Financial Services

Financial services

Financial services are the activities related to direct savings and lending and also include investments, insurance and the redistribution of risk. The most familiar type of financial service is banking which encompasses a wide range of activities from deposit-taking to providing loans, credit cards and other payment and money transmission services. Financial institutions also offer investment services to individuals and businesses, such as brokerage and asset management, which can help them grow their wealth. Insurance services are part of the financial services industry, as well as reinsurers and insurance brokers who shop around for rates for clients.

Other types of financial services include debt resolution, global payment systems such as Visa and MasterCard, and the exchanges that facilitate stock, derivative and commodity trades. Because these services play an important role in people’s lives, the work is often meaningful and interesting. In addition, salaries in the field are competitive and can be very rewarding. Depending on your specific career path, it’s possible to break into the field with very little education or experience. Many companies provide training and on-the-job opportunities to give new employees a solid foundation. However, it is always a good idea to have connections that can vouch for you, especially when applying to positions as an investment portfolio manager or advisor. Those who are able to enter the industry through these means have a much higher chance of success.