Whether it’s saving for retirement, paying for school, or buying a car, the financial services industry provides us with a myriad of options. It is one of the most important industries in NYC, and in the world, and it provides many different types of career opportunities. However, before you decide to pursue a career in this field, there are some things to consider.
Generally, the term “financial services” is used to describe all the ways that people and companies interact with money. This includes deposit-taking institutions, providers of investment products, credit and lending organizations, insurance companies, and the firms that provide critical financial utilities such as payment networks (like Visa and Mastercard) and global currency exchange services.
While it might seem like the financial services industry is all-encompassing today — with banks offering checking and savings accounts, loan associations providing mortgages and auto loans, brokerage firms offering investment opportunities in stocks and mutual funds, and credit card companies offering credit cards — this wasn’t always the case. Historically, each sector of the industry focused on its own niche.
Aside from facilitating the purchase of goods and services, the financial services industry promotes economic dynamism by providing the necessary capital for enterprises to invest in their businesses, expand production, increase savings, and grow. Moreover, it encourages the free flow of money between individuals and from individuals to businesses, which ensures that there is adequate market liquidity for investors, as well as the efficient functioning of the economy.
Because the financial services industry is so important to our daily lives, it is also very diverse. There are many different jobs that can be found in the sector, and each requires a unique set of skills. In order to succeed in a job within the industry, it is essential to have a good understanding of how each aspect of the business works.
In terms of hard skills, it is important to have strong math and data analysis abilities. Being able to read and interpret complex financial documents is also important. In addition, having great interpersonal skills is crucial, especially when working with clients.
Overall, a job in the financial services industry can be very rewarding. Not only does it offer a variety of career paths, but it can also be very lucrative. The skills you learn in the financial services industry will be valuable throughout your life, and will help you achieve your financial goals.