A career in Financial services can be extremely rewarding. It’s a field where there are always new opportunities and new challenges to take on. You’ll also find that companies are often heavily invested in their employees, offering plenty of opportunities for professional development and providing on-the-job training. The financial industry is known for promoting people based on their aptitude and not their tenure, so it’s a great option if you’re looking for fast-tracked advancement.

A healthy financial sector is vital to the economic well-being of any country. It allows individuals to borrow money for a home or a car, save for their children’s tuition or retirement, and protects their property and health through insurance. It also helps businesses grow and expand, creating jobs that enable the economy to thrive.

While the banking industry is most commonly associated with financial services, this group actually encompasses many other types of institutions and activities. Payment processing providers, for example, are part of the financial services industry, as are credit card and hire purchase finance companies. The category also includes organizations that provide critical financial market utilities, such as clearing houses and commodity and stock exchanges.

Financial services also include firms that offer investment management services, personal lines insurance underwriting, and mortgage underwriting. These firms may be private, public, or cooperative. They typically serve wealthy individuals or families and provide them with customized financial plans that meet their specific needs. They can earn their revenue through fees and commissions or by generating income from the spread between loan and deposit interest rates.