Financial services are the activities and products that help individuals, businesses and governments manage their finances and meet their financial goals. They encompass a broad range of business sectors, from banks and credit unions to investment funds, insurance companies and credit-card providers.
A healthy financial sector is essential for a functioning economy. It allows people to borrow money for a home, car or education; save for retirement or emergencies through investments; and safeguard their health, property and wealth with insurance. It also provides a foundation for economic growth by allowing businesses to expand and hire more workers through capital markets.
With new tools and technologies introduced seemingly every day, the financial services industry requires a constant evolution. In this environment, you need to be able to adapt quickly and embrace change. Fortunately, most employers invest heavily in their employees and provide on-the-job training to keep you up to speed.
Breaking into the financial services field is challenging but not impossible. A strong network of connections can help you land an entry-level position or internship and learn the ropes on the job. You can also pursue graduate degrees in finance or other related fields to prepare for a career in the industry.
Financial services firms are preparing for a year in which near-term geopolitical and economic challenges make it more difficult to achieve business goals. However, they are already demonstrating remarkable resilience and adaptability as they respond to increased public, market and regulatory demands for improved supremacy, transparency and accountability.