As a sector that is essential to everyday life, it’s no wonder that financial services employ millions of people across the world. It allows individuals to get access to loans for mortgages, car purchases, or any other reason they may need money and it gives businesses the funds to grow and prosper. It is also one of the most highly-paid sectors of employment, and positions can be found almost anywhere. Because of these reasons, working in financial services is a great choice for those who are looking to make an immediate impact on their career and salary.
The financial services industry is all-encompassing today, but it wasn’t always this way. Prior to the 1970s, different segments of the financial services industry stuck to their specialties. Banks provided checking and savings accounts, loan associations offered mortgages and credit cards, while brokerage firms focused on stocks, bonds and mutual funds. Nowadays, however, most large financial services companies offer all of these options. It is also common for large financial services companies to provide multiple types of insurance, as well.
A financial service is defined as any type of service related to the finance industry, which includes the banking and insurance industries. It also encompasses investments, redistribution of capital, and financial intermediation. The definition of financial services is so broad that it includes many other companies outside the banking industry, such as investment agencies and stock market brokers. It is important to differentiate between financial services and financial goods, as the former refers to the intermediary activities that help to create the latter. This is similar to the distinction between consumer goods and capital goods; an orange can be classified as a consumer good if eaten directly by consumers, but it is considered a capital good if used to build a deli.
The most obvious benefit of a career in the financial services is the high salary that can be earned, especially for those with entry-level positions. Additionally, this industry is always changing and evolving, making it a dynamic and exciting place to work. New tools are being introduced to the field constantly, and employers in financial services often invest a lot of time and money into their employees to ensure that they are up to date on all of the latest trends. As a result, it is common for workers in this field to have a very strong network of peers and to be able to quickly move up within their company. If you are interested in pursuing a career in the financial services industry, connect with Phyton Talent Advisors to learn more about the open roles we have available in London! We’re a team of experienced and passionate professionals, and we would love to speak with you. The sooner you contact us, the sooner you can start your journey into this lucrative and rewarding field!
