When we think of financial services, we often think of banks, brokers and mortgage lenders. These are all important parts of the financial services sector, but there is much more to it than that. In fact, the term “financial services” really encompasses all of the work that goes into money-related activities that impact consumers, large and small businesses, and even governments.
Financial services put money to productive use. Instead of stashing cash under their mattresses, people can give it to intermediaries who invest it in the next great technology or allow them to buy a house. This intermediation requires a lot of trust, which is why many countries rely on regulation to keep borrowers and lenders safe and prevent crises.
The health of a country’s economy depends, in part, on the strength of its financial services sector. It provides the money that businesses need to grow, and it allows individuals to save for their futures or safeguard their property against loss or damage through insurance coverage.
Because the industry is so important, it’s no surprise that it has a wide range of career paths and opportunities for those interested in it. For example, an accountant can help a business with tax filings, while a broker can provide guidance on buying or selling stocks. Those who want to enter the field of financial services can find jobs at companies in nearly every industry, though some positions require specific degrees. Depending on what career path you choose, you may need to develop strong interpersonal skills in order to succeed.