Financial services are a key part of any economy. They allow individuals with savings to find those with investment ideas, and they facilitate credit for those who need it to make major purchases, start businesses or expand existing ones. The strength of the sector and the health of a country’s economy are linked: when times are good, consumers spend more, which boosts the economy.

The industry includes banks, credit unions and other deposit-taking institutions, asset management companies, brokerage firms, investment funds, debt resolution services, global payment systems (such as Visa and Mastercard), and credit-card issuers. It also encompasses insurance companies, including life, property and car insurers; debtor credit-reporting agencies; money transfer services; and accounting and tax filing services.

The vast majority of jobs in the sector involve dealing with money and transferring it from savers to borrowers. This intermediation involves a significant amount of trust. Investors must trust that the institutions they put their money into will not embezzle it, and borrowers must trust that the companies they borrow from won’t fail or default on their payments. This is why the financial services industry often involves extensive regulation. The profession is also demanding and stressful: many of these workers work long hours and face substantial pressure to perform well. For these reasons, it’s important for those thinking of entering the field to research the subsectors and segments that most interest them and find a mentor to help them navigate their career.