Financial services encompasses the business sector that creates, markets and sells products and services that help consumers manage their money. This includes products such as insurance, the facilitation of payments and wealth management. The industry is vast and varied, with both legacy banks and innovative digital challengers making strides in the field.
While it may seem that the financial services sector is all-encompassing today, it was not always this way. Each sector once focused on its specialty: Banks offered checking and savings accounts, loan associations provided mortgages and credit card loans, and investment agencies or stock market brokers sold stocks, bonds and mutual funds.
The financial services industry is a vital component of the national and world economies. The better its health, the more it benefits both individuals and companies. As such, job security is strong and positions are easy to find. The diversity of jobs within the industry, though, can make it a difficult field to break into. Having a strong network and a background in the industry can help you secure an entry-level role, where you can build up your skills and experience on the job.
The best part of working in the financial services industry is meeting new people every day. You will often be exposed to high-profile individuals and businesses, and it is not uncommon to form lifelong friendships in the City. For some, this perks of the job may be enough to make it worthwhile, even when it means working long hours and traveling regularly.