Financial services are the business processes that create economic goods and provide for their transfer by individuals, businesses and institutions. They include everything from payment processing to lending money or assets, such as loans, credit cards and mortgages. They also include the services that support the financial sector, such as factoring, hire purchase finance and credit ratings.
The financial sector is one of the backbones of the economy, advancing loans to businesses that need them for expansion or new projects and giving mortgages to homeowners to help them buy a home. It’s also responsible for protecting people and their possessions with insurance policies. The health of the sector is vital to a country’s economy.
Despite the recent turmoil in the industry, it’s still possible to find a career in financial services. Many companies are consolidating and laying off employees, but this can also mean more opportunities for you as an individual. For example, you may be able to get a job at a large company after working as an intern or assistant at a smaller firm.
A good place to start is finding a mentor in the field. They can provide valuable insights into the industry and help you to make connections that lead to jobs. You should also be aware of the pay in the industry and what kind of skills you need to succeed. You don’t necessarily need a degree to get into most positions in the industry, but you’ll need a solid work ethic and an ability to adapt as the market changes.