The financial services sector includes a wide range of businesses that manage money. These include banks, credit unions, credit-card companies, insurance companies, accountancy firms, brokerage firms and investment funds.
The industry is often described as a global conglomerate, but there are many sub-sector categories within financial services. Some of the more common sectors include:
Banking – Provides financial goods (such as checking accounts) and serves as a place to deposit cash, earn interest on your savings, and transfer money between different accounts. It also sells prepaid cards, offers a variety of mortgages and loans, and helps you make and receive payments electronically.
Investment banking – Provides finance and business consulting to help businesses raise capital. This includes helping companies raise equity and debt, acting as market makers on trading exchanges, providing corporate restructuring advice, and selling complex derivatives to high net worth clients.
Private equity – Provides funding to start-ups and small businesses in exchange for ownership stakes or profit participation. This sector is growing rapidly because of the rise of technology firms.
Insurance – Offers protection against death, injury, and property damage (such as life insurance or health insurance). This is a critical part of the financial services industry, as it provides security for people, their families, and their homes.
The financial services sector is a very exciting and lucrative industry, offering career opportunities for professionals from around the world. While many jobs in this field are high-paying, they can be demanding and involve a lot of hard work. It’s a good idea to seek out a job that is flexible, so you can enjoy a healthy balance between work and personal life.