The financial services industry provides companies, individuals, and governments with a variety of products and services. These include lending, investing, credit card transactions, and insurance. The sector is vital to the economy, as it helps individuals and businesses manage their finances. It also helps boost economic growth by providing funds to the primary, secondary, and tertiary sectors of the economy. The companies that offer these services enable their clients to grow their savings by reinvesting them or using them for other purposes. Financial institutions such as credit unions, banks, building societies, and credit cooperatives are examples of financial services companies. Other types of financial services include factoring, mutual funds, hire purchase finance, and leasing companies.
Many famous brands that you’ve likely heard of are part of the financial services industry. For example, Apple offers its customers a line of credit cards and banking products. Warren Buffett’s Berkshire Hathaway owns several insurance companies including GEICO, National Indemnity, and General Re, among others. Other prominent companies in the industry include Charles Schwab, which was one of the first discount brokerage firms to cater to individual investors.
As a career choice, a position in financial services can be highly rewarding for those with the right skills and ambition. It’s important to have control over your personal finances, so that you can save for emergencies, invest in your future, and live comfortably. At Phyton Talent Advisors, we encourage our candidates to consider careers in the financial services industry. We’ve found that those who choose this path are often well-rewarded for their efforts and enjoy a healthy work/life balance.