Financial services are an important part of the economic fabric of most countries. They provide critical functions such as facilitating transactions (exchange of goods and services), mobilizing savings, allocating capital funds to productive investment, monitoring firms and managers, and mitigating risk.
There are many types of institutions and professionals in the financial services sector, each with their own role. These include banks, insurance companies, savings and credit unions, investment funds, asset management companies, and stock brokerages.
A bank is an organization that provides a variety of financial goods and services, including checking accounts, savings accounts, credit cards, and other loans. Investment banks, on the other hand, are organizations that help businesses raise money by offering a variety of financial services such as mergers and acquisitions, underwriting debt and equity, restructuring, and investment management.
Another group of organizations is the financial market utilities, which include exchanges that facilitate stock, derivative and commodity trades; payment providers such as Visa and Mastercard; and debt resolution services.
Debt resolution is a service that helps people with outstanding bills and credit problems by negotiating with their creditors to reduce their balances. These companies are often paid a percentage of the transaction amount and can be an alternative to filing bankruptcy or paying more than you owe.
A career in the financial services industry offers a lot of opportunity to grow and thrive. The field is constantly changing, so you’ll always be learning new skills and expanding your horizons. It’s also a good fit for those looking to advance quickly.