You might think of banks, mortgage lenders and stock brokers as completely separate entities — but they all play a part in the financial services industry. It’s an industry that includes not just those for-profit businesses, but also insurance companies, securities traders and investors, financial advisors and Wall Street. In addition, the sector provides essential services to small business, large companies, nonprofits and even government agencies.
The presence of financial services ensures that producers are able to acquire adequate funds in order to boost production and reap greater profits. This is possible because of the availability of various types of credit facilities at a reasonable rate. Financial services also enable the producers to minimize risks and get protection from natural calamities.
Similarly, financial services also promote domestic and foreign trade by facilitating the sale of goods and export of goods. They also facilitate the flow of capital to and from countries, thus ensuring that the economy is more dynamic.
There are many career paths in this industry, from teller to investment banker to private wealth manager. Some roles require a bachelor’s degree, but not all do. Duitch says it’s important to consider what you want to do with your life before committing to a particular path in the sector. And if you decide to change your mind about what type of role is right for you, it’s important to know how the sector functions and what kind of qualifications are necessary for different jobs.