Financial services are a crucial part of the world’s economy, helping people save for their futures and protecting them against unexpected events like illness or death. With a healthy financial services industry, individuals can secure loans to buy a home or car and businesses can expand.
When most people think of the finance industry, they tend to focus on banks, stock brokers and mortgage lenders. However, these are just three of the many sectors that make up this broad industry. The financial sector also includes independent agencies that oversee various institutions and uphold transparency.
A common service is insurance, which protects against risk. People can get health, life, auto or property insurance to help them pay for unexpected costs. Financial services also include investment firms and venture capital providers, which supply investments to businesses in exchange for ownership stakes or profit participation.
Other financial services include debt resolution companies, which negotiate with creditors to allow people to pay less than they owe and avoid bankruptcy. Payment service providers help sellers accept credit and debit card transactions in exchange for a percentage of each transaction. And last but not least, there are financial market utilities, which provide the infrastructure for trading, clearing houses and markets.
Overall, professionals who work in the finance industry report high levels of job satisfaction. This is due in large part to the fact that positions are usually secure, especially with larger organizations that serve a global client base.