Finding a Job in the Financial Services Industry
Financial services are a large sector of the economy. It encompasses a wide range of businesses that serve individuals, small businesses, large companies and even the government with their financial needs. The industry includes banks, credit unions, brokerage firms, mutual fund companies and insurance providers. It also includes reinsurance companies, which sell insurance to other insurers to protect them against catastrophic losses.
Banking services are the core of financial services, as they involve direct saving and lending. They earn revenue by charging interest on credit accounts, fees and commissions for their products and services, as well as by generating income from the spread between lending and deposit rates. The banking sector is also responsible for investing and transferring money between borrowers and lenders. It is important for the success of a country’s economy as it facilitates the transfer and redistribution of capital, and allows for economic growth and prosperity.
As a result, this sector is often considered a key indicator of economic health. When the financial services sector is strong, it boosts consumer confidence and purchasing power, while when it falters, it can have negative implications across a whole economy.
As such, finding a job within the financial services industry is highly competitive. Those who have a solid network and a passion for the field have a much better chance of landing an entry-level position. Many companies provide extensive training and offer on-the-job mentoring for new hires to help them advance quickly.