Financial services are economic services linked to finance that support the borrowing, saving and investing of personal and business funds. They are a large sector of the economy, comprised of national banks and other large commercial financial institutions that provide market liquidity and risk instruments at a global scale for major public companies and private wealth management firms, as well as brokerage firms that offer investment opportunities in stocks, mutual funds, options, bonds and other securities. Financial services also include credit card companies like Visa and MasterCard, insurance firms, and consumer debt consolidators.
There are four main types of financial services, and most people will need some sort of help with one or more throughout their lifetimes. The most common services are deposit and savings accounts, credit cards, and loans. Other important services are money management, insurance and investment.
Careers in financial services pay very well, and there are many different specializations available to those who want to focus on a particular aspect of the industry. It is often easier to move up in a financial services firm than in most other industries, and many of them promote from within based on aptitude rather than tenure.
However, despite its importance in our daily lives, the financial services industry is still somewhat controversial. Its size and power is a major point of contention, with protesters across the globe calling for increased regulation of its activities. These protests have been fueled by the general public’s perception of the extra-governmental clout that is held by the financial services industry.