The financial services industry is a vital part of the economy. Companies in this sector provide individuals, businesses and governments with the capital they need to make purchases and invest. This includes banking, credit card companies, insurance agencies and other financial institutions.
This is an expansive sector that encompasses many different career paths. You can find jobs in financial services in government, nonprofits and the private sector. You can also work in areas like investment banking, securities trading and mortgage lending. However, it’s important to know your goals before choosing a career path in this field. “Not all financial service positions pave the way to growing your skills or your salary,” says Duitch. “If you have your sights set on moving up the ladder to a leadership position, working as a teller may not be a great idea.”
Financial services companies offer consumers and businesses a variety of financial goods and services. These include global payment processing providers, such as Visa and Mastercard; debt resolution firms; and credit bureaus. They also include companies that offer investment products such as mutual funds and equity derivatives, as well as insurance companies that offer policies for automobiles, houses and life.
The health of a country’s financial services industry is crucial to the well-being of its citizens. A strong industry usually means that consumers have more spending power, which in turn boosts the economy of a nation. A weak industry, on the other hand, can bring about a recession and depression, causing people to lose their jobs and spend less money. The industry also provides a safety net for families through insurance policies and helps budding entrepreneurs start microenterprises.