Financial services encompass a broad range of businesses that manage money, including banks, credit unions, investment houses, insurance companies, and accountancy firms. It is a vital part of the national and world economy, impacting both individuals and corporations.
The presence of these firms enables people and organizations to use finance to improve their economic position, leading to higher production and growth. A country’s financial services sector also provides access to loans and credit at a reasonable rate for businesses and consumers.
Banks and credit unions are often the first places that people think of when they think about financial services, but there are many more organisations that deal with money in other ways. For example, trust funds and stockbrokers buy and sell commodities such as coffee or oil – they aim to buy at a low price and sell at a higher one.
Consumer finance is the type of financial services that helps people purchase things like housing and education, using products such as mortgages or student loans. This includes mortgage lenders, credit card companies, and personal loans.
There are a wide range of career options within the industry, with some roles requiring an advanced degree. Others require a mixture of hard and soft skills to be successful. Regardless of the career path you choose, math and data analysis are key, as is strong communication and collaboration skills.