Financial services is a broad category of businesses that deal in direct saving and lending, investments, insurance and the redistribution of risk. This industry is also concerned with the overall economy’s growth and stability.
The financial services industry encompasses a variety of industries, such as banks, credit unions, credit-card companies and private equity funds. Banks earn revenue from interest rates on loans and deposits. They also earn from fees and commissions on various transactions. Credit-card companies, on the other hand, make money by charging for services like balance transfers and cash advances. Private equity funds and venture capital providers supply investment capital to businesses in exchange for ownership stakes or profit participation. This industry is a vital component of the economy and helps create jobs in all sectors, including primary, secondary and tertiary.
Careers in financial services are highly competitive and challenging. However, many firms encourage professional development and offer on-the-job training to employees. This allows new hires to learn quickly and advance within the company. This industry also tends to value aptitude over tenure, making it easier for employees with the right skillset to break into the field. In addition, salaries are competitive and can increase to the high five figures in the most lucrative roles.