Published On: January 18th, 2023
The job market is anything but predictable today. But despite all uncertainties, a career in the financial services sector is definitely a safe bid. This does not come as a surprise, considering there are 1.3 million jobs available in this sector.
This highlights that the financial services industry is always looking for talents with the proper skill set and expertise. The scope of employment in this sector is vast, and many different career options make it overwhelming for people to pick the right one. But this is manageable when you narrow your search based on your expertise and experience.
Let’s dive right in and give you incredible insights into different careers in the financial services sector you can choose!
But First, Why Should You Consider a Career In The Financial Services Sector?
A career in the financial services sector sounds appealing to many. A simple reason behind this is that one can make lucrative money. Professionals in the sector make an average of $72,400 annually.
There are other reasons for considering a career in this field too.
- Exciting Lifestyle: Being a part of the financial services sector means managing daily challenges. Almost every financial planner job will always keep you on your toes. But this is a good thing considering it adds unmatched excitement to your lifestyle.
- Stable Career Choice: The financial services sector is dynamic and stable. People need finance, so they will need someone to manage their finances. Diverse Roles are coming up fast. This ensures you have employment opportunities in this sector.
- Global Employment Opportunities: Every country, no matter how big or small, needs abled and competent professionals to manage their finances. This gives you unmatched flexibility to change countries and explore the world while having secure employment. This is also why the demand for careers in financial services is increasing by the day.
Careers In The Financial Services Industry You Must Keep An Eye Out For
The financial services sector is more nuanced than one might imagine, with estimates indicating it makes up 20-25% of the global economy. As a result, the sector offers numerous opportunities to help people choose a career. Some of the most popular careers in financial services include the following.
Investment banking facilitates transactions for huge institutional clients. As an investment banker, you will look over the underwriting of equity, facilitate acquisitions and mergers, restructure a corporation and more. Often referred to as one of the most popular careers in the financial services industry.
Investing in careers in finance will give you access to better opportunities for growth. Most reputed investment banks prefer hiring candidates with an MBA and relevant skill sets. This will require unmatched negotiation skills, financial expertiseties for growth.
This is another prominent career in financial services that deals mainly with retail banking services. These services are targeted at businesses and individuals alike. A commercial banker manages many aspects of finance, including issuing credit and debit cards, monitoring savings accounts, and determining the credit score of businesses and individuals, among many other responsibilities.
Given the varied responsibilities of a commercial banker, it is understandable that skill sets for this job are also many. But that is fair, considering you get decent paychecks and real growth opportunities. More importantly, you can enjoy the ideal work-life balance with a career as a commercial banker.
Risk Management Professionals
Every business needs to navigate risk factors and mitigate those impacts on operations. This is where risk management experts come into the picture to help identify and manage risks in the best way possible. Risk managers need excellent analytical capabilities like financial predictions, risk modelling, and much more.
According to the US Bureau of Labour Statistics, risk management professionals earn a handsome $89,000. You can get a certification like Financial Risk Manager (FRM) or Professional Risk Manager (PRM) and start your career. Besides that, specialised bachelor’s degree programs will help you master risk management.
Asset Management Professionals
There is always an increasing demand for asset managers in today’s economy. The number of high-net-worth individuals is increasing by the day. These individuals need help managing all their assets, which is where asset managers come into the picture. An asset manager primarily focuses on ensuring the best use of assets and steady wealth creation for their clients.
In most cases, professionals with certifications such as Certified Investment Management Analyst (CIMA) and Certified Financial Analyst (CFA) are the best fit for this designation. Among all other careers in financial services, asset management ensures the best work-life balance with flexible working hours.
A corporate finance expert generally manages all the finance-related complications within a corporation. The scope of this designation is much broader than other financial planner jobs. You will be responsible for overseeing the daily activities within a corporation, along with significant decisions that influence the company’s future. There are more than 266,340 corporate finance professionals employed in the US as of now.
Having a career in corporate finance gives you ample opportunities. Your role can vary based on skill sets and expertise. You might become a tax manager, financial analyst, or chief financial officer. No matter your designation, you will get growth opportunities.
The financial services sector offers many opportunities to explore and find the right fit. But before choosing a specific career, evaluate your skills and interests to make the right decision.
When you know what’s best for you, chart a roadmap or plan to help you realise your biggest goals. This will increase your chances of securing the right job in the finance industry.
Are you interested in the financial services industry?
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