When it comes to financial services, many people think of Wall Street and the stock market. But financial services encompass much more than that. It’s a broad industry that includes everything from mortgages and insurance policies to credit card networks and debt resolution services. It even includes the companies that provide critical financial utilities, like currency exchanges and wire transfer services.
A financial good is something you own or possess, such as a car or house. A financial service is what goes into making that purchase possible or supportable, such as an appraisal or inspection of the property, mortgage loan application, or a notary. The financial services sector is made up of thousands of depository institutions (like banks, building societies or mortgage banks, and credit unions); providers of investment products; insurers; other credit and financing organizations; and financial intermediaries.
The health of an economy depends on the strength of its financial sector. The more money is available to consumers, the greater a country’s economic growth potential. That’s why the financial services industry is such an important part of any developed nation.
For those interested in a career in this fast-growing field, there are many options available. A degree isn’t always necessary, and most entry-level positions are designed to teach the skills required on the job. However, the competition for jobs in this industry is fierce. The best candidates are intelligent, quick-thinking team players with excellent interpersonal skills. They’re also willing to work hard, especially if they want to be promoted quickly.
