Whether it’s helping you purchase a car, finance your mortgage or manage an investment portfolio, you’ll likely need financial services at some point in your life. And with the industry playing such an integral role, it’s important that you have a clear understanding of what it encompasses to make smart decisions.
A healthy financial services sector helps people get the loans they need for a mortgage, education or a new home, save to meet future goals and safeguard their property and health through insurance coverage. It also supports businesses by providing the money they need to grow and hire employees. But the financial services sector isn’t limited to banks, credit unions and loan associations – it includes everything from asset management to reinsurance firms.
This industry sector provides deposit-taking and lending of all types; financial leasing; payment and money transmission services; securities trading, underwriting and financial market utilities (derivative and commodity exchanges, central clearing houses, real-time gross settlement systems, and interbank networks). It also encompasses financial consulting and advisory and auxiliary financial services, including credit reference, analysis and information; debt resolution; and general insurance, trust and agency services.
Financial services companies come in all shapes and sizes, from large multinational conglomerates to local credit unions and community-based nonprofits that offer counseling services or money management advice. And while the industry has gotten much more complex due to technological advances, the core of what it does remains the same.
There are a variety of pros to working in financial services, including the chance to learn more about the economy and global markets, as well as having access to top-notch training. However, the work-life balance in many roles can be difficult and burnout is a real risk. It’s not uncommon for workers in some positions to put in long hours, sometimes up to 20 a day. Additionally, some people find that the stress of their job can cause them physical and emotional health problems.
Lastly, working in financial services can lead to excellent career opportunities. This is especially true if you start out in the right role, as the skills you develop will be transferable to other industries. And with many companies offering flexible work arrangements, you may be able to maintain the same work/life balance as those who are not in the field.
While it’s important to understand the nuances of this diverse industry, it’s equally vital that you know which sectors are best suited for your interests and career goals. You don’t want to waste time in a position that won’t help you advance.
If you’re ready to take the next step in your career, Phyton Talent Advisors can connect you with open jobs in financial services that are a great fit for your skills and interests. Contact us today to discuss your options.