A Career in Financial Services
Financial services make it possible for individuals and organisations to invest, save, borrow and manage money. They include banking, credit unions, investment funds, brokerage firms, mortgage lenders, debt collection agencies, credit-card companies and global payment networks. They also provide an array of financial products and services to small businesses, large corporations, and government entities.
A career in financial services requires a combination of hard and soft skills, depending on your role. You may need a bachelor’s degree, but in many roles you can learn on the job. This makes it easier to break into the industry, and you can start at a lower level and work your way up.
For example, a bank is where people deposit money into their checking and savings accounts. Banks then use that money to lend to others. If a person needs to buy a car or a home, for example, the bank will give them that money with interest on top.
Moreover, some parts of the financial services industry are regulated. This is especially true for banks, which must follow strict rules to protect their customers’ money. These regulations can limit what products and services a bank can offer.
Other parts of the financial services sector include private banking for high-net worth individuals, which includes checking accounts, treasury management, and a host of other products. It also includes securities trading, which allows investors to trade shares in companies and other assets like commodities. It also involves insurance companies that offer protection against financial losses.