A Career in Financial Services
Financial services are a broad sector of the economy that includes banking, investment firms and other institutions. It is a hugely diverse industry, and it touches the lives of everyone in some way.
Banks are a type of financial institution that accepts deposits, offers checking account services and makes business, personal and mortgage loans. They also issue credit cards and electronically transfer funds. The government regulates how much money a bank can keep on hand, and what percentage of this money must be used for lending.
In addition, banks offer savings accounts and certificate of deposit (CD) accounts to their customers. These savings accounts do not earn interest, but they allow people to save money safely for the future.
Insurance companies are another big part of the financial services industry. They provide a number of different types of insurance including health, auto, home, renters and life. These are a great safety net and help to cover large expenditures that can sometimes be unplanned.
Investment banks are a type of financial institution that specializes in raising capital and assisting with business operations. These institutions often offer equity offerings, mergers and acquisitions, and other corporate restructurings. They also offer securities research and broker services to their clients.
These services can be a bit complicated, but they are necessary to keep the world’s economy running smoothly and efficiently. They are a key component of the financial system and help to preserve the trust that is essential for economic growth.
A career in financial services can be a rewarding and lucrative one. Depending on your role and company, you can expect to start off with a decent salary and have the potential to reach high 5 figures.
This is an exciting and rapidly growing field of work. As a result, there is a large demand for talent in the industry. It takes a lot of hard work to succeed in the field, but you will be well supported by your employer.
It is a competitive and challenging industry that requires strong leadership skills to ensure the success of the team. As such, it is best suited for intelligent and quick-thinking individuals who are team players.
The industry thrives in an environment where interest rates increase moderately rather than rapidly and where the government has enough regulation to protect consumers’ interests while not squashing new opportunities for financial services firms to develop creative new products. These factors are key to the success of the financial services sector and should be a priority for all policy makers.
As a leading provider of technology and consulting solutions, Perficient has deep expertise in the financial services industry and understands the challenges that face financial services firms around the globe. Our team enables organizations to transform their business and customer operations with the latest digital technologies, cloud platforms, and artificial intelligence.
Our experience enables us to provide comprehensive coverage for all types of complex issues in the financial services industry, from advising on structure and charter choices to investigating and defending regulatory enforcement actions. Our firm has deep knowledge of all US banking and finance regulations, as well as views from the Basel Committee on Banking Supervision and the Financial Stability Board. Our team also provides counseling and advice in areas such as risk and regulation, cyber and financial crime, regulatory compliance, and new financial service technologies and FinTech.