The financial services sector offers a variety of different services that are designed to help people and companies make sense of their money. This sector includes things like insurance policies that protect you against death or injury, stockbrokers who help people buy and sell stocks and bonds, accountants who can help you file your taxes properly and even currency exchange providers that make it easy to transfer your funds from one country to another.
The industry’s major subsectors include banking, insurance, investment services and asset management. The latter is the realm of companies that handle pensions, mutual funds and insurance assets, among other things.
Banks are organizations that accept deposits from individuals and businesses, then lend them to other people and businesses. Typically, banks keep around 10% of the money that people deposit with them on hand for immediate use as needed.
Finance is a key part of any economy, and the presence of financial services is one way to ensure that a country’s capital market remains thriving. This is because a healthy capital market means that there are more available resources for businesses to invest in, and this can boost production and increase profits.
Professionals in the financial services industry enjoy good job satisfaction, according to a survey. The industry also provides a lot of career opportunity because most firms are global, so you can move to anywhere you want without having to leave your current position.
However, it’s important to remember that there are pros and cons to working in this industry. For starters, it’s possible to become burnt out in some roles. And the industry is often subject to regulations, which can hamper innovation and growth.