Careers in the Financial Services Industry
Financial services are the companies that help you manage your money and pay for things like loans, mortgages and retirement plans. They include everything from credit card machines and networks, to global payment providers like Visa and Mastercard, as well as debt resolution services and accounting firms. The industry also includes banks, insurance companies and asset management firms. It is worth noting that the lines that separate the different sectors of the financial services industry have become blurred over time. For example, it used to be that an insurance agent or a broker would only represent one specific company, but now they can work for several. This is due to the fact that many financial institutions have merged and expanded their offerings in order to stay competitive.
This is because customers demand more options when it comes to saving and managing their money, as well as dealing with debts and other related issues. This trend has resulted in many companies offering a wide range of financial products and services, making them more attractive to consumers.
The financial services industry also consists of independent agencies that oversee the various financial institutions and ensure they are operating responsibly, upholding transparency, and treating their customers fairly. Examples of these independent agencies include the Financial Industry Regulatory Authority (FINRA) and the Office of the Comptroller of Currency.
A career in the financial services industry can be very rewarding. It is known for being more collaborative and less competitive than other areas of finance, and it can provide high earning opportunities after a short amount of experience. It is also a sector that values aptitude over tenure, meaning that you can advance in your company quickly if you are successful.