Financial services are all the things that touch money, from debt management and credit card companies to stock brokerages and investment funds. This broad sector includes not only hedge fund managers and investment banks but also community banks, credit unions and even nonprofits that provide counseling services or money management advice. It’s an industry that encompasses everything from consumer debt to corporate finance and the exchange of currency, and it’s vital to the economy.
In the wake of the 2008 global financial crisis, firms have worked to improve their culture and create socially responsible products. But they still struggle to create cultures that drive good behaviour and align with societal expectations, according to research published by ICAEW. A culture of purpose can help preserve good behaviours by creating a link between employees and customers, as well as the real outcomes of their work.
There are a wide range of career options within financial services, from the traditional roles like bankers and insurance agents to the more esoteric positions such as an actuary or a trader. However, it is important to consider your goals and what kind of role will best pave the way for you to get there. According to Ryan Duitch, president and CEO of Arro, “While there are many job titles in financial services, not all of them will help you achieve your career goals.”
When it comes to specific areas of the financial service industry, there is a lot of overlap. Some of these sectors include:
Investment services – This category is made up of hedge funds, advisory and wealth management services and retirement planning. These are all geared toward investors who want to diversify their portfolios with investments outside of stocks and bonds.
Insurance – This includes both personal lines of insurance such as property and casualty, life and health insurance, as well as reinsurance, which is sold to insurers to protect them from catastrophic losses. This industry also includes brokers and agents, who act as the middlemen between consumers and insurance carriers.
The next segment is asset management, which encompasses the management of pensions, mutual funds and other investment assets. This sector is also where the trading of securities takes place. The final segment is the regulatory body, which is an independent agency that oversees different financial institutions and upholds transparency.
The financial services industry is a dynamic and exciting field. It is a highly sought-after career for many and offers plenty of room to grow. It is also a very international industry, with professionals needed all over the world. For those who are looking to relocate, this industry is a great option as it will not be difficult to find a position that fits your needs. If you are interested in pursuing a career in this field, contact us today to learn more about our current openings.