When most people think of financial services, they often think of banks, mortgage lenders and credit card companies. However, this industry is much broader than that. It covers everything that involves money and affects both individuals and businesses. It includes all activities that make, invest and manage funds like trading shares in the stock market or putting money away in savings accounts. It also encompasses financial products that provide protection against things such as death, sickness or loss of assets.
While a career in the field can be stressful and demanding, it is highly rewarding. The demand for this sector is always high and positions are typically secure. Many firms offer continuing education and on-the-job training, giving employees opportunities to expand their skillsets. The perks can include travel discounts and benefits such as health insurance and retirement plans.
Companies in this sector also play an important role in the economy as they help business owners acquire funding to boost production. This allows them to increase their profits and stay competitive. The sector is also responsible for a healthy capital market, which is a key indicator of economic conditions. Some of the largest companies in the world are part of this industry, such as Berkshire Hathaway, a holding company that owns several insurance firms including GEICO and National Indemnity. Other well-known companies in this sector include American Express, known for its credit cards and co-branded rewards programs, and Charles Schwab, a leading discount brokerage firm that empowers individual investors.