Financial services are the activities undertaken by businesses, governments and individuals as they seek to further specific economic goals. These include making investments, selling goods and services, borrowing money, and levying taxes.
In this category you’ll find banks and credit unions that take deposits, provide loans, and offer investment products like mutual funds. Other financial service providers include brokerage firms that help customers shop for rates and underwriters who create insurance policies. The category also includes debt resolution services, global payment networks and credit card machines, and stock, commodity and derivatives exchanges.
The pay in this sector can be great, with top performers able to earn in the high 5 figures. But the industry is very competitive, so you’ll need to be quick-thinking and collaborative if you want to climb the career ladder.
Financial services are a crucial part of the economy. When this sector thrives, consumer confidence and purchasing power rise. But when the sector falters, it can drag down an entire country’s economy. That’s why regulatory bodies are so important — they oversee different financial institutions, uphold transparency and ensure clients are treated fairly.