Financial services is a large sector of the economy that includes everything from credit card issuers to mortgage brokers. It encompasses all of the businesses and organizations that facilitate the free flow of capital and market liquidity, manage risk, and serve as a steward for individuals’ financial assets.
A healthy economy depends on the functioning of financial services. People with money to save rely on financial services to connect them with those who want to borrow, while governments use financial services to distribute funds throughout the economy in a way that fosters growth and prevents malinvestment.
As technology evolves, the lines between different types of financial services are becoming increasingly blurred. Banks now offer a wide range of products from investment banking to mortgages, while brokers and mutual funds companies have added insurance to their offerings. This reflects consumer demand for access to more options and the need for financial firms to become more efficient.
A career in financial services can be lucrative for those with the right skills and qualifications. Because of the importance of this industry, many roles require high levels of professionalism and expertise. Those in this field are likely to receive extensive on-the-job training and be promoted based on merit. In addition, the pay in financial services is often a combination of salary and commission, which means that workers can potentially make as much as they want if they work hard enough. However, the long hours and stress associated with some roles can cause burnout and other health problems.