Financial services are the industries that help individuals and businesses with making, investing and managing money. This includes companies like banks, credit unions, credit-card companies and investment firms. This sector is essential for a healthy economy because it allows people who have money to lend to those who need it. It also helps people buy things they wouldn’t be able to afford without it, by encouraging them to save and invest their money.
The sectors that make up the financial services industry vary depending on country, but generally include central banks; depository organizations like savings and loans associations or commercial banks; credit-card companies; insurance and pension funds; and other entities engaged in financial intermediation. This last group can include hire purchase, leasing and housing finance companies as well as investment firms and credit-rating agencies.
Some big names in the financial services industry include Berkshire Hathaway, American Express and Wells Fargo. All of them offer some form of financial services, but their focus is on different areas. Berkshire focuses on banking, while American Express is all about credit cards and other travel services, including co-branded cards with hotels and prepaid traveler’s checks. Wells Fargo is the largest bank in the US and offers many financial services, including private banking for high-net worth individuals.
If you’re interested in working in the financial services industry, it’s important to have good connections and a solid network. You’ll also need a solid education, though a degree isn’t always necessary. Often, entry-level positions in this industry will require you to learn on the job.