While the term financial services may seem broad and all-encompassing, it doesn’t include every industry in the finance market. Financial services include anything that touches money, such as banks, credit unions, investment firms and non-bank companies, such as nonprofits, which provide counseling or money management advice.
With so many options, it’s crucial to know which role is the right fit for your skills and aspirations. If you’re interested in making a difference to people’s lives, financial services is an excellent choice. The sector is filled with organizations that value their employees and focus on building a strong culture. Whether you’re a high-level bank executive or an entry-level teller, your work can be meaningful and rewarding.
Pros: Financial services can play a pivotal role in the daily lives of individuals and businesses, helping them get the financial products they need to thrive. The industry can boost trust and create socially responsible products to prevent future crises. And it can offer a path out of poverty, supporting individuals and communities to save, invest and build wealth.
Cons: A career in the industry can be challenging, as it’s competitive and requires an extensive network of relationships. In addition, the work can be stressful and time consuming. The industry also suffers from a lack of trust, as the 2008 global crisis showed. There is an urgent need for firms to align their goals, incentives and culture with their purpose.
Despite the challenges, most professionals in this field say they enjoy their jobs. This is partly because of the variety of positions in the industry and the opportunity to work in different countries.