The financial services sector remains one of the UK’s most lucrative economic engines, and one that accounts for the overwhelming majority of the nation’s total GDP.
It can be hard to quantify the precise size of the global financial services sector, however, not least because the World Bank only currently collects data from 189 countries and estimates the rest.
However, the most recent market estimates suggest that the financial services space is expected to reach a staggering $26.5 trillion by the year 2022, growing at an average annual rate of 6% during this time.
This highlights the appeal of the financial services industry amongst job-seekers, but what are the key reasons that should compel you to seek out a career in this space? Let’s find out!
1) Travel Across the Globe
While the UK, and London in particular, may be viewed as the financial capital of the world, it’s not alone as a hotbed of financial services and crucial foreign investment.
Asia is also one of the world’s chief financial centres, from significant tech capitals such as Thailand to critical investment hubs like Hong Kong and Japan. The latter’s capital Tokyo is also home to the region’s main stocks and currency exchanges, making it a key driver of investment and capital inflows.
In recent times, developing economies such as China and India have also taken steps into this market, following a number of important market-oriented reforms.
This has created even more opportunities to travel as part of your burgeoning career in finance, despite the fact that these countries have historically relied heavily on the trading of goods and commodities.
2) Access a Great Salary
At its core, a career in finance is almost always well-paid, particularly when you work in one of the world’s aforementioned fiscal hubs such as London or Thailand.
In London and the UK, for example, even newly-qualified graduates can earn an average of £25,000 in fields such as accountancy and professional financial services, while larger employers will pay well in excess of this sum.
Of course, employees can earn even more in the lucrative field of banking, with salaries increasing in line with your credentials, experience and years of service.
In this field, graduates can earn up to £40,000 per annum, while senior and central management employees can rake in more than £60,000 and £80,000 respectively.
3) Improve Your Knowledge of Finance and Lay the Foundations for a Career in Trading
On a similar note, forex trading is one of the most lucrative financial markets in the world. It’s also more accessible than ever before, and continues to offer flexibility and independence to those who want to further their fiscal careers.
In this respect, even a standard career in finance can help to enhance your knowledge of concepts such as macroeconomics, currency management and market trading, which can then be leveraged to trade forex directly and leverage volatility to your advantage.
Online brokerage sites can also help with this process, as they offer access to comprehensive suites of analytical tools and economic calendars that advise of upcoming data releases from across the globe.
This type of information can help to inform real-time trades, enabling you to build on your hard-earned knowledge and optimise your profitability in any given period.