The financial services sector is the backbone of a country’s economy, enabling individuals and businesses to borrow cash and spend it securely. It also allows people to save for big purchases like homes or cars and safeguards their property and health through insurance policies. When the industry is strong, it drives economic growth and prosperity; when it’s weak, it can lead to recessions and unemployment.
There are a wide variety of jobs available within the financial services sector, from credit-card companies to investment banks. It can be hard to decide what position is right for you, but a good starting point is to consider your own personal and professional goals. Duitch says: “The financial services industry is known for being a highly networked one; it’s important to have connections that can vouch for you and pave the way to getting a job.”
Providers of financial services help channel money from savers to borrowers, often allowing those savers to reduce risk by pooling their money with other borrowers (like banks do). They also offer investment services like managing portfolios of stocks, bonds, and mutual funds on behalf of clients and helping them reach their financial goals.
Other roles in the sector include credit-rating agencies, debt collection services, and global payment systems like wire transfers. Then there are advisory services for both businesses and individuals, which can range from wealth management to retirement planning. Finally, there are brokerages and market makers, which facilitate stock and derivative trades on behalf of clients.