Financial services are activities that involve the inflow or outflow of money. Examples of these include selling shares and making debt repayments. Businesses, governments and individuals engage in these activities to further economic goals. This industry is important to NYC and the world. When this sector is healthy, consumer confidence and purchasing power rise. When it falters, this can pull down a country’s economy and lead to a recession.
To succeed in the industry, you need a broad skill set. According to Duitch, the most successful people in this industry have a deep understanding of how their role impacts customers’ lives and have strong interpersonal skills. Often, these skills are more important than a degree.
The financial services industry is large and diverse. It encompasses everything from investment banks to credit unions and includes professional services firms. Historically, the industry was highly regulated, but since the late 1990s has undergone significant consolidation and deregulation. This has allowed banks to offer investment, commercial, and insurance services in one firm. This trend is likely to continue as the global economy evolves.
While this is a challenging time to work in the industry, it provides great career opportunities. Those interested in this field should keep in mind that the job market is competitive and that it takes a lot of hard work to get noticed. It is also not uncommon to work 16 or 20 hours a day, which can be very stressful.