Breaking Into Financial Services

Financial services

Financial services are the products and services provided by the finance industry, which includes everything from mortgages to insurance. They help people and businesses manage their money by providing loans, deposit services, brokerage, capital markets, credit unions, credit-card companies, private banks, and other providers of critical financial utilities.

As with most industries, networking is a major factor in breaking into financial services. It is not uncommon to have a senior employee provide an introduction or to find an entry-level position that provides on-the-job training, which gives you the opportunity to learn and make connections. In addition, starting salaries are higher than many other industries and continue to increase rapidly as you gain experience.

Despite the importance of this industry to NYC and the world, there is a global gap in access to financial services. 1.7 billion adults worldwide are considered unbanked or underbanked, meaning they do not have access to basic financial products and services.2

A large part of the financial services industry is comprised of depository institutions, such as commercial and investment banks; savings and loan associations; building societies or mortgage banks; credit unions and credit-card companies; and other credit intermediation organizations. Other parts of this sector include capital markets – bond, equities and currency markets; and payment systems – cash, cheques and electronic means for making payments. Financial intermediaries – which include securitizers, investment firms and leasing companies – also fall into this category. These companies are responsible for providing financing for economic growth and development.