Financial services are a category of service industries that deal with the supply of funds and financing. These include deposit-taking, lending of all types, investment services, insurance, money broking and payment systems and other auxiliary services. The industry is a vital part of the economy and its functions are interlinked with the overall economic growth. However, the sector is highly prone to risks and financial crises. In addition, its workers are susceptible to stress and burnout.
In developing and emerging market economies, many households and small-scale entrepreneurs lack access to financial services, preventing them from saving for a rainy day or borrowing funds to expand their businesses. The lack of finance also prevents them from purchasing durable goods such as a refrigerator or a television, and from protecting themselves against the risks of an extended illness or natural disaster.
When a nation’s financial sector thrives, consumer confidence rises and people have the purchasing power to purchase more goods and services. But when it fails, the economy suffers and may even enter a recession.
Working in this specialized industry requires a combination of hard and soft skills. You’ll be dealing with high-profile clients on a regular basis, so interpersonal skills are critical. In addition, some positions require long hours—from 16 to 20 hours a day. Depending on the role you choose, you may have to relocate frequently to pursue opportunities. You’ll also be under a lot of pressure to meet sales goals.