Almost every individual and business in the world uses financial services. And the industry is also a crucial component of the economy. The healthier it is, the better off everyone else is.
Financial services are the economic services offered by the finance industry, a massive category that includes everything from credit-card companies to banks and beyond. The term is so broad, however, that it’s impossible to know what exactly someone working in the field does for a living.
A career in this sector can involve anything from managing the risk of death or disease to lending money and offering insurance. This field also includes investment services, which are used to grow wealth through a variety of products (e.g., stocks and mutual funds). Banking is another subsector of the industry that helps people manage money, including checking accounts, providing loans, and even opening businesses. It can also provide cashier’s checks and other services for companies, as well as underwrite debt and equity to help private and public entities raise capital.
Some jobs in this field can be highly stressful and often require long hours. The pay, while not huge, is competitive. And job security is a benefit of this sector, especially if you work at a major company. It’s not uncommon for those who work in this field to have a strong network that opens up opportunities. However, Duitch warns that not all roles in the financial services industry will pave a path to your desired career destination.