The financial services industry encompasses all professional firms that touch money in some way. It covers everything from banks, brokers and mortgage lenders to insurance companies and investment firms. It also includes debt resolution services and global payment providers like Visa and MasterCard, as well as financial market utilities that enable stock, derivative and commodity exchanges.
A strong financial services sector is important for a nation’s economy. When the sector is healthy, consumers earn more and are able to buy more, which helps spur economic growth. Conversely, a weak financial services sector can drag down an economy and harm the lives of citizens.
Financial services aren’t just for big Wall Street investors and hedge funds; they’re critical to small community banks, large corporations, nonprofits and even governments. That’s because they help people manage their money, invest in opportunities and make the most of their resources. They can also help the government raise short and long-term funds to pay for things like infrastructure projects and paying off existing loans.
If you want to work in the field, you’ll need an educational background in business, accounting or finance and a good understanding of math. Experience with technology is also helpful, especially in areas like database analytics or coding. In general, jobs in the field are competitive but not as cutthroat as some other industries. People who thrive in this industry are smart, quick-thinking, and team players. They’re also accustomed to working hard and meeting high-profile people on a regular basis.