Financial services are the industries that deal with money, specifically monetary assets and liabilities. The sector includes everything from banks, credit unions, and mortgage companies to investment firms and insurance agencies. It also encompasses the critical utilities that support these functions, like payment systems and networks. Financial services are a driving force in the economy and touch nearly every industry in one way or another.
Careers within this sector are typically high-profile and offer job security for professionals that stay in the game. There are also opportunities for on-the-job training, which can make it easier to transition to new roles in the same field or different sectors. Many businesses that provide financial services are heavily invested in their employees, and encourage them to continue their education and growth as professionals.
There are several distinct areas of finance, with the most well-known being banking and insurance. Banks provide consumers with a place to store their checking and savings accounts and lend money on behalf of their customers. They are responsible for safeguarding a portion of their assets as reserves, and must meet Federal Deposit Insurance Corporation requirements for the reserve percentage they hold.
Insurance services include various types of coverage to protect individuals and businesses against unforeseen events. These include life and health insurance, as well as property and liability coverage. Other parts of financial services are accounting, including tax filing and accounting for small businesses, currency exchange, wire transfer services, global payment networks like Visa and MasterCard, and debt resolution services.