Financial services are the products and utilities that support the purchase of financial goods. These include depository institutions like banks, credit unions, and credit-card companies; investment firms and brokerages; insurance companies and reinsurers; and global payment providers such as Visa and Mastercard.
A healthy financial sector allows individuals to get the money they need for mortgages, schooling, vehicles, and other purchases. It helps people save for retirement and other goals, as well as safeguards their assets and health through insurance policies. It also supports businesses and organizations through the granting of loans and other forms of financing.
The lines that separate different types of financial services have blurred. For example, banks once offered only checking and savings accounts; but when consumers switched to other financial services firms to purchase mutual funds or other investments, many banks bought those firms out and merged them into their holding companies in order to expand their product offerings.
With new tools being introduced into the industry seemingly every day, it’s important for professionals in financial services to keep their skills sharp to stay ahead of the curve. This is especially true as many employers seek to promote from within and prioritize aptitude over tenure, giving employees an opportunity to move up the career ladder quickly. In addition, many companies in the financial services sector have generous benefits packages that can make it a desirable place to work for young and ambitious professionals. However, the stress and long hours that come with working in financial services can lead to burnout for some.