As the financial services industry grows, more and more individuals are looking to enter this career path. The pay isn’t vast, but it’s competitive, and it’s possible to quickly move up the ranks if you work hard. Plus, it’s a great way to put your education to good use.
Financial services encompasses a wide variety of businesses, including banks, credit unions, building societies, savings and loans associations and credit-card companies. The sector also includes insurance and reinsurance (e.g., life and non-life insurance, reinsurance, insurance brokerage and agency, actuarial services, risk assessment and claim settlement services); deposit-taking; payment and money transmission services; financial leasing; securities trading; asset management, including pension fund management; and custodial, depository and trust services. Some financial services businesses are conglomerates that provide a mix of different types of financial services, such as investment firms that are active in both equity and debt markets.
A healthy financial services industry helps consumers make wise decisions with their money. It allows people to get the funds they need for mortgages, school loans, cars, and other needs. It enables businesses to grow and expand, and it protects property and lives through insurance. And it puts money to productive use, enabling consumers to invest in new technologies and homes, and allowing business owners to borrow capital for growth.
Without access to financial services, nearly 2 billion people have no place to save or invest their money. Without these essentials, they can’t buy the things they need or provide for their families.