Financial services are the backbone of any economy. They include all roles that manage and exchange money, like banking, investing, insurance, and financial analysis. They also cover the capital market, which is where companies raise funds to boost production and reap profits in the long run. A thriving capital market is often the marker of an economic boom.
Insurance is one example of a financial service, as it is a way to help people cover the costs of certain expenditures that are often unexpected and unavoidable. Another example is a bank’s mortgage loan programs, which allow people to buy homes and build equity. In this industry, independent agencies exist to regulate and oversee different financial institutions’ operations and uphold transparency in the marketplace.
When working in finance, it’s crucial to have strong hard skills, such as math and data analysis. Additionally, it’s beneficial to have strong soft skills, such as collaboration and teamwork. Lastly, it’s important to have an expansive network, especially in this industry, where referrals are common. The best way to break into financial services is to start in an entry-level position and work your way up through the ranks. Many businesses offer on-the-job training and provide opportunities for advancement that can lead to a career in the industry. For instance, a person can become an investment portfolio manager by starting out as a teller or customer service representative at a community bank. In addition, some financial services companies are non-profit ventures and have their own internal learning and development programs that help professionals advance in the field.