Financial services encompass a large swath of the economy. This sector includes everything from banking and investments to credit card companies, payment processing firms, real estate and more. As a result, there are countless opportunities for individuals to find employment in this field. However, the breadth of options can make it difficult to determine which career path is right for you.
One key element of the financial services industry is insurance, which protects consumers against losses incurred due to death or injury (e.g. life, health and disability insurance) or property loss or damage (e.g. home or car insurance). The industry also includes credit services, which include the extension of a line of credit to people who are not traditional lenders such as banks.
Another major component of the financial services industry is asset management, which handles pension assets, insurance policies and more. Financial services firms may also offer mutual funds, hedge funds and private equity. The industry is also dominated by conglomerates that provide many different types of products and services.
While a degree is important in any industry, it is especially vital for jobs in the financial services industry. This is because the sector largely relies on networking and personal connections to secure a job. Additionally, there are many entry-level positions that allow workers to learn on the job. This allows employees to become acclimated to the industry while gaining valuable skills and experience. In addition, a strong network can also help a worker land a role as a consultant or advisor, which can be more lucrative than other financial services jobs.