Financial services are economic services that encompass a broad range of professional firms who manage money, including banks, credit unions, insurance companies, investment management firms, and other businesses that provide wealth or capital management. They include deposit-taking, lending, and all forms of financial intermediation (the process of facilitating the exchange of funds between savers and borrowers).
A healthy financial sector helps people get mortgage loans to buy houses, car loans to purchase cars, and student loans to pay for their education. It allows individuals to save for retirement or other goals, and protects their assets by providing life and property insurance. It also helps countless small businesses grow by providing them with capital through investments or credit.
The global finance industry is one of the most important in the world, supporting economic growth and development. It is a complex and interconnected system that consists of a diverse group of financial firms, ranging from large multinational banks to small community banks and credit unions, as well as capital markets, which facilitate stock and derivative trades, and other intermediaries that provide critical support to the finance industry.
A career in the financial sector is challenging but rewarding. It is not for everyone, though. Some jobs do not offer promotion potential, and others require a high level of interpersonal skills. The wide variety of jobs in this sector can make it hard to decide what role is right for you. Fortunately, many roles in this sector help break the taboo on talking about money.