Financial services are the economic services industry, which includes a broad range of businesses that manage money, such as credit unions, banks, credit-card companies, insurance agencies, consumer-finance firms, stock brokerages and investment funds. These businesses provide financing for individuals and companies to meet their spending needs, as well as invest funds to generate future income. They also help people manage their debt and credit. Financial services are a vital part of the economy and support other industries by providing essential goods and services.
When you hear the term “financial services,” you may think of big Wall Street players like bankers and hedge fund managers. However, this sector is much bigger than that and encompasses everything from credit unions to community banks to even nonprofits that offer counseling services. In fact, according to Ryan Duitch, president and CEO of Arro, the broad category of financial services covers everything that touches money—including not just banking and investing, but also insurance, accounting and credit cards.
With such a wide breadth of options and potential career paths, it’s important to understand how each role fits into the larger picture of the industry. While many jobs in financial services are lucrative, not all pave the way to a successful, long-term career. Here’s how to choose the right position for your goals and skills.