Financial services are a massive sector of the economy that encompasses a broad range of business. These services are necessary to enable people to buy, sell, and exchange goods and services, as well as to protect them against loss and unforeseen expenses. The industry includes banking, credit and financing, insurance, investments, the redistribution of risk, and the provision of critical financial utilities.
Many different kinds of institutions provide financial services, and some have very specific areas of focus. For example, banks offer deposit and lending services, while brokerage firms provide investment and equity services. Insurance companies help customers purchase and manage life, auto, home, and renters’ insurance to provide a safety net for unforeseen expenses. Financial services also include payment processing, which allows individuals and businesses to send and receive money electronically.
Depending on the industry and job, you may need to have specific qualifications or credentials to get started. However, many positions in financial services don’t require a college degree. Instead, you can learn on the job with intensive training and mentorship opportunities, while gaining experience through internships or entry-level positions. Additionally, jobs in financial services are often portable and can be taken to new locations, making them great for people who are frequently on the move.
A career in financial services offers numerous benefits, but it’s important to weigh your options carefully. While this industry has a reputation for being hard-working and competitive, it can also be highly stressful. Moreover, it’s not uncommon for people who work in financial services to develop anxiety and stress-related disorders.
To be successful in this field, you’ll need to be prepared to work long hours and deal with intense pressure. However, the payoff is substantial: you’ll make more money than most other fields, and you’ll be able to secure excellent health insurance and retirement plans. Additionally, many jobs in this field can lead to lucrative promotions and even management positions.
Financial services are vital to NYC and the world, and working in these industries makes a real difference in people’s lives every day. Whether you’re in banking, wealth management, or insurance, you’ll be helping others build their futures every day.
The biggest benefit of a career in financial services is that you’ll have access to a large network of high-profile clients and contacts. This will give you the opportunity to meet a variety of people, and it’s not uncommon to make life-long friends in this industry. Furthermore, you’ll gain valuable interpersonal skills that can be transferred to other roles and industries.