The wide array of job opportunities within the financial services industry can be a challenge to navigate when considering your next career step. Fortunately, most employers in the sector encourage employees to pursue education and provide on-the-job training. This helps professionals gain a deeper understanding of specific tools and the overall field, furthering their career progression.
Ultimately, the field is comprised of depository institutions, providers of investment products, insurance companies and credit and financing organizations. It also includes the critical market utilities that enable trading in stocks, bonds, derivatives and commodities. This sector plays a key role in the national and global economy, both for individuals and businesses. It thrives when interest rates are rising moderately and there is a balanced amount of regulation to protect consumers but not squash innovation and new product offerings.
Debt resolution services help people who owe too much on their credit cards or mortgages negotiate with creditors to settle debt for less than what is owed. Another consumer service in the sector is a payment transaction processor, which allows merchants to accept credit and debit card payments from customers.
Other services in the field include private banking, which is offered to high-net-worth individuals and families. A family office typically handles the investments and financial planning of a single family or small group of wealthy clients. Similarly, advisory services are provided by firms that serve as both broker and financial consultant for their clients. These types of services are offered by banks, independent financial advisers and conglomerates that own multiple businesses such as Berkshire Hathaway, which owns the GEICO and National Indemnity insurance companies.