Whether you’re saving for retirement, paying for your kid’s college education or investing in stocks, the financial services industry handles all the moving parts. These include banks, credit unions, credit-card companies, investment firms and other institutions that provide the critical infrastructure for the economy.
The sector encompasses everything from deposit-taking and lending to trading in stocks, bonds, currencies, commodities, derivatives and more. It also includes global payment systems, such as credit card networks and international wire transfers; debt resolution; and accounting and tax filing services. The industry is the backbone of the world’s economy, providing a foundation for the success of every other business and driving its own standards, practices and regulations.
What are the pros of a career in financial services?
A career in financial services provides many opportunities to learn new things and develop skills that can be transferred to other careers. It’s also challenging, and it’s not uncommon to work 16 to 20 hours a day. This can lead to burnout, so it’s important to have a healthy balance in life outside of work.
What is a financial good? A financial good is an object that can be possessed, such as an insurance policy or mortgage. The financial services sector takes the money you put into these products and makes it grow, such as by lending it to others. It can also protect you from risks, such as a natural disaster. Financial services companies can help you save for a rainy day or secure your home with a mortgage.