Financial services are a huge industry that encompasses everything from loans and credit to money management and payments. It can be a confusing field to work in, but it is also an important one that supports the world economy.
The financial services industry includes banks (depository institutions), providers of investment products, insurance companies, other credit and financing organizations, as well as the critical financial market utilities. The industry is complex, with many moving parts and a great deal of competition.
Essentially, financial services are the intermediaries that connect savers and borrowers. They collect funds from individuals and businesses in the form of deposits and then lend those funds out to borrowers, who use them for various purposes like buying a home or starting a business. Financial services firms also offer advice and guidance to help consumers and borrowers make good financial decisions.
Some common types of financial services include credit card companies, banks, insurance agencies, investment management companies, and more. Some of these firms specialize in a particular area, while others offer a broad range of services. A growing number of these firms are becoming financial conglomerates, offering a wide variety of services under a single brand.
Working in the financial services industry can be very rewarding, especially if you’re an ambitious, hard-working person. These companies are known for promoting from within and rewarding talent over tenure, so you’ll have plenty of opportunities to advance quickly. However, this industry is highly regulated, and you’ll need to be prepared for long hours.