If you work in financial services, you can use a diverse set of skills. You won’t need all of them but an interest or talent in one area can make you a valuable addition to a company or bank. The industry is highly dependent on computers and information technology systems.
While some people use the term financial services to describe everything that a person does with money, the industry actually consists of two distinct parts: financial goods and financial services. For example, an insurance policy may seem like a service but it’s actually a financial good. A mortgage loan and stock market investments are also examples of financial goods. The difference is similar to the way economists distinguish between capital goods (things used for production) and consumer goods.
The financial services sector is a primary driver of the economy and includes everything from banks to credit card companies. It provides a crucial backbone for the free flow of capital and liquidity in the marketplace. But it’s not without its challenges. For instance, many people lack basic money management skills and are heavily in debt. And in the wake of Covid-19 and other financial stresses, consumers are more aware than ever of the need to improve their financial wellbeing.
There are numerous benefits of working in the financial services industry, but you should be aware of a few important considerations before making the leap. For example, many companies in this field are known for promoting from within based on merit, so you could be rewarded with a fast-tracked career if you’re talented. And with new tools being introduced to the field seemingly every day, you’ll likely find yourself learning and acquiring fresh skills constantly.