Careers in Financial Services

Whether you’re thinking of starting a career or simply changing jobs, a job in the financial services industry is a great option. It’s not only a financially rewarding profession, but it also helps individuals and families make smart financial decisions. According to Duitch, it’s important to think carefully about what specific role in this industry will best pave the way for your future goals.

In broad terms, the financial services sector includes the banking industry and other companies that provide credit, investment, insurance and the redistribution of risk. The biggest segment is the banking industry, which primarily deals with direct saving and lending. Banks earn their revenue from the difference between what they pay to depositors and what they charge borrowers for loans.

Another subsector is the insurance industry, which provides protection against death (life and health insurance), against loss or damage to property (homeowners and car insurance) and against liability for accidents or mistakes made by employees in the course of their work (workers compensation). The legal system governs the working of all of these financial services.

Other financial services include administering payment systems (cash, cheques and electronic funds transfer), trading securities and commodities, issuing debt and equity, managing assets, and facilitating investment and consumption. These help to enhance economic dynamism by creating more demand for products and encouraging savings, production, and investment. They also promote the growth of primary, secondary and tertiary industries. This ensures balanced growth of the economy.

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