Financial services is a broad term that encompasses a plethora of different products and professionals.
The sector includes a variety of businesses and organizations that provide a range of financial services, from banking to investment management. These companies also have a plethora of jobs that allow you to grow your career and take on new challenges.
Banks provide checking and savings accounts, as well as loans to customers. While most of the money deposited into a bank is used for lending, about 10% is kept on hand to meet federal requirements.
Other services include notary service, currency exchange and wire transfer. This sector is particularly digitized with new technology allowing financial institutions and startups to expand their offerings outside of their physical locations.
Investment banks serve as intermediaries for businesses in raising capital. They offer a variety of services, including mergers and acquisitions, underwriting debt and equity, restructuring, and investment management.
Insurance and riskmanagement
In the United States, personal lines insurance underwriters sell policies to individuals, while commercial lines insurance underwriters specialize in large business clients. They also offer reinsurance to protect insurers from catastrophic losses.
These firms or departments within larger financial institutions (such as family offices) service high net worth clients with customized investment plans, wealth management, and insurance. Advisors often work as both a broker and financial consultant.
The sector also includes accountants and tax filing services, currency exchange and wire transfer services, credit card machine services and networks, and debt resolution services. It also includes exchanges that facilitate stock, derivatives, and commodity trades.