The financial services industry encompasses many different roles that deal with managing and exchanging money. It includes jobs like insurance, investments, and banking. The people who work in these jobs have a strong influence on how well an individual’s finances function.
The sector helps individuals and businesses with their economic goals by creating channels that allow for money to flow from savers to investors, and back again. It also lubricates capital markets, which are the venues for trading stocks and derivatives. When the financial services sector is healthy, it stimulates production and investment and raises a country’s standard of living.
For example, insurance is a form of financial services that covers expenses for those who incur costly injuries or accidents. Other examples of financial services include debt resolution services, global payment providers (like Visa and MasterCard), and credit-card companies (such as Rocket Money). These services help consumers manage their finances better, make informed decisions, and protect themselves from risk.
Regardless of the type of job in financial services, it’s important for professionals to keep up with new tools that are introduced constantly to their industry. This will improve their skillset and allow them to move up in the workforce. Financial services firms are known to promote from within based on aptitude rather than tenure.
One of the best things about a career in financial services is that it’s very lucrative. This means that you can have a solid career and maintain a decent work-life balance. However, it’s important to remember that this field can be very stressful. It’s not uncommon for people in these positions to work 16 to 20 hours a day, and it can be difficult to find a good balance.