Careers in the Financial Services Industry
If you are looking to work with money, the financial services industry is a great place to start. From banks to credit unions to investment firms and everything in between, this industry has a wide range of career options available for those who are interested. It is also a highly competitive field with good pay and lots of opportunities for advancement.
The financial services industry has evolved to be all-encompassing today. Banks no longer just offer checking accounts and savings accounts; they also provide mortgages and loans for consumers. Similarly, stock market brokers no longer just sell stocks and bonds; they also provide consumer finance through mutual funds. It is important to understand the full scope of the financial services industry when deciding on which type of job to seek in this sector.
Financial services include all activities that directly affect the financial well being of individuals and businesses. These include the banking industry which deals with direct saving and lending, the insurance industry which covers life and non-life insurance as well as reinsurance, as well as wealth management, debt resolution, payment systems and asset management services. It also includes a number of other related industries such as credit unions and cooperatives, reinsurance companies, mortgage service providers and brokerage firms.
Some of the more common jobs in this sector are credit analyst, debt collector and risk analyst. There are also positions for financial analysts, investment portfolio managers, and actuaries. The salary for these types of jobs varies depending on the level of expertise and experience that is required. For example, an entry-level position will pay much less than a manager role that requires years of training and certification.
In addition to these traditional roles, there are a number of other specialties within the financial services sector. These include family office services which assist wealthy families with specialized investment and wealth management plans. Structured finance is a service that involves developing intricate products for high net worth individuals and institutions with more complicated financial needs, such as those involved in mergers or takeovers. Finally, there are a number of financial market utilities that help with the operations of stock exchanges and clearing houses.
Working in the finance sector is a fun and challenging career choice for those who are willing to put in the effort. The industry is based on relationships, so it is no surprise that many of the jobs available require some form of networking. If you are able to build your network in this industry, it can open doors that would otherwise remain closed.
A degree is required for most careers in financial services, though this depends on the specific job and the type of education needed. In some cases, an associate degree is enough for certain entry-level positions. However, it is always wise to get a bachelor’s degree in order to increase your chances of landing a higher-level position and getting paid more. In most cases, a bachelor’s degree in business administration is a solid choice.