Financial services are a wide range of businesses that manage money for consumers, companies and governments. These include banks, credit unions, consumer-finance companies, investment firms, insurance companies and accountancy providers.
Banks, for example, offer checking and savings accounts as well as lending to consumers for mortgages, auto loans and other types of borrowing. They also provide business lending, equipment financing and cash management services.
Brokerage services – These companies sell securities to investors and provide advice on how to invest their money in stocks, bonds and mutual funds. Some brokerages specialize in high-net-worth or wealthy investors and offer personalized portfolios.
Commercial banking – This type of banking provides the same services as banks, but with a focus on small businesses and larger corporations. It might deposit a merchant’s daily profits into checking or savings accounts and provide business loans for equipment or real estate purchases.
Asset management – This sector handles a variety of assets, including pensions, hedge funds and insurance assets. It also works with companies that want to raise capital through mergers and acquisitions, initial public offerings of stock and other transactions.
Insurance – Part financial good, part financial service
A life insurance policy might protect you from the loss of your job or house and pay out to your family if something happens. It also helps you protect yourself from health issues.
The financial services industry combines a wide variety of industries and professions, all of which provide an important service to the world economy. It is an exciting and dynamic field, with job satisfaction rates as high as 9.6 on average.