The term Financial services can be a bit of a buzzword, but the truth is that it’s an industry that encompasses everything from investment banking to credit and debt management. As a result, there are many different types of jobs in the sector and it’s important to understand what each one entails before diving head first into this field.
The financial services industry is a massive one and includes thousands of depository institutions, providers of investment products, insurance companies, credit and financing organizations, as well as the critical financial market utilities that support these sectors. It also includes all of the intermediaries that channel cash from savers to borrowers, redistribute risk and provide advice.
As the economy continues to evolve, so too does the financial services industry. Technology is transforming the way that people manage their money and as a result, it’s important for professionals in this sector to stay up-to-date on the latest tools and systems. This ensures that they can continue to offer the best possible service and help their customers manage their finances effectively.
Financial services are vital to the overall health of a country’s and even the world’s economy and as a result, there are a number of regulatory bodies that oversee specific areas within this field. These include the Securities and Exchange Commission in the United States, the Financial Conduct Authority in the UK, the National Bank of Canada and the Central Bank of Brazil to name just a few.
For many consumers, the most recognizable area of the financial services industry is insurance coverage. This covers unforeseen events that could otherwise be catastrophic and acts as a safety net for individuals and businesses alike. There are many different kinds of insurance that fall under this umbrella including life insurance, home and auto insurance and business liability insurance.
There are a variety of other areas that fall under the umbrella of financial services, such as debt resolution, payment processing and financial market utilities. Debt resolution is a service that helps individuals who are struggling with debt by working with their creditors to negotiate lower interest rates and/or payments in order to reduce the amount of debt that is owed. Payment processing is a service that allows businesses to accept credit and debit cards in exchange for a small percentage of the total transaction amount.
With so many facets to the financial services industry, it’s no wonder that this is such a popular and lucrative career choice. However, like any industry, there are pros and cons to a job in financial services. For example, there are often more opportunities to advance quickly in this field than in other industries and the pay is generally higher too. In addition, a job in this field can build strong interpersonal skills that are valuable to employers across many industries. To learn more about the career paths available in the financial services industry, contact us at Phyton Talent Advisors today.