How to Get a Job in the Financial Services Sector

Financial services are the backbone of a country’s economy, allowing individuals and businesses to borrow, spend and save money securely. They also allow businesses to expand and grow by investing capital into their operations. Globally, the financial services industry makes up about a quarter of the world’s economy. Financial services companies face high competition, thin margins and a number of regulatory compliance issues. In addition, they are prone to fraud and need to continually invest in technology and systems to remain competitive and meet the needs of consumers.

The financial service sector encompasses a broad range of industries. This includes banks, building societies or mortgage banks; credit unions or credit cooperatives; insurance and pension funds; investment firms, and securitizers. Additionally, there are a number of other business services within the sector, such as financial markets utilities (like stock exchanges and clearing houses), debt management services and asset management firms.

While some sectors may appear to be mutually exclusive, it is important to remember that the financial services industry is highly interconnected. For example, the mortgage crisis in the United States was caused by a combination of factors, including deregulation and mortgage lending practices. These same factors led to a global economic recession.

Because of the interconnectedness of the financial service sector, it’s difficult to find jobs in a particular industry without having a good understanding of the overall market. It’s therefore a good idea to start by finding out about the different types of financial services, how they operate and their respective regulations. This will help you determine if this is the right industry for you to work in.

As in many other professions, getting a job in the financial services sector is all about who you know. A strong network is essential for breaking into the industry, especially if you are looking for an entry-level position. However, if you’re just starting out and don’t have any connections to offer, there are still ways to break into the industry. One way is to apply for a role that does not require a degree, such as customer service roles or administrative positions.

Another great way to break into the industry is by applying for a trainee role with a bank or building society. Not only will you get the experience that you need to move on to a higher level, but you will be paid a salary while doing so.

If you have the right skills and personality, a job in the financial services sector can be extremely rewarding. Not only will you be able to earn a decent salary, but you’ll also get the opportunity to work with some high profile people and companies. However, it is important to be aware of the potential stress that can be associated with certain roles in this industry. It’s not uncommon for employees to work 16 to 20 hours a day in some roles, and burnout is a real risk. For this reason, it’s important to make sure that you have a balance between your work life and personal life.