What Is Financial Services?

Financial services

When we think of the financial industry, we typically envision banks, brokers and mortgage lenders. However, it’s important to note that the industry is much broader than that. It involves everything from hedge funds to Wall Street, as well as insurance companies and credit card networks. It also includes financial markets and the institutions that operate them, such as exchanges that facilitate stock, derivative and commodity trades.

A big part of financial services is helping individuals manage their personal finances, including earning an income, spending money, saving and investing, and borrowing. It’s also about facilitating economic growth by lubricating the channel through which money flows between savers and those with investment ideas, so that they can invest and create jobs.

While the sector is highly competitive, it can also be a lucrative career choice. For example, if you start out as an intern with a bank or an investment firm, you may find that you can quickly move up the ranks based on your work and skillset. This is especially true when it comes to positions in investment banking, which often require specialized degree levels and extensive on-the-job training.

Moreover, it’s not uncommon for people in this industry to have high job satisfaction. This is partly due to the fact that financial firms are known for promoting on merit, and not just tenure. Additionally, the fact that most positions in this industry are not location specific means professionals can easily relocate and still have a stable career in their new city or country.

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