Financial services is a broad term for the activities that enable businesses, individuals and communities to manage their finances. They include banking, investment and insurance.
A healthy financial services sector allows people to make the most of their money, save for down payments and retirement, and safeguard their property and health through insurance. It also provides the foundation for a strong economy and millions of good-paying jobs.
In addition to the many products and services, the financial services sector also includes institutions that serve as critical components of a country’s financial system. They include banks, securities firms, credit unions and mortgage companies.
The financial services industry is vital to a nation’s economy because it serves as the primary provider of capital and liquidity, and it helps companies grow. It also ensures that people can access the resources they need, including loans for home improvements, education and vehicles.
Banks are organizations that collect deposits and disburse them, in the form of loans or savings accounts. They also provide notary services, and can help with business transactions like the purchase or sale of real estate.
These institutions are regulated by the government and independent bodies, such as the Federal Deposit Insurance Corporation (FDIC). They can be either public or private.
They are a great place to learn about the world of finance. Most firms will provide ongoing training, and they are likely to be competitive when it comes to promoting their employees.
As a professional in the finance industry, you’ll be part of a diverse team that works together to build relationships with clients and deliver the best possible service. You’ll need to be able to think quickly on your feet and communicate clearly with customers.
There are many different types of jobs in this field, and there is a career path for everyone. Some jobs are more focused on the buying and selling of assets, while others focus on helping individuals, organizations or entire communities.
Some jobs in this sector require a degree, while others are less formal and rely more on interpersonal skills. The key is to find a role that suits your interests and strengths, and then start working toward it.
Pay isn’t huge, but it is competitive and based on merit, rather than tenure. You’ll likely see a rise in salary after several years, and you’re likely to be promoted based on your talent and ability.
With new technologies and tools introduced daily, this field requires professionals who are constantly learning and growing their skillsets. This means that you’ll always be in demand and able to take on the next challenge.
A career in the finance sector is a fulfilling one, with most professionals reporting high job satisfaction. In fact, these professionals rated their satisfaction at 9.6 to 10 on a scale of 1 to 10.
The industry has made tremendous progress over the past decade and is well-positioned for future growth. However, it is facing a number of challenges. In particular, with more people struggling to understand their financial products and debt, the sector needs to do more to support consumers’ financial wellbeing.