The financial services industry is a massive one, with thousands of job titles and nearly endless career paths. But not all of them are created equal, and many do not pave the way for a lucrative future.
Financial services are the activities that companies, governments, and individuals engage in as they pursue economic goals. They include investing, borrowing, lending, and managing money. Financial services are crucial to economic dynamism. When this sector and a country’s economy are strong, purchasing power and consumer confidence are high. But if this sector and economy falter, it can bring about a recession.
Investing – Provide investment services like buying and selling securities, mutual funds, and other assets to generate profit and growth. Loans – Provide mortgage loans, personal loans, and other secured and unsecured credit. Insurance – Protect individuals and businesses against financial loss from death or injury (life and health insurance), property damage or theft (property and liability insurance) or from bankruptcy (bankruptcy protection).
Conglomerates – Companies that operate across sectors of the financial services market. This can be done in order to gain efficiency and cost savings by leveraging core strengths or achieve economies of scale. These firms are also able to tap into the potential of new markets as they are exposed to a wide range of consumer and investor groups.