When you think of financial services, you probably picture banks, brokers and mortgage lenders. But those are just a few examples of the broader industry, which includes a wide range of professionals and products that help put money to productive use. Financial services firms often offer investment and savings options, provide loans (such as automobile, personal or student), manage debt, facilitate payment systems, offer insurance and wealth management services. These firms are important to the overall economy, as they help consumers invest their assets and safeguard their money in order to grow them over time.
The global financial services sector is a huge and growing business. According to the Organization for Economic Co-operation and Development, its gross domestic product (GDP) was more than $90 trillion in 2015. Financial services companies are often highly profitable, largely because they are able to make profits from interest payments on loans and investments as well as fees and commissions charged for their products and services. Financial services companies can be found all over the world, serving individuals, small businesses, large corporations and even the government.
Despite the current turmoil in global financial markets, many people still rely on financial services. The industry is constantly evolving, and changes are occurring as a result of the ongoing crisis. For example, in the 1990s, a major change was the Gramm-Leach-Bliley Act, which abolished Glass-Steagall and allowed banks to offer investment and commercial banking services, as well as mortgages. These deregulations enabled the growth of multi-service financial conglomerates.
The scope of the financial services industry can be confusing, but it’s essential to understand it in order to find a career that fits your skills and interests. This industry provides a lot of opportunity for people who want to be a part of a dynamic and rapidly changing industry.
In addition, careers in this field are often lucrative and offer flexible working arrangements. Many financial services firms also encourage their employees to continue their education, and they are known for promoting from within the ranks based on merit rather than tenure.
In addition, people who work in this industry often have a high degree of job satisfaction. According to a recent survey, workers in this industry rate their satisfaction at 9.6 and 10 on the scale of 10. This is likely due to the fact that people who work in this industry are able to apply their skillset in a variety of different contexts. And, with the proliferation of digital tools and the emergence of new technologies, there’s never been a better time to get into financial services.