Providing a variety of services and goods that help people manage their money, the financial services industry encompasses a wide range of businesses. It includes everything from banks to insurance companies to Wall Street.
The financial services sector plays an important role in a country’s economy. When it’s working smoothly, it can help to promote economic growth and boost a country’s standard of living. However, when it’s not functioning properly, it can drag the economy down and cause a recession.
In the United States, banks typically offer checking and savings accounts, mortgages and credit cards. But they also provide brokerage and investment services, as well as home equity loans.
Brokers and other financial services professionals work for various types of businesses, including insurance companies and securities trading firms. They are also responsible for overseeing their companies and making sure they meet the highest standards of ethics, transparency and integrity.
These businesses and organizations are regulated by independent agencies to ensure that their clients are treated fairly. These include the Financial Industry Regulatory Authority (FINRA) and the Office of the Comptroller of the Currency.
What are the most common job titles in the financial services industry?
Banking and finance jobs require a strong understanding of math, as well as data analysis. But many jobs also involve interpersonal skills, such as communicating effectively with other employees.
There are many opportunities for individuals looking to enter the financial services industry. But before you make the decision, take a moment to consider what type of career would be best for you.