Financial services are the economic services provided by the finance industry, which encompasses a broad range of service sector firms that provide credit and financing to individuals, businesses and other organizations. These firms include depository institutions, providers of investment products, insurance companies and other credit and financing organizations. Financial services are vital to the economy because they help channel cash from those who have it (savers) to those who need it (borrowers). The money saved is then used to purchase goods and services, which in turn generates more income for the savers and the borrowers.
Financial Services are also important because they support the capital market, allowing companies to grow and earn more profits. This, in turn, encourages more production and more saving. In other words, the financial services industry is a barometer for the economy; when there is hectic activity in the capital market, it means that the economy is growing.
A career in financial services can be extremely rewarding because of the many different opportunities available. However, the field is competitive and requires a combination of hard and soft skills. To succeed in this industry, you’ll need to have excellent math and data analysis skills, as well as good interpersonal communication. Additionally, working in this industry often means putting up with high levels of stress and long work hours. So, before you pursue a career in financial services, make sure you weigh the pros and cons carefully.