Financial services are the processes by which businesses and consumers obtain economic goods. The most straightforward example are payment processing providers, which facilitate transactions between individuals and merchants via credit cards, debit cards, electronic funds transfers and checks. Other financial services include investment management and insurance. Investment management firms oversee and grow assets like stock, bond and commodity assets on behalf of clients. In this role, they also offer advice to their clients. Insurance, on the other hand, protects consumers from financial losses incurred by events such as car accidents and natural disasters.
Financial service companies may also provide depository services, such as checking and savings accounts, which help people securely store their money. They may also extend credit to individuals and companies through loans and credit lines. These companies also evaluate the creditworthiness of borrowers and set interest rates.
Other financial services include investment banking, which underwrites debt and equity for corporations seeking to raise capital. These companies may also advise on things like mergers and acquisitions. Private equity is a subset of this industry, which invests in privately owned companies.
A career in financial services can be very rewarding. According to recent studies, professionals in this field are highly satisfied with their jobs. You’ll also have ample opportunities to relocate, as many financial services companies are global organizations. Additionally, the pay is generally very competitive compared to other industries. However, it is important to note that this industry is very competitive and requires quick-thinking individuals who are team players.