The financial services industry consists of professional firms that offer advice, products and services for people looking to invest their money. The sector includes banks, brokers, mortgage lenders, insurance companies and more. It is an important part of the economy, as it allows people to put their savings and investments to good use. It also helps businesses acquire the capital they need to grow and expand. A strong financial services industry is one of the most important indicators of a healthy economy.
The four main subsectors of the financial services industry are banking, credit, investment and insurance. Each of these sectors has a unique set of jobs and duties, but they all share the same purpose: to provide money-related services. Whether it’s helping individuals save for the future, providing loans to small businesses or offering a wide range of insurance policies, financial services are integral to our society.
Banking services include providing a variety of banking products to consumers, including checking accounts and credit cards. It also offers a full range of commercial banking services to businesses, such as underwriting debt and equity for mergers and acquisitions. Commercial banking also involves providing investment and brokerage services to clients, such as managing money market funds, mutual funds and equity investments.
Credit services consist of giving individuals and businesses access to loans, such as credit cards and home equity lines of credit. They also include consumer credit reporting, debt collection and bankruptcy services. Investment services are the third major subsector of financial services. This includes stock brokerage, asset management and private banking services. Stock brokerage is the act of buying and selling securities, such as stocks and bonds. Asset management is the process of managing pensions, insurance assets and hedge funds. Private banking is the act of providing banking services to high-net worth individuals.
As the world becomes more interconnected, financial services have become increasingly important to people of all walks of life. It is more common than ever for individuals to work across the globe, making it necessary for them to have a trusted source of financial services. In addition, the recent emergence of big tech companies such as Apple and Amazon is opening up new opportunities for digital gig workers to find financial services jobs.
As the world of financial services continues to evolve, it’s vital that job seekers have a solid understanding of the different subsectors and their roles in the overall financial ecosystem. While it may be tempting to aim too high early on in your career and get a job at a top Wall Street firm, the key is to remain patient and keep searching for the right opportunity. Having a mentor who can help guide you along the way is an excellent way to stay on track and stay motivated. Remember to keep checking the Pocketbook Agency job board for potential positions, as we help countless employers and employees connect every year. Best of luck in your search!