and credit card companies. But the financial services industry is much more expansive than these two examples. It’s comprised of depository services (accepting deposits and paying interest), credit-card services (processing payments and providing credit facilities to consumers), investment services (provide advice, research and recommendations on stocks and securities, as well as offering brokerage services), and financial markets (facilitating stock, commodity and derivatives trades). It also encompasses actuarial services, insurance agency and brokerage, insurance underwriting and risk assessment, and other auxiliary services.