The financial services industry is a vital part of our economy, touching many areas of our lives and affecting the success of businesses. It’s a sector that includes banks, credit unions, investment firms, debt and credit card companies, insurance providers and more.
Until recently, each branch of the financial service industry stayed in its own specialty. Banks offered checking and savings accounts; loan associations provided mortgages and loans; stock market brokers specialized in stocks, bonds and mutual funds. The industry consolidated during the 1990’s and the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act, allowed banks to offer investment and commercial banking as well as retail and consumer finance. It also led to a rise in multi-service financial conglomerates like Citigroup and AIG.
Now, it’s easier than ever to invest money in your future and manage your finances. But even as the financial services industry changes, there are still challenges. For one, consumers need to understand the intricacies of investing, saving and debt management.
While it’s important to be knowledgeable about all aspects of the industry, you should focus on those aspects that are most relevant to your career goals and interests. In an interview, an employer may ask you why you chose to work in the financial services industry, which can help them determine if your skills and experience are the right match for their business. So, before your interview, take the time to think about why you want to work in this sector.