Financial services are the activities that companies and governments engage in to further economic goals. They involve buying and selling goods (or assets) and lending and borrowing money. Financial services also include the redistribution of risk and the provision of investment management, insurance and other intermediation. These activities are largely governed by laws, regulations and conventions. The financial services industry is a key driver of the global economy. When it’s healthy, economies grow, and consumers are more confident and spend more. When this sector is weak, the economy slows and recession can follow.
The financial services industry is vast, and the career options within are equally as varied. From accounting and auditing to research, sales, and management, there are many ways for someone to break into this industry. In general, the best way to gain experience in this field is by starting out on an internship. These internships allow you to learn about the industry and gain valuable skills while being paid. Then, once you have some experience under your belt, you can pursue a more permanent position within the financial services industry.
In addition to internships, the best way to break into financial services is to network. If you have connections that can vouch for your character and abilities, you’ll have a much better chance of landing a job. Then, once you have a full-time role, you can work your way up within the company by taking on more and more responsibility. Depending on the company, some will offer extensive training and provide you with mentors to help you succeed.
Once you have your foot in the door, it’s a good idea to specialize in something that interests you. This can make it easier to advance in your career and will give you a unique perspective that’s beneficial for the business. For example, if you’re an expert in retirement planning, you can use this knowledge to help your clients prepare for their futures.
With the industry undergoing constant changes, it’s important for companies to keep up with innovation and customer demands. A great way to do this is by leveraging artificial intelligence in their business. For example, Spar Nord partnered with Salesforce to bring their personal bank to the digital age by using Einstein. This tool provides real-time predictions that are tailored to each customer and makes it easier for agents to answer their questions.
In the end, the most important thing to remember is that financial services aren’t for everyone. It’s a highly competitive field that requires lots of hard work and dedication. However, if you’re up for the challenge, it can be a very rewarding career choice. Just be sure to weigh the pros and cons carefully before making a final decision.