Financial services provide the goods and services that allow individuals, companies, and governments to make, invest, and manage their money. This is a vital part of the economy and without them, it would be very difficult to meet all of our basic needs.
Banks take deposits from customers and lend them to others to purchase homes, cars, and other things that they need to live. They then charge a fee for this service called interest on the loans.
Insurance companies take in premiums from people who want to protect themselves against a wide variety of events such as automobile accidents and fires. They also sell policies to businesses to cover risks.
The financial services industry is a large one and many companies are multi-faceted and offer a range of services to both individuals and business. These include investment banks, life insurance companies, insurance underwriting firms, asset management companies, and retirement planning businesses.
Regulatory agencies oversee the financial services sector to uphold transparency and ensure that customers are treated fairly. These agencies include the FDIC, OCC, and SEC.
Jobs in financial services are varied and often involve a lot of interpersonal skills. You will often work closely with clients and will need to build strong relationships.
You will also be required to have excellent communication and negotiation skills. The work is often highly competitive and you will need to be able to perform under pressure.
The career path in financial services can be very lucrative if you are willing to do the hard yards. Whether you want to work in an established company or a start-up, there are many opportunities to grow and develop your skills.