Financial services is a sector that encompasses depository institutions, providers of investment products, insurance companies and credit and financing organizations. It also includes critical financial utilities like stock exchanges, clearing houses, derivative and commodity exchanges, and payment systems.
While the career options in this industry are endless, it is important to consider the pros and cons before pursuing one. This is especially true in light of the global pandemic and its impact on financial markets.
The repercussions of the COVID-19 pandemic will likely affect all financial services sectors in some way, with banks and credit unions dealing with an increase in loan defaults, wealth management firms having to work out how to best manage their clients’ investments during this time, and insurance companies addressing increased health-related claims. This is not to mention the potential for more regulations and requirements around transparency to become marketplace realities.
Despite these challenges, a career in the finance sector can still be very rewarding, particularly in terms of pay. A teller at a small bank can start off earning in the mid-six figures, and the potential to quickly move upward is fairly high.
However, it is essential to note that this industry is highly stressful, and work-life balance can be difficult. It is not uncommon for people in financial roles to work 16 to 20 hours a day, and burnout is a very real possibility. The best candidates for a career in this field are intelligent, quick-thinking team players with an excellent customer service mindset.