Financial services are a vast category that encompasses anything to do with money, including banking, borrowing and investing. The recent financial crisis has shaken the industry, which is now undergoing major regulatory overhauls and restructuring.
Some of the largest players in financial services are traditional banks, investment banks and credit unions. They offer a range of products from savings accounts to loans and credit cards. Some of the most popular forms of financial services include mortgages, insurance policies and investment products like stocks and bonds.
The industry also includes other key service providers such as debt resolution companies, global payment networks (Visa and MasterCard) and financial market utilities which provide the infrastructure for stock, derivative and commodity exchanges. Increasing consumer demand for personalized financial products and improved customer service are driving change in the industry.
Careers in financial services are often challenging and competitive. Many employers encourage employees to continue their education and provide on-the-job training. As a result, the pool of knowledge in the field is constantly expanding, making it easier for employees to advance their careers.
A successful career in financial services requires a mix of hard and soft skills. Strong interpersonal communication and analytical thinking are essential. It is important to have a clear understanding of the different types of financial products and how they work, as well as how to manage risk and debt. The ability to think creatively about ways to improve financial products and services can help you stand out from the crowd.