The financial services industry encompasses everything from banking and credit-card companies to investment banks, private equity firms, credit-reporting agencies, global payment providers, debt resolution businesses, and insurance companies. It’s one of the fastest-growing segments of our economy and includes a wide range of subsectors that offer unique career opportunities.
A robust financial services sector ensures that companies can acquire sufficient funds to boost production and reap more profits in the long run, which is a major factor that contributes to a healthy economy. It also allows for a free flow of money that keeps the market liquid and reduces the chances of recession.
Without access to financial services, poor families cannot build or repair their homes, purchase livestock and consumer durables, or start or expand small enterprises. Many store their savings in their floorboards, under the mattress, or in containers – unsafe and inflexible ways to save. Financial services allow families to invest their money and gain more income, thus allowing them to build better lives for themselves and the community.
The financial services industry provides an extensive variety of jobs in the United States, from accounting and tax preparation to securities sales and trading. This sector also includes mortgage lending and investing, reinsurance, and asset management. Private equity funds, venture capital providers, and angel investors supply investment capital to emerging businesses in exchange for ownership stakes or profit participation. The industry also includes asset managers and brokers, which manage assets for high net worth individuals and institutions with more intricate investment goals.