Depending on their particular line of business, core staff at most financial services companies are accountants, finance analysts, business and investment bankers, tax and corporate lawyers, and mortgage and real estate professionals. The non-core, or support, staff would be a team of experts in various fields: recruitment and hiring, information technology, marketing and advertising experts, market research, and others.
The financial services industry has been known to attract the best and the most ambitious minds among the lot of young professionals. Some of the most obvious reasons are outlined below:
Financial Rewards and Benefits
Overall, financial services companies, especially Wall Street firms, have compensation structures that are far more generous than other sectors'. Variability in total compensation is vast from firm to firm because in addition to base pays and benefits, bonuses and other premiums are usually tied to company profits.
Opportunities for Advancement
Unlike in other industries, high performance in financial services firm can propel an ambitious young professional past more senior colleagues. In many cases, the least important number in the career of financial services professional is his or her service years to a company. Premiums and advancements are earned by top performers, not older firm members.
Flexibility and Opportunity for Professional Growth
The financial services industry is fast paced and less structured than other industries. Quick, critical thinking and constant quality production is the lifeblood of the industry. Because it's basically a results-driven field with relatively relaxed bureaucracies, it demands focus and independence coupled with the dedication to personal and team success. Some find this environment exhausting; others find the cut-throat competition trying. But for those who find this exhilarating and manage to shine, the rewards are definitely generous.
Launching Pad or Destination?
A career in financial services can be a launch pad for bigger roles in other fields. Although not necessarily more financially rewarding, many financial services professionals have found greater fulfillment after Wall Street doing something else. Think Martha Stewart for example. She's an American household name best known for being a domestic diva of sorts. She started out as a financial advisor. Her training and experience in such a fast-paced industry has prepared her for the rigors of the media business.
On the other hand, ex-Hollywood actor Wayne Rogers, who enjoyed a brief fame as the star of the '70s hit TV series M*A*S*H has found great success—and great wealth—as a money manager. He has built a reputation for being an ace stock picker and manages investments for many of his Hollywood friends and former colleagues.
What's more attractive about the financial services industry is that even those who have spent their entire careers as securities traders and stock brokers can find second careers as financial advisors, setting up their own business advisory or personal finance planning firms. This is an exceptionally wonderful retirement route for most in the industry.
