Financial services are economic services provided by the finance industry, which encompasses a wide range of companies and institutions that manage money, including credit unions, banks, credit-card companies, insurance firms, investment firms, payment systems and fintech startups. A healthy financial services sector allows individuals to borrow money for things like mortgages and cars, save for retirement or other goals, and protect their property and health with insurance policies.
There are a number of different career paths in financial services, from entry-level positions to the highest levels of the industry. However, it’s important to note that while a bachelor’s degree is helpful in most financial services roles, it’s not always necessary. Depending on the type of position you’re interested in, interpersonal skills are just as important as a degree.
The largest subsector of the financial services industry is banking, which encompasses activities like direct savings and lending. Other categories include investments, insurance and the redistribution of risk.
In addition to these broad categories, there are a number of smaller ones such as consumer debt resolution, which helps consumers pay off their loans; payment recovery, which assists businesses that have mistakenly paid vendors; and financial market utilities, which provide stock exchanges, clearing houses, derivative and commodity exchanges and payment systems.
Financial services are essential to NYC and the world, providing millions with access to money for things they need, and helping people stay financially secure through the ups and downs of life. If you have the right mix of hard and soft skills, you can start your career in financial services today.