Financial services are the activities involved in converting savings, investment, production and consumption into economic wealth. They encompass a wide range of business functions such as deposit-taking, loan issuing and investing services, credit-card services, mutual funds, insurance and securities trading. These are essential to the smooth functioning of a market economy and help in increasing the overall economic growth rate.
One of the key benefits of working in the field of financial services is job security. Since the sector is so vital to every other industry, companies in this field tend to invest heavily in employees and provide a lot of opportunities for advancement. They will often provide a lot of on the job training and mentorship to newcomers to the industry, giving them a chance to develop their skillset and become a valuable member of the team.
The other perk that comes with this sector is the amount of money that people in it make. The pay isn’t enormous, but it is competitive and after a few years in the industry, you could earn into the high 5 figures. People in this field also tend to be promoted based on merit rather than tenure, which makes it an attractive option for those who are looking for a career that can offer them stability and long-term security.
Another advantage of working in this field is the fact that it is a highly skilled and intellectually stimulating profession. With the rapid changes in technology and new tools being introduced into the field seemingly on a daily basis, it is essential that professionals in this area have a strong understanding of the latest developments in the world of finance. This ensures that they can remain competitive in a very dynamic market and help their employers stay ahead of the competition.
The last perk of working in the field of financial services is the fact that it contributes to the overall economic growth of a country. It does this by facilitating the flow of capital to all sectors of the economy. When the capital markets are active, it is a good sign that there is a lot of activity in the economy and that more and more consumers are willing to spend their hard earned cash.
The other benefit of working in the financial services industry is that it helps in promoting the process of saving and investments. This in turn leads to a better standard of living for the citizens as they are able to afford more things with their earnings. This also means that the producers get more money to invest in their businesses, hence boosting production and creating more jobs. Moreover, it also means that the heirs of an individual are assured that they will receive the money they have invested in their life insurance policies.