The financial services industry is a broad group of businesses that offer products and services to help people with money management. These include banks, credit unions, insurance companies, investment firms and credit card issuers. Some of the most important functions of these businesses are lending money, investing funds and facilitating payment transactions.
There are a variety of career paths you can take in the financial services industry. Some jobs require a degree, while others are more entry-level positions that focus on interpersonal skills. Many of the major companies in this sector offer on-the-job training and promote employees based on merit rather than seniority. As a result, it’s easier to advance quickly in this field than in other industries.
Banking services include depositing money into checking and savings accounts, offering loans to consumers and business owners, and providing other forms of payment like prepaid cards. Insurance services help consumers manage risks by purchasing policies that protect against unforeseen events like car accidents and natural disasters. Investment services are offered by brokerage firms and allow individuals to invest in stocks, bonds and mutual funds. This includes advisory services to guide investors in making wise investment decisions.
Another service provided by financial institutions is wealth management, which is a process of helping high-net-worth individuals and families with their finances and managing their assets. This includes advisory services, arranging mergers and acquisitions, and providing investment portfolio management. Finally, payment services allow consumers to pay for goods and services by using electronic funds transfers or credit or debit cards.