Financial services are a wide range of businesses and organisations that provide people with the ability to manage their finances. These include banks, brokers, credit card companies, insurance companies and more.
The financial services sector is an essential component of the economy, as it allows savers to channel their cash into borrowers and redistribute risk in a way that keeps everyone’s money safe. It also provides a variety of services, including investment management, mergers and acquisitions and initial public offerings.
Banks and other financial institutions help people save their money by providing checking and savings accounts, mortgages and other loans. They also provide a place to invest that money in stocks, bonds and mutual funds.
Brokers and financial consultants help people buy and sell securities. They might specialize in certain sectors, such as healthcare or energy.
Investment banks focus on raising money for companies and governments through mergers and acquisitions, financing, restructuring and investment management. They may also provide specialized banking services for high net worth individuals, like private banking.
Regulatory bodies oversee the operations of different financial institutions to ensure transparency and uphold fair treatment of their customers. These include the Financial Industry Regulatory Authority (FINRA) and the Office of the Comptroller of the Currency.
The financial services industry can be highly rewarding, especially when you’re able to build your career based on your aptitude and talent. But it can also be stressful, with a high workload and a potential to burn out.