Recruiting predominantly in the Marketing, Communications and Digital space across financial services has always had its challenges, from a lack of candidate interest in the space to misconceptions of the sector being money grabbing, profit driven and mercenary have all been blockers of moving into the space. In this article (and coming from a heavily invested angle) I'll be discussing the pros of why choosing the financial services industry as a career path can be one of the best and most lucrative decisions that you can make.
It is interesting
The financial services industry is interesting due to its dynamic nature and direct impact on global economies. Working in the FS (financial services) sector is one of the most rewarding careers you could have. You'll learn how to act commercially, focus on the bottom line whilst making positive change and be exposed to global issues like global warming, wars, political decisions, and even pandemics. Professionals witness the intricate interplay of markets, regulations, and technological advancements, ensuring constant learning.
The industry's role in wealth management, investment banking, and fintech innovation allows for diverse career paths. Moreover, individuals in financial services often contribute to individual and societal progress by facilitating capital flow, supporting businesses, and enhancing economic stability. The constant evolution of financial instruments and the need for multiple exciting strategies make it an intellectually stimulating environment where only the top minds in society cut through and make a real change.
Financially rewarding
It goes without saying that fin services is one of the best paying industries in any economy. The old saying 'Money makes the world go round' can be seen as capitalist nonsense that only the rich and powerful attest to, but this isn't necessarily true. We all have financial responsibilities whether small or large and having a solid income helps us all to discovering financial freedom. Comparing FS to many other industries globally, you can see the industry as one of the highest paid across the board. With generous salaries and large bonuses attached to many positions, financial services leads the way in individual earnings.
Many of this is linked to company profitability but in highly competitive landscapes across the likes of Banking, Lending, Trading and Funds/Asset management the individual contribution of staff members is pivotal to performance, making competition for the best minds high and therefore driving financial packages up across the sector.
You're genuinely making change happen:
Finance is clearly a hugely profitable area of any capitalist economy and with this comes the opportunity to drive change. Regulatory bodies have become much stricter in the sector in ensuring that business of all sizes are paving the way when it comes to environmental change. Across the sector we're seeing a huge drive to ensuring that the planet comes a close second to profit when business strategy and vision is discussed.
In a recent Forbes article we see an example of this: Wells Fargo’s Institute for Sustainable Finance aims to facilitate the shift towards an equitable, low-carbon economy. It conducts research and provides insights to address social and environmental issues, promote innovation in clean technology and financial solutions, and strives to deploy $500 billion in sustainable financing by 2030.
It's just one of many examples of global businesses focusing firmly on the need to invest sustainability, slow climate change and be the leaders in ensuring that planet earth and its inhabitants will thrive, not just survive.
What that means for the individual is huge, it's now a philosophy to think green and plan forward. Much of this is communicated through marketing channels, offering the opportunity to talk about real change and factually discuss how the industry is helping the planet for the most part, rather than harming it.
Big budgets, great exposure
With the above comes the need to spend big, whether this be on digital, traditional or events marketing, many of my clients have budgets that far surpass anything seen in other sectors outside of FMCG.
This presents the opportunity for many candidates in the sector to fail fast, be exposed to huge projects and budgets and test new ways to connect with their customers. Large budgets are great for learning and development and give you the exposure to many different marketing channels and sponsorships. Taking this learning into other sectors if you leave FS can be hugely beneficial too, but why leave if you spend a career being able to make noise on a national and international level with your marketing efforts.
Exposure to a variety of people, driving opportunity
Financial services has a bit of a stigma attached to it that it's a world run by white middle aged men in blue suits, for white middle aged men in blue suits. This might be true with some companies, I won't profess to have not seen such businesses in my recruiting either, but largely speaking that is changing. Driven from the top down we're seeing better equality and more opportunity for all within the sector.
According to FINSIA's website WGEA data shows that the financial services sector comprises 54.3% women and 45.7% men. Unfortunately though only 10% of top positions are taken by females, showing huge amounts of work is still to be done but the mere fact over half of all FS businesses employ more women than men on average pays dividend to the above statement. We're living in a changing world for the better and the old stigmas are leaving the industry and exposing the dinosaurs that still exist.
The opportunity to mix with a huge variety of people, whether internally or externally is a great drawcard to the space. Dealing with many high net worth individuals and businesses gives you the opportunity to learn from others, grow out a network and give your career the best chance of developing into its true worth.
To conclude
Overall the financial services sector is a highly attractive one in which to carve out a career. It might not be as glamorous as FMCG or as purposeful as energy and renewables, but what it lacks for in areas of interest it makes up for in real opportunity. I've met so many amazing, purposeful, and successful people in my career and am constantly wowed by the achievements and changes that people in the financial services industry make and constantly strive towards.
It's an industry that is at the forefront of global issues, has a platform to create positive change for the individual and the planet and from the CEO's I speak to all the way down to the Coordinators, everyone is onboard to ensuring profits go hand in hand with continuous improvements for individual wealth and environmental issues.
Choosing financial services as a sector has so many benefits and whatever drives you, whether it be interest in the space, finances, opportunity, exposure or more then you're making a solid choice.
If you're interested in a career in the financial services space then feel free to reach out to me, Adam Geary, for a confidential conversation on adam.geary@investedtalent.com.au
