The financial services industry is huge, encompassing everything that has to do with money in your life from checking accounts to investing in the stock market. It’s a big industry, and it impacts people in ways that are sometimes hard to grasp. Phyton Talent Advisors works with professionals in this sector every day, and we see the perks of working in the field first hand.
There’s a lot of room for growth in the sector as many consumers are starting to trust banks, credit unions and other providers for their banking needs. There’s a lot of opportunity for those who are able to find a niche within this large and complex industry.
In a broad sense, financial services are “everything that touches money,” as Ryan Duitch, president and CEO of Arro puts it. This includes banking, wealth management, and insurance. It also includes payment services (processing electronic fund transfers and issuing credit and debit cards) as well as investment advisory and intermediation services.
Historically, each sector of the financial services industry stuck to its own specialty. Banks offered checking and savings accounts, while loan associations provided mortgages and auto loans. Investors invested through brokerage firms that offered stocks, bonds and mutual funds. And credit card companies like Visa and MasterCard specialized in providing credit card services. Today, however, the lines between sectors have blurred. Banks now offer investment opportunities, loan companies have expanded into home lending, and brokers have started to offer a broader range of products.
The industry’s importance extends beyond NYC to the global economy. Getting into this field can help you build a career that can take you anywhere in the world. It’s a dynamic field that requires a diverse set of skills, but it’s one that can pay off big time if you can hack it.
A career in financial services can be rewarding for those who are able to handle the high-pressure, fast-paced environment. While the pay isn’t as high as some other fields, it is competitive. After a few years in any role, you can easily earn PS45,000 or more, and the potential to make it to six figures isn’t out of the question for hard-working candidates. If you’re a self-motivated, quick-thinking individual, then a career in financial services may be the right fit for you. Just be sure to weigh your options carefully before jumping in. The market is always changing, so it’s important to know what you’re getting into before making a commitment.