Careers in Financial Services
Financial services encompass a wide range of industry sectors, including banking, insurance, investments and consumer finance. The sector includes central banks; depository institutions, such as commercial banks, building societies and credit unions; financial intermediation firms; credit card companies, mortgage lenders and personal and student loan providers; leasing and hire purchase finance companies; and debt management and resolution services. It also includes payment service providers such as global payments networks and credit card machines; clearing services; and exchanges that facilitate stock, bond and derivatives trades.
In addition to providing investment services, financial services help individuals and businesses manage risks by offering insurance against loss or unforeseen events. These include protection against death or injury (life insurance, health insurance and disability income insurance), against property damage or theft (homeowners and auto insurance) and against liability and lawsuits (personal and business insurance).
The success of a career in financial services often depends on networking as well as education. Those with good connections are more likely to find employment in the industry, especially if they have a degree from a top university. A good starting point is an internship, which provides on-the-job training and valuable experience. Once employed, salaries in the industry are typically above average for all industries. But be warned, the pay is competitive, and the work environment can be intense, particularly for those working in investment portfolio management. For this reason, it’s important to be confident in your skills before applying for a role.
