A Career in Financial Services

Financial services are the companies and businesses that help people buy, sell, save, invest and borrow money. They include banks, credit unions, loan associations, brokerage firms, insurance agencies and more. Financial services aren’t just for individuals; they also provide small and large businesses, charities and even government with the resources to grow their operations and achieve their objectives.

The term “financial services” is often used to mean investment banking, commercial banking and insurance, but it actually refers to much more than that. Investment banking, for example, is not only the process of underwriting debt and equity for corporations or governments that want to raise capital, but it’s also the advice and assistance these companies receive in negotiating and executing major mergers and acquisitions. Commercial banking, on the other hand, involves providing loans and deposit facilities to small businesses, corporate entities, government-owned enterprises, and high-net worth individuals who need more sophisticated investments than those provided by traditional savings and checking accounts.

As a broad industry, it’s difficult to pin down exact numbers on how many companies and employees belong to the financial services sector, but it is estimated to be in the millions. In the United States, for example, there are about 2 million jobs in the field.

There are a number of different career paths in the financial services industry, from entry-level positions to senior management roles. It’s important to start your career with a firm that offers the kind of work you’re most interested in, and it may be helpful to have a mentor to guide you through the early stages of your employment.

A successful career in financial services starts with a strong understanding of the industry and how it operates. It’s helpful to break the industry down into sectors, which are essentially the types of goods and services it provides. For example, banks offer deposit and lending services, while credit unions focus on saving and investment products.

The next major sector in the financial services industry is asset management, which consists of the management of pension funds, insurance assets, hedge fund investments and more. Finally, there is private banking, which provides a range of banking services to individuals and families that have a minimum net worth required to qualify.

It’s no secret that the financial services industry is competitive, so it’s vital to stay on top of your game. To make the most of your career, learn as much as you can about the sector and keep an eye out for new and innovative tools to help consumers manage their finances more effectively. This will increase customer retention and ultimately have a positive effect on your bottom line.