Whether you’re looking to be a banker, or work in investments and beyond, there are plenty of opportunities for you in the financial services sector. But you should be aware of the scope of this industry before pursuing a job role. The finance industry is a broad sector that includes everything from hedge funds and investment banks to small community banks and nonprofits that offer counseling services. It includes everything that touches money, such as borrowing, saving, spending, and investing.
The success of this sector is vital to the economy. When it thrives, consumers’ purchasing power rises, which boosts economic growth and a nation’s standard of living. But when this sector falters, it can drag down the economy and lead to a recession.
To be successful in this field, you’ll need to be intelligent and quick-thinking. You’ll also have to be able to work with many different people. Many financial firms are known for promoting from within, so you have an opportunity to move up the ranks quickly if you’re qualified. You can enter the sector with a bachelor’s degree, but a job in this industry often requires extensive on-the-job training.
Today, the financial services industry seems all-encompassing, with many companies offering multiple products. This wasn’t always the case, however. In the past, many banks stuck to their core business, such as offering checking and savings accounts. But now, most major banks also provide mortgages, auto loans, and investment banking. Other businesses focus on one aspect of the market, such as insurance or credit card companies.