When it comes to career options, there are few industries as diverse and dynamic as Financial services. In this wide-ranging sector, you’ll find opportunities that range from banking and investments to payment services and insurance. The field is ripe with opportunity, but it’s important to understand the industry’s scope before diving in.
The financial services industry encompasses many different areas, such as deposit-taking, lending of all kinds, and investment management (including mutual funds and hedge funds). It also includes payment services (like wire transfers and credit card processing), debt resolution services, global payment providers like Visa and MasterCard, and insurance companies. The industry also provides accounting and tax filing services, as well as money broking and securities trading.
A key distinction in the financial services industry is the difference between financial goods and financial services. Financial goods are any object that has value, including mortgages and cars. But a financial service is what helps support the purchase of those goods.
Those who work in the financial services industry must have strong math and data analysis skills. They should also have excellent interpersonal communication and collaboration abilities, as they often work with clients directly. For example, a mortgage broker must be able to explain complicated finance terms to a client who may not have a lot of experience with them. In addition, they must be able to build trust in order to secure deals with clients. This is why so much of the sector focuses on building relationships and maintaining transparency with their customers.