Financial services are the economic activities related to the management of money. They encompass all the sectors that deal with managing and exchanging money, including banking, investing, insurance and more. The sector also includes for-profit firms that provide financial products and services, such as credit cards, mortgage loans, investments, and insurance, as well as nonprofit organizations, such as community-based counseling or money management.
Financial markets, which serve to channel money from savers to those with investment ideas and help individuals and businesses raise capital of various sorts, are at the heart of financial services. The stronger and more well-developed these markets are, the better lubricated the channels of investment and economic growth they make possible.
A career in financial services can be incredibly rewarding, but it is not for everyone. In order to be successful in this industry you need a strong grasp of math and data analysis, and exceptional problem-solving skills. You must also be adaptable to change, as new tools and technology are introduced almost daily. Additionally, it is important to develop great communication and collaboration skills, as many roles in this field require working closely with other professionals and customers.
The good news is that many large companies invest heavily in their employees. They offer ongoing training and mentoring programs to keep you up-to-speed on the latest developments in your area of expertise. And they promote from within, putting a high premium on aptitude over tenure. In addition, as digital technology continues to disrupt traditional finance, there are a lot of opportunities out there for ambitious young professionals.