Financial services are a set of industries that serve the economy by providing consumers with loans, investment opportunities and credit card products. When many people think of financial services, they typically envision banks, loan associations and brokerage firms, but the industry is far more broad than that. It includes insurance companies, securities traders, Wall Street and much more. It also provides small businesses, large corporations and even nonprofits with the necessary funding.
The financial services industry is a vital part of the economy and a major employer, with jobs in this sector increasing in recent years. There are a number of different options for job seekers looking to break into the field, from entry-level positions to management roles. Some tips for getting started in the industry include networking, focusing on problem-solving skills and working with a mentor.
Many people, especially those in developing and emerging economies, lack access to financial services. This can prevent them from saving for a rainy day, lending money to start or expand their businesses and buying consumer durable goods like refrigerators and washing machines. Expanding access to financial services is called financial inclusion, and it’s a key focus of many central banks and finance ministries around the world.