Financial services are the industry that includes banks, insurance companies, brokers and mortgage lenders. The financial sector provides small businesses, large corporations, individuals and even the government with a variety of services to help them reach their economic goals. When this sector of the economy is strong, consumer confidence rises and purchasing power increases, but when it falters it can lead to a recession.
There are many different types of jobs in the financial industry, some involving a more hands-on approach and others that require more of an analytical mindset. Some of the most common jobs include insurance agents, investment advisors and securities traders. Many of these jobs also have the benefit of being fairly flexible and allowing for a work-life balance.
Banks, for example, provide many financial services to the public including deposit-taking, lending of all kinds (including credit cards and personal loans), asset management and financial leasing. They also offer payment and money transmission services as well as securities trading and underwriting. In addition, they provide advisory and intermediation services such as financial consulting and investment research.
Another category of financial services is insurance, which provides a safety net to cover costs for unexpected events. This type of service includes life and health insurance as well as property and casualty insurance. Some of the more popular forms of insurance are auto, home and renters’ insurance. There are also several types of investment services that can be offered by financial institutions, such as mutual funds and private equity.
Because of the importance of financial services to the economy, governments often oversee the provision of these services. This often involves licensing and regulation, which can vary by country. In the United States, there are a number of agencies-some state, some federal-that supervise and regulate different parts of the market.
One of the biggest challenges facing the financial services industry is keeping up with cyber security threats. Because of this, it is critical for these firms to invest in proactive monitoring and BCP/DR solutions to stay two steps ahead of attackers.
Aside from these challenges, working in the financial services industry has its perks as well. It is a fast-growing field that offers numerous opportunities for advancement, and it is an in-demand occupation. Because of this, job security is generally high, and it is easy to find a new position if you are unhappy with your current situation.
In addition, the financial services industry is global in nature, so it is possible to have a career that takes you around the world. This can be especially helpful if you are looking for a change of scenery or a chance to travel. If you’re interested in finding a job in the financial services industry, connect with Phyton Talent Advisors today to see what positions are available. Our team is committed to helping you find the perfect role for your skillset and career goals.