Careers in Financial Services

Financial services

Financial services are all about making, investing and managing money for people and businesses. They include everything from banks and credit unions to investment firms and robo-advisers. The industry is evolving rapidly as a result of technology, especially as more consumers move online. This has also given rise to new, digitally-focused challengers to legacy institutions and established companies.

Many of these companies are intermediaries that channel cash from savers to borrowers, redistribute risk and offer value-added services like advice or education. For example, bank deposits don’t just sit in vaults; they are used to lend money to people who want to start a business or buy a house. In turn, these borrowers pay back the principal plus interest to the depositors. This cycle helps to create economic dynamism.

Similarly, insurance companies provide protection from risk for people and businesses. And credit card companies allow people to pay for goods and services through the use of their cards. This is another way that financial services create economic dynamism by enabling people to spend and invest in ways they wouldn’t be able to otherwise.

Careers in financial services are often high-paying. People who work in this sector typically have access to excellent training, as well as the chance to develop skills on the job, which can lead to more responsibility and greater earning potential. This is why it is a popular choice for young people who are just starting out. Having control over their finances makes people resilient in the face of unexpected events, and it improves their health and wellbeing.