The financial services industry is huge, encompassing everything from credit card companies to investment banks to credit unions. It can be difficult to decide which role to pursue within this field, but a degree isn’t necessarily required for most positions. In fact, many employers prefer candidates who have a blend of hard and soft skills, like communication and teamwork.
Financial services companies act as intermediaries between savers and borrowers. They collect funds from depositors and loan the money to borrowers, helping them grow their savings while allowing them to access capital in times of need. These companies also provide other products and services to consumers, such as hire purchase finance and leasing.
Another type of financial services is insurance. This protects consumers from unforeseen events, such as death or loss of property. Some common forms of insurance include life, homeowners’, and auto insurance. The tertiary sector, which includes financial services, is one of the most important components of a country’s economy. This sector accounts for a large percentage of the overall growth and development of any country, primarily because it provides essential products and services to people while encouraging consumption and innovation.
Because the financial services industry is so broad, it can be incredibly competitive. Some positions, such as investment bankers or hedge fund managers, are extremely demanding and can lead to long hours. This can put a strain on work-life balance, and some jobs in this industry have high turnover rates.