Banking And Financial Services
Category : Jobs In
The banking and financial services industry is a very important one in the economy. The industry encompasses different types of businesses or organizations, including banks, credit unions, insurance companies, credit card companies and stock brokerages. If you happen to have special interest in working in this industry, you will no doubt wish to know a bit more about its potentials and what sort of jobs you can get in the industry as a young person, most likely fresh out of the college.
About Financial Services Industry
In America, the term “financial services” became popular subsequent to the late 1990s’ Gramm-Leach-Bliley Act, which allows financial institutions, especially banks, to acquire other types of finance-related businesses as a means of diversification. The main actors in the industry are commercial banks, investment banks, foreign exchange companies and insurers.
The relevance of the banking and financial services industry has significantly grown over the years. The industry accounted for just 10 percent of total non-farm profits in 1947, but its contribution had risen to 50 percent by 2010, according to Wikipedia. Financial services in the US accounted for 20 percent of the total S&P 500 market capitalization in 2004. The contribution of the industry to GDP has also risen over the years. At the same time, the earnings per employee hour in the industry have equally been going up north. For example, mean salary of finance employees in New York surged from $80,000 in 1981 to a massive $360,000 in 2011.
Securing Your First Job in Finance
The banking and financial services industry is one of the leading providers of jobs in the country. You have numerous opportunities for breaking into the industry. However, there are some important considerations you will need to pay attention to when it comes to getting your first job. Here are a few:
Unlike in the years gone by, a college degree is very essential to work in the financial industry these days. First degree in business administration is especially recommended, as it offers you greater flexibility in your career options. An MBA gives you extra edge for some positions.
Personality and Natural Ability
It is relevant to note that your personality will, to a great extent, determine the kind of jobs you are fit for. Some positions will require you to be someone very good with numbers, while some others may require you to be highly sociable and persuasive in nature. It is best if you have these different qualities in the right proportion.
The work experience that you possess, or do not, might play a role in how easy you are able to get a job in financial services. While in school, serious efforts should be made to get useful work experience. Internships are good ways of getting this experience when paid positions are not available.
These are just few of the essential factors to consider when looking to land your first job in the financial services industry. As a young person, here are some job titles you may qualify to hold, depending on your qualification:
- Registered representative
- Financial advisor
- Account representative
- Accountant I
- Accounting clerk I
- Accounts payable clerk
- Accounts receivable clerk
- Financial analyst I
- Payroll clerk I
- Collector I
- Loan clerk
- Compliance officer (banking)
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We hope you find the information presented here helpful in securing your first job in financial services.