Financial services are a vital part of the economy, supporting businesses and individuals alike. They enable people to get the money they need for things like mortgages, cars and education, save for retirement or other goals, invest their money to grow it, and protect themselves from financial disaster through insurance. The financial services industry is also a significant driver of other industries’ standards, practices and operations.
The broadest category of financial services includes banking, investing and insurance. Banks offer a variety of products and services including checking and savings accounts, loans and credit cards. Investment firms and stockbrokers provide consumers with opportunities to invest their money, while insurance companies protect them from financial disasters.
In addition, the financial services industry is made up of a number of independent regulatory agencies that oversee different institutions and ensure their clients are treated fairly. These include the Financial Industry Regulatory Authority (FINRA) and the Office of the Comptroller of the Currency.
A career in financial services can be highly rewarding, but it’s important to consider the pros and cons before making a decision. One of the biggest pros is that the field offers a wide variety of job options, from entry-level positions to executive level roles. Moreover, professionals in the sector are often highly satisfied with their jobs, despite the challenging economic climate and a demanding work culture. Another pro is that you can find a job anywhere in the world because financial services are global businesses.