The Pros and Cons of a Career in Financial Services

You might think of banks, credit unions and mortgage lenders when you hear the phrase “financial services,” but this industry extends well beyond those three entities. It includes insurance companies, investment agencies and stock market brokers, among others. These institutions provide a wide range of services to individuals, small businesses, large corporations and even the government.

One of the biggest perks of a career in financial services is that this sector offers some of the highest salaries around. If you’re interested in breaking into the field, start by building your network and seeking out entry-level positions that allow you to learn on the job. Many firms in this sector will also invest in professional development and encourage continuing education, which means you’ll never stop learning.

As a result of these ongoing learning opportunities, many professionals in this field can find themselves promoted rapidly. This can be a major plus for anyone who is seeking stability in their job, especially with how quickly technology is changing the industry.

With that being said, there are a number of challenges that the industry is facing. One of the most prominent challenges is the repercussions from the global COVID-19 pandemic. This has impacted virtually every aspect of the industry, from banks and credit unions dealing with decreased deposits to insurance companies covering more health-related claims. As a result, it’s important that you keep up with all of the latest news and developments in this industry so that you can stay on top of your game. A great way to do this is by subscribing to a business magazine, such as The Wall Street Journal or Value Line.