Financial services is a broad category that encompasses all jobs that deal with managing and exchanging money. A healthy financial services sector helps individuals get loans to purchase homes, cars and education and safeguard their health and property with insurance policies. It also allows them to save for retirement, investments and other big-ticket items, and it provides businesses with the capital needed to grow.

The field has many different parts and stakeholders, from credit card issuers and networks to global payment providers, debt resolution firms, accountants, and more. It also includes the various financial institutions that offer investment products and services, such as banks (including building societies or mortgage banks), credit unions and credit cooperatives; private equity funds, venture capital providers and angel investors who supply funding in exchange for ownership stakes and profit participation; and central banks.

In addition to the companies themselves, there are a number of independent agencies that regulate the industry and ensure its clients are treated fairly. Examples include the Financial Industry Regulatory Authority and the Office of the Comptroller of the Currency.

A career in financial services can be rewarding, but it’s not without its challenges. Duitch notes that the hours can be long, the pay isn’t always as competitive as some other industries, and it can take a while to move up the ranks if you work in a bank. For these reasons, it’s important to carefully weigh the pros and cons before committing to a job in this arena.