Financial services is a broad term that includes all types of financial intermediation including banking, insurance, securities, investments, credit and risk management. These industries are key players that help shape the modern world. They must adapt to amplify and catalyze the human-centric ecosystems reshaping the economy, while also addressing the many societal challenges that require new solutions.
There are numerous careers available in the industry, from bankers and credit analysts to insurance agents and brokers. Many entry-level positions in the field are available to students with little or no experience, and many employers offer on-the-job training and mentoring programs.
However, the competition for these positions is fierce. The specialized skills required for some jobs make them more prestigious than other positions, and the pay in these roles is typically higher. In addition, the responsibilities associated with working in the industry often include high levels of stress and pressure.
One of the most common types of jobs in the sector is retail banking, which involves depositing and lending money to consumers. Other job types within this industry are commercial banking, which offers similar services to businesses and corporations; wholesale banking, which provides investment and capital markets services; and private banking, which is reserved for high-net-worth individuals.
A career in the financial services industry also requires a strong network. Duitch notes that a successful professional in this sector usually has connections who can vouch for their character and abilities. Additionally, he or she may need a connection to land an internship that can lead to a full-time position.