Financial services is a broad industry that impacts people in many different ways. It includes everything that has to do with money, from mortgage loans and investment banking to credit unions and insurance agencies. When you hear the term, you probably think of big banks and hedge fund managers, but financial services also include small community institutions and nonprofits that provide counseling and money management advice.
The financial services sector is a crucial component of the economy. It allows individuals who have savings to find those who need to borrow, and it helps businesses manage risks that can threaten their viability. Without financial services, it would be hard for people to buy the things they want or need. And without the economic stability provided by financial services, companies might not be able to invest in new equipment or hire more workers.
There are a wide variety of jobs in the financial services industry, and each job requires specific skillsets. The most common roles in this field are banking and investing. Banking is the act of accepting deposits and repaying funds, while investing is the process of purchasing securities for the purpose of growing wealth. These jobs require strong math and computer skills, along with the ability to make quick decisions.
Many jobs in the financial services industry require significant time commitments. The stress and long hours can lead to a lack of work-life balance for those in these positions. Additionally, these jobs are often regulated by governments, which can make it difficult to innovate.