The Pros and Cons of a Career in the Financial Services Industry

Financial services

The financial services industry comprises thousands of depository institutions, providers of investment products, insurance companies and credit and financing organizations. These provide the critical financial utilities that support the entire economy.

Financial services help people manage risk, create wealth and meet their financial goals. The industry is a vital economic driver and has a huge impact on other industries in terms of the practices, standards and regulations it sets. Financial services also include a number of for-profit ventures, such as banks and brokerage firms, and community-based nonprofits that offer counseling or money management advice.

In the digital age, financial services are increasingly delivered through mobile phones and other digital technology. The sector has made great strides toward promoting financial inclusion, and as of 2017, 1.2 billion adults gained access to an account. Moreover, with digital financial services expanding, new opportunities are opening for financial services companies to reach more people.

Whether you are investing in an emerging market or managing your own finances, financial services play a significant role in society. From helping you save for a house to offering life insurance, it’s important to understand how the financial services industry works and what you can expect from working in the industry.

A career in the financial services industry can be exciting, rewarding and lucrative. However, it is important to consider all of the pros and cons before making a decision. For example, it’s a competitive field where competition for jobs is fierce. Consequently, you’ll need to be smart, quick-thinking and able to work in a fast-paced environment.

Additionally, some positions in the financial services industry require a bachelor’s degree. This may not be the case for all roles, though. Some companies hire employees with relevant experience and a strong interest in the industry rather than a formal education.

Another benefit of a career in the financial services industry is that it offers a high level of job security. Positions in this industry are highly demanded, and you can count on having a steady source of income once you get started. This stability is especially helpful if you’re raising a family or pursuing an academic degree.

The drawback to a career in the financial services industry is the long hours that many of these jobs require. Some workers spend 16 to 20 hours in their position on a daily basis, which can lead to burnout. Additionally, the industry is highly regulated, which can impede on growth and innovation.

The bottom line is that if you have the right qualifications, a career in the financial services industry can be rewarding and lucrative. Before you decide to pursue a job in this field, however, make sure that you understand what it involves and how it will fit into your overall career plan. Otherwise, you may find yourself frustrated and unhappy in your current role. Fortunately, the vast majority of financial services careers rely more on skills than on education, so it’s possible to make a big impact without a college degree.