Financial services is the term for the businesses that manage money, like banks, credit unions, investment firms, insurance companies and other credit- and financing-related organizations. It also includes the critical utilities that support these functions. The industry is huge and diverse, with some sectors more closely related to direct saving and lending than others.
Banks are a good example of this: they don’t just keep your money in vaults; they use it to lend to people who want to buy houses or cars, for instance, and earn revenue by charging interest rates on those loans. In general, the industry is highly regulated to ensure consumers’ money and rights are protected. But it’s a balance between keeping people’s assets safe and allowing innovation that can make things better for everyone in the long run.
A career in financial services is a great choice for people who are fast-thinking and collaborative, with excellent communication skills. The pay is not vast but it’s competitive; once you have years of experience, the opportunity to move into management positions is high.
If you’re interested in this sector, consider working in an entry-level role first. This way, you can gain the relevant qualifications on the job before moving up into a more senior position. You’ll also have the chance to work in a team of similarly skilled individuals who can act as mentors. These experiences will prove invaluable as you move up the ranks. It’s not just about who you know, though; many roles require a combination of hard and soft skills to succeed.