Careers in Financial Services

Financial services

Financial services are companies that create money, enable payments, store value, provide investment opportunities and help manage financial risks. They are the foundation of a modern economy and a vital part of our lives. These companies are responsible for building economic prosperity and helping people get back on their feet after major setbacks. However, in this time of near-term geopolitical and economic uncertainty, financial services organizations face a host of challenges that threaten their future viability. They are forced to re-think their strategy, increase efficiencies, enhance customer engagement and invest in new technologies while maintaining their compliance.

As the world’s economies reopen, these companies must find ways to connect with consumers in new and innovative ways. The winners will be those that can build stronger and more enduring relationships, use technology to unlock creativity and talent and improve risk management processes. They will also be those that use regulatory demands as a catalyst to strengthen their business and drive growth.

Careers within Financial services are typically well paid and offer a good work-life balance. Many firms have a clear progression path from entry-level positions and offer extensive training, mentoring and a variety of different roles to give people the best chance of success.

The industry offers a wide range of specializations in the form of jobs like investment banking, accounting, credit analysis, and more. It is a lucrative industry for those who are highly skilled and have a genuine interest in finance and business.

In the beginning, most of the work in the financial service sector was done by large banks who offered a range of products to consumers like saving accounts, money market funds, mortgages and loans. As consumer demand increased, these companies began to expand their offerings and compete with other sectors like mutual fund and brokerage firms. As a result, the lines between these sectors started to blur.

Some of the most common financial services include family offices, investment and wealth management firms which cater to wealthy families with tailored financial plans that are similar to private banking. There are also personal lines insurance underwriters, who are responsible for assessing the risk of individuals purchasing an insurance policy. In addition to this, reinsurers are in the business of selling insurance to insurers themselves, to protect them against catastrophic losses.

Hire purchase and leasing companies are other examples of financial services which provide the consumers with a variety of different items like cars, houses and other essentials. These companies are able to reduce the cost of ownership for the consumers and thus, encourage them to save more by spreading the cost over a long period of time. This allows the consumer to live a better lifestyle while they are working towards their goal of saving money for a big item. These companies are a vital part of the tertiary sector which helps to ensure balanced growth in all three sectors of the economy. This will ultimately benefit all of the economy as a whole.