Financial services encompass a vast number of professional firms that help individuals and businesses with money management. These include banks, credit unions, mortgage brokers, stockbrokers and investment funds. The sector also includes companies that provide debt resolution services and global payment providers such as Visa and MasterCard.
Often, the lines between different sectors of financial services become blurred. For example, an insurance agent differs from a broker in that the former represents the insurance carrier and shops around for the best rates while the latter is on the client’s side. Additionally, investment services can overlap with banking as both offer investment opportunities.
A healthy financial services sector is crucial to the economy and provides a wide array of benefits to consumers and businesses alike. People can obtain loans for homes, education and vehicles and safeguard their assets and health through insurance policies. Small and large businesses are able to expand and hire more workers thanks to financial services. The sector also contributes to the stability of a nation’s currency.
Because of this, many people are interested in a career within the industry. However, it’s important to know that not every job within financial services will help you reach your career goals. In fact, there are many entry-level roles that are not suited for long-term growth and advancement. As such, it’s imperative to do your research and find a position that aligns with your skill set and career ambitions.