Financial services help put money to work, from savings to investment to lending. And, as the world gets richer and older, people want to turn their money into personalized financial products that are easy to use. The industry is growing and changing fast, thanks to rapid advances in technology. But, before you pursue a career in this field, consider the pros and cons.
In the past, each sector of the financial services industry specialized in one thing or another: banks offered checking and savings accounts; loan associations provided mortgages and auto loans; and brokerage companies sold investments in stocks and bonds. But, as consumers grew more demanding, those lines began to blur. Banks expanded their offerings, while investment companies and credit card firms started to offer banking services.
Eventually, these lines became even more blurred, as companies merged and began to offer a wider range of products and services. Now, it’s not unusual for a company like Visa or MasterCard to provide everything from payment services to insurance and investments.
The complexities of financial services make them vulnerable to regulatory pressures and market volatility. But, the industry plays a vital role in the economy and provides a wide variety of jobs that can be very rewarding. And, it can be a great way to grow your skills and advance in your career. As a result, there’s no doubt that the demand for professionals in this field will continue to rise.