Financial services is an umbrella term for the finance industry, which encompasses a broad range of service sector firms that provide financial management. The industry includes companies like credit unions, banks, credit-card companies, credit-card associations, factoring and forfaiting companies, investment funds, stock brokerage firms, credit-reporting agencies, private equity providers and venture capitalists.
The financial services industry helps to promote domestic as well as foreign trade. It ensures the development of primary, secondary and tertiary industries by providing them with financial assistance through tax exemptions, cheaper credit and other fiscal measures. This allows them to generate more production, employment, income and demand, thereby boosting the overall economy of a nation.
This industry also provides insurance to people against any risks such as death or disease (life, health and disability insurance), against property loss or damage (homeowners and auto insurance) or against liability and lawsuits through general liability insurance. Another subset of this industry is the investment banking sector, which assists businesses in raising money through debt and equity securities offerings.
A career in financial services requires a mix of hard and soft skills. Strong math and data analysis are important in this field, but you will also need good communication and interpersonal skills to work with others in a team-oriented environment. As this is an industry that often works with new tools and techniques, it’s important to be adaptable and open to learning. Phyton Talent Advisors works with professionals in this sector every day, and they all tell us that financial services offers some of the highest entry-level pay in the industry.