The financial services sector is a massive industry, one that covers everything from mortgages to stock market exchanges. It encompasses many subsectors, ranging from credit card companies to banks, as well as payment processors and digital banking technologies.
Despite the vastness of this industry, there are a number of common career paths that can lead you down a path to success in this field. You can start as an entry-level employee in a bank, work your way up through the ranks at a brokerage, or even launch your own investment firm. No matter your specific goals, the key to finding success in this industry is networking and getting a mentor.
In addition, you should be aware of the high level of regulation that accompanies most roles in this sector. This means that you may have to obtain specialized licenses and maintain professional liability insurance for the duration of your career. This can add up to a significant cost, which can eat into your profit margins. It is also helpful to stay abreast of any regulatory changes that might impact your particular area of finance, as this can significantly change the environment in which you operate.
A healthy financial services sector is vital to the economy of a country. Without it, individuals would be stuck trying to save all of their money for a down payment on a home, and businesses wouldn’t be able to secure the necessary financing to grow and expand. The financial services sector helps people get the things they need through loans and mortgages, helps businesses grow by supplying them with credit, and protects consumers and businesses from risk by providing insurance policies.
Another benefit of a career in financial services is that it can be lucrative for employees. The average salary for a worker in this sector is over PS45,000, and that figure can easily reach into the high five figures if you find the right role for your skills and talents. There are also a number of opportunities to earn extra income through commissions, and this can be a great way to pad your paycheck.
While there are many benefits to a career in financial services, it’s important to understand the pros and cons before committing to a particular position. Some jobs in this industry are not conducive to a family life, and the long hours can be hard on both your physical and mental health. Additionally, unless you’re an experienced investment banker, an entry-level job in this industry is unlikely to propel your career to the next level. Still, if you keep your expectations realistic and network with the right people, a job in this sector can be rewarding and fulfilling.