Financial services are a massive industry that includes everything from banks and mortgage lenders to securities traders and investment advisors. It also encompasses a lot of other things, like credit cards, money transfers and insurance. And it doesn’t just affect individuals — it also impacts small businesses, large corporations and nonprofits in significant ways.
Financial service companies help individuals purchase a wide range of consumer goods on credit and at a convenient interest rate, thus stimulating consumption. It helps producers by increasing demand for their products and inducing them to invest more capital. It increases economic growth by improving the primary and secondary sectors while promoting tertiary sector development. It enables the people to improve their quality of life by providing them with better housing and other facilities.
There are various types of financial services providers ranging from large multinationals to local boutique firms. Many of these firms offer bundled services, such as brokerage and asset management. Some of them also provide market research and maintain a public stance on specific industries or stocks.
A career in financial services can be a lucrative option for anyone who has the right mix of hard and soft skills. However, it’s important to understand that not all jobs in this field are created equal. While some positions may have higher salaries or better benefits, they might not pave the way for your future career goals. Ryan Duitch, president and CEO of Arro, a financial services company, says that “not every role in financial services is going to make you a banker, a broker or a hedge fund manager.” So, how do you know which position is best for you?