Financial services are the activities that businesses, governments and individuals engage in as they pursue economic goals. This includes the inflow and outflow of money, such as buying and selling products (or assets), issuing loans, borrowing money and collecting debt repayments. It also includes levying taxes that further specific monetary objectives.
One of the most important functions of financial services is enabling consumers to access credit. This can be through credit cards, mortgages or personal loans. The financial services industry can also help people invest their savings by helping them buy and sell stocks, bonds and mutual funds.
The financial services industry includes a wide variety of jobs. It can range from insurance agents who sell life, health and property insurance to brokers who search for the best rates on investment policies. It can also include investment banks that underwrite and advise on mergers or takeovers. And it can involve companies that specialize in structured finance, which involves developing intricate (typically derivative) products for high net worth individuals and institutions with more complicated financial needs.
The industry is changing rapidly as new tools are introduced. As a result, many employees in financial services have to be able to adapt quickly. Many employers offer ongoing education as well as on-the-job training to keep their professionals up to speed. Additionally, companies in the financial services industry are known for promoting from within based on aptitude over tenure. This can make a job in financial services a great career choice for young professionals.