Financial services, which encompass everything from credit card companies to stock brokerage firms to hedge funds and even community-based nonprofits that offer counseling or money management advice, play a huge role in everyone’s daily lives. But not all jobs within the sector are created equal, and it’s important for anyone considering a career in finance to consider both the pros and cons of each type of job.
The advantages of a job in financial services include secure storage of money and easy access to it, including through electronic fund transfers. The industry also offers consumers debt resolution, global payment systems such as Visa and Mastercard, financial market utilities (stock, derivatives and commodity exchanges), as well as accounting and auditing firms that prepare tax returns. In addition, some banks offer interest on deposits.
Whether it’s an Apple credit card or a digital wallet offered by Amazon, many companies are now offering their own version of financial services. But despite the growth of this industry, there are still many challenges.
For example, many people do not have enough savings to cover unexpected expenses. Moreover, lack of access to financial services can hamper economic growth by stopping people from investing and spending. Promoting “financial inclusion,” or ensuring that all members of society can use financial services, has become a major priority for central banks and government ministries around the world. The goal is to encourage entrepreneurship and investment, reduce poverty and inequality, and support economic growth.
