Financial services are the industries that support individuals and businesses by lending money, investing money, providing insurance and helping people manage their finances. This group is comprised of banks, credit unions, brokerage firms and investment funds. They allow you to save and invest for the future, take out loans for home purchases, cars and education and provide insurance to protect against accidents or other unfortunate events that may occur in life.
The banking industry is a key component of financial services, but it also offers many other financial goods and services, including deposit accounts, credit cards, cash management and payments. Its investment services include securities trading, underwriting, and other advisory services. The industry is also characterized by its ability to help companies raise capital through the stock market.
A healthy financial services sector provides a variety of benefits to society. It helps individuals get the money they need to buy homes and cars, pay for education and travel. It allows people to save for retirement and other goals, safeguards assets with insurance, and provides jobs for millions of workers. It also contributes to economic growth by boosting productivity in all sectors of the economy.
Working in the finance industry can be an exciting, challenging and rewarding career. In addition to its high levels of salary, it is a sector that often offers job security and opportunities for promotion. This is particularly true for those who have strong networks and a track record of success in the field. Moreover, the skills developed in this field can be transferred to other sectors, making it easier for workers to change their careers.