Financial services is an industry that helps people make, invest and manage their money. This can include trading stocks, buying insurance and putting money away for the future.
Whether you’re looking to become a financial analyst or financial advisor, this industry offers many diverse career options that are rewarding and challenging. Often, a degree is not needed for most jobs in this sector; however, you may need a mix of hard and soft skills to succeed.
Banks and credit unions are institutions where people can deposit their money and get loans. These organizations also offer check cashing and bill payment services. Typically, banks are required by the Federal Deposit Insurance Corporation to keep 10% of their deposits on hand in case customers need to withdraw it.
Personal lines insurance – This is an area of the financial services industry that involves purchasing and selling life, health and property insurance. It is usually offered through brokers and agents.
Commercial banking – This is a more specialized form of banking that serves the needs of small businesses and merchants. These banks can offer business lending, real estate loans and equipment financing.
Private banking – These banks offer a service for high net worth individuals. They require a person or family to have a certain minimum amount of wealth to qualify for their service.
Regulatory bodies – Independent agencies are designated to oversee different financial institutions’ operations and ensure their clients are treated fairly. These agencies are essential for the industry’s transparency and integrity.