Financial services is a very broad industry and includes thousands of depository institutions, providers of investment products, insurance companies and other credit and financing organizations. It also includes a large number of critical financial utilities and services, such as wire transfer systems, credit card networks, global payment systems and exchanges that facilitate stock and commodity trades.
The financial services market is a powerful economic force and a driver of many other industries’ success, standards and operations. Almost every company in the world uses financial services for its own or its customers’ business purposes, and the practices, regulations and standards that the industry sets will ultimately affect how these other industries operate.
Careers in financial services are diverse, and can be very rewarding, particularly if you enjoy being a part of the fast-paced, ever-changing world of money. There are also many different opportunities to choose from, and it is important to find the role that suits your skillset best.
There are four main types of financial service jobs:
Broker services – Buying and selling securities for clients (often involves financial consulting as well).
Investment banking – Providing advisory and valuation services to companies seeking to raise capital through an initial public offering, or acquire and sell businesses.
Private banking – Providing high-net worth individuals and families with banking services customized to their needs.
A financial services job can be extremely rewarding, but it can also be very stressful and hectic. There is a lot of pressure on employees to perform, and it is not uncommon for people in these roles to work 16-20 hours per day. This can cause stress and burnout.