Financial services are the tools and institutions that facilitate personal finance (borrowing, saving, spending) and business finance (investing, leveraging). These include banks, credit unions, credit-card companies, insurance providers, private equity funds, venture capitalists, and investment management firms. These firms also provide payment and settlement systems, such as processing electronic fund transfers, issuing credit and debit cards, and managing payments to enable transactions between parties that are fast, secure, and smooth.
A financial good is a thing you own or control that is related to money, such as a home or an insurance policy. A financial service is what enables you to buy and use that good. The insurance underwriter who creates your policy is a financial service, as are the brokers who search for and negotiate rates. In a similar way, the inspection and appraisal that go into securing your mortgage are both financial services.
Businesses that provide financial services are often known for investing heavily in their employees, promoting from within and focusing on aptitude over tenure. This makes it a competitive field that offers many entry-level opportunities that allow professionals to gain hands-on experience and advance rapidly. With new technologies introduced to the industry seemingly every day, it is crucial to stay on top of your game, but firms are often eager to provide on-the-job training and coaching to keep their team members up to speed. This is one of the reasons why this industry is attractive to younger candidates looking for a dynamic, rewarding career.