Generally, financial services include all those services that touch money. These include insurance, finance, banking, and the sale of goods. These services help you earn and save money, and they also protect you from injury, liability, and death.
There are many different types of financial services, and each one requires a different set of skills. These may range from basic services such as issuing a check to complex ones such as investing and structuring.
Investment banks, which are separate from banks, offer mergers and acquisitions, restructuring, and debt financing. They also underwrite loans for businesses. They sell bonds and other securities to raise funds for companies.
Other types of financial services include property and casualty insurance, life insurance, and retirement insurance. These products reduce risks and protect you from loss of your home, liability, and lawsuits.
Financial market utilities, such as stock exchanges and commodity exchanges, are part of the infrastructure for financial services. These include real-time gross settlement systems, derivative markets, and clearing houses.
In addition to these financial institutions, there are nonprofits that provide services to the public. Some of these nonprofits provide counseling and money management advice. These community-based organizations are essential to the economy.
Insurance is a critical subsector of the financial services industry. Insurers cover various types of risks, including business, natural, and household calamities. They protect people from losses, and they also ensure that policy holders receive payment.
The financial services industry has a wide variety of career options, and many require a combination of hard and soft skills. Some of these positions are regulated and subject to rules and regulations. However, many of these jobs do not require a degree.