Financial services is a broad term for a variety of businesses that provide goods and services that are related to money. These include banks, insurance companies and investment firms.
There are many different types of jobs in financial services, and each one has its own set of skills that you need to possess to succeed. Some of the most important hard skills are math and data analysis, but soft skills like communication and collaboration are also essential for success in this industry.
The financial sector is a vital part of the economy. It supports the economic growth of a country, ensuring that people earn enough to buy what they need and pay their bills.
Banks, for example, help people manage their money by handing deposits into checking and savings accounts. They also loan money to consumers at a low interest rate.
Insurance companies are another important part of the financial sector, providing coverage for people’s homes, cars and other valuable assets. They may also offer health insurance to those who are uninsured.
Securities brokers connect investors with other buyers and sellers of stocks, bonds and mutual funds. They act as an intermediary between the parties and receive a commission for their work.
Investment banks are a separate type of financial service that helps companies raise money by selling equity or debt. They also assist with mergers and acquisitions, investment management, and restructuring.
The financial services industry is regulated by several agencies that oversee different sectors of the market and ensure that clients are treated fairly. Some of these agencies are state-based, while others are federally-regulated.