Financial services is a sector that encompasses thousands of depository institutions, providers of investment products, insurance companies and other credit and financing organizations. It is an essential part of the economy and a critical component of the nation’s infrastructure.
The financial services industry is important to NYC and the world because it helps people improve their standard of living through acquiring various assets such as car, home and other luxury items. It also ensures promotion of domestic as well as foreign trade and enhances the consumer’s purchasing power.
A career in the financial services industry can give you the opportunity to work with a diverse group of people and build a long-term career. It also offers a variety of career opportunities and the potential for high pay.
You can choose to get a degree in finance or you can work without an educational background. While a degree is important to help you move up the ladder, financial services is an industry that relies more on interpersonal skills than education.
There are many different positions in the financial services industry, ranging from bankers to investment advisors to insurance brokers. The right job will depend on your skills and interests, but you’ll need to understand the sector’s scope before choosing a career.
The financial services sector is regulated by a number of independent agencies that oversee different organizations and ensure they are treating their clients fairly. These include the Financial Industry Regulatory Authority (FINRA) and the Office of the Comptroller of the Currency (OCC).