When people think of Financial services, they often think of banks, mortgage lenders and brokers. However, that’s only part of the story. The financial services industry is actually much bigger than that, encompassing everything from Wall Street to small community banks and even non-profits. It also includes all the industries that provide individuals, companies and the government with the money they need to purchase goods, pay for services, invest in other businesses and more.
This sector is so large that it can be difficult to know where to start when deciding on a career in this area. Fortunately, many roles in this field do not require a degree. However, a college degree may be helpful for advancement or for becoming a management role in some areas of the financial services industry.
A financial service is anything that has to do with the money people have or use, whether it be saving for a future goal like a house, car or education or taking on debt to fulfill an immediate need. This industry provides individuals with loans and credit, helps them save for retirement or to make a big purchase and even protects their property and health through insurance policies.
Banks are one of the most important players in this sector and they help individuals with their finances by acting as middlemen between depositors and borrowers. They also provide other services like cashing checks, issuing credit cards and managing payment systems to enable smooth transactions between entities. Investment banks are a separate category from traditional banks and focus on helping business raise capital by selling shares or debt. Other important players in the financial services industry include wealth management firms, brokerages, mutual funds and reinsurance companies.